If you’re considering the purchase of a condominium, home in a gated community or property that’s part of a planned development, it’s possible you’ll be obligated to join the homeowners association (HOA). What is a HOA?

A homeowner’s association is an organization that’s typically put in place by the developer of a community. The HOA is responsible for managing and promoting the sale of properties, as well as for maintaining the grounds and buildings in the neighborhood . HOAs are able to do this because they require residents to pay fees – generally ranging from $200 to $500 based on the value of the properties in the community.

Here are 5 things you should consider before putting an offer on a home that will require HOA membership.

1. Covenants, conditions and restrictions (CC&R). Most HOAs have CC&R policies that outline rules and regulations by which residents must abide. For example, the color options for painting your home, what recreational vehicles you can have parked on your property and yard maintenance regulations could all be included in your HOA’s CC&R policies.

2. Know what your fees cover. HOA fees can cover a range of community expenses – upkeep of recreational areas, parking, security and, occasionally, certain utilities. Be sure you have a thorough understanding of what your HOA fees will cover before signing a contract on the property.

3. Know your HOA. Try and attend a HOA meeting or contact members of the board of directors before deciding to buy the property. Is the HOA self – managed or will there be fees to cover the management of the association by an outside party? What are the projected increases in HOA fees for the next few years and how are increases set?

4. Ask about your HOA’s reserve and request information regarding the most recent reserve study. A certain amount of funding should be put aside each month to cover unexpected expenses, such as repairs of common grounds, repairs covered under contracts and security. A reserve study shows the HOA what they should be setting aside – request information about this before buying.

5. Self – assess. If you’re a homeowner who desires full freedom when it comes to your property, you may not be the best candidate for HOA membership. Weigh the benefits a HOA offers against the cons – property maintenance and community supervision versus required fees and rules by which homeowners must abide.

There are positive and negative aspects involved with homeowners associations. Before you commit to purchasing a property requiring the homeowner’s membership to a HOA, speak with your realtor. A realtor can help you understand the ins and outs of the HOA policy and can answer questions that will help you decide if a HOA is right for you.

RelocateAmercia.com, according to the Charlotte Business Journal, “is an online relocation resource that provides housing data and information on communities and local businesses.” They also do an annual “Best Places to Live” review based on resident feedback, crime statistics, employment, education and other factors.

This year, 2010, Charlotte is ranked 7th amongst the nation’s most sought after cities. Here are some of the reasons RelocateAmerica.com considers Charlotte one of the best places to live.

• You can find 292 of the Fortune 500 companies and over 300 foreign firms in Charlotte.

• Charlotte is often considered the nation’s 2nd largest banking hub.

• Charlotte is centrally located. It’s easy and quick travel to the mountains, beaches and country’s best golf courses.

• The cost of living in Charlotte is lower than the national average.

• The working population in Charlotte is the most highly educated in the country.

• The Charlotte real estate market has remained “alive and steady,” according to an article published by RelocateAmerica.com. The city also offers real estate of all sorts – subdivisions, historic homes, urban condominiums.

• Charlotte boasts nationally ranked schools throughout its education system.

In addition, Charlotte has a growing population that offers residents progressive thinking and diversity. Educational and performing arts centers, environmental protection programs, community development campaigns and an overall movement of teamwork continue to shape and define the Charlotte area.

When you’re ready for a change and want to live in one of the nation’s best cities, start looking in Charlotte.

Since the nation’s housing market is getting back on its feet, it’s likely we’ll see a reduction in short sales; however, during the recent real estate slump, many homeowners were forced into just that.

The name itself, short sale, is somewhat ironic. Often taking between six and eight months to complete, the grueling process of purchasing a short sale is anything but speedy.

What is a short sale exactly? A short sale, according to HGTV’s Frontdoor.com, is a “situation [that] occurs when the proceeds of a home sale fall short of what the seller still owes on the mortgage.” While this seems unfavorable, it beats the alternative – foreclosure. According to Frontdoor, “the bank can hold the borrower liable for the full amount, reduce that amount to something more manageable or decide to forgive the debt altogether.” If the reason for falling behind on the mortgage was out of the homeowner’s control – illness, unemployment – then oftentimes, banks will work to reduce the balance or forgive the debt.

What should you, the potential homebuyer, know about short sales before putting a contract on the house? Here a just a few things to bear in mind when considering the purchase of a home listed as a short sale.

1. The price is not bank – set. Most of the time, the seller and agent typically set the listing price low in order to attract buyers. Yet, the bank has final authority. Understand that the disconnection between bank, agent and seller, with regards to asking price, can lead to waiting.

2. Approved short sales are short sales where the bank has given the go ahead on the price. These are most sought after and are typically quicker.

3. One bank versus two. If a homeowner has turned to short sale, it’s likely he or she has exhausted most all resources to keep the home. This means taking loans from different banks. If two banks are involved in the short sale, the process can be more difficult.

4. Repairs. In a typical home buying / selling scenario, repairs would be worked into the contract. Since the bank and homeowner will be seeing loss with a short sale, it’s rare that buyer’s desired home repairs will factor.

5. Time management and patience are key in short sales. Unlike traditional home sale, there is very little wiggle room with the closing date. Be prepared to close on time, otherwise, other offers will likely be considered.

Patience on the part of the buyer and seller are paramount. Short sales are an excellent way for homeowners to salvage credit, as well as for homebuyers to get a deal on a great property.

Speak with your realtor and be sure you understand the implications and logistics of a short sale before you take the leap.