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There are new requirements in place for FHA and Rural Development loans. Since FHA loans in particular are very popular in this market, and since these requirements effect rural properties that have been vacant at least 30 days, this will have a significant impact locally.

When you buy a condo or a property that is part of a homeowner's association, you are given a copy of the documents that govern that community. These are the rules and regulations by which you are agreeing to live. You are given several days to review these documents and, if during that time, you decide you can't live by the restrictions contained there, you can walk away from the contract without penalty.

Unfortunately, too many buyers never even glance at the documents. In fairness, they are often several hundred pages thick, written in language not even an attorney could love and many of the provisions will never affect the potential home buyer.

However, there are too many stories of homeowners who found a provision they couldn't live with after they purchased the home.

Recently I've been dealing with an investor who wants to rent out the condo unit he bought. This condo association, and many others, have rules limiting the number of units that can be rentals. That provision is there so that potential buyers can take advantage of FHA financing.

Unfortunately, there are too many rentals in this development already. And, it turns out that the association give priority to owner occupied units where the owner needs to rent out the unit because of some hardship or change of circumstances. Investors have almost no chance of being able to rent out their units.

A close reading of the association documents and some follow up questions would probably have told the investor that this was not a good investment prospect. Finding that information out after you've settled on the property simply means you're saddled with a property you can't rent out, don't want to live in and can't sell at a profit.

Whether you're an investor or buying a home to occupy, it's important to read those documents. Tossing them in a corner to read in a couple of months can be a costly mistake.