Quote:
Originally Posted by keithwand
Bonds are very common especially in new developments. We have a 30 year bond on our home on Orlando which was built in 2004.
We listed our home for sale; got a fair offer in which the house probably would not have appraised and the "buyer" was assuming the bond.
We turned them down and decided it made more sense for us to do a long term lease.
The Villages bond was "normal" for us and did not factor in to the equation when building our home in TV.
Don't get me wrong; it would be nice not to have to pay it but it is not uncommon today in newer developments.
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I have no problem with the bond, and I understand the purpose. Gracie is right, in that if the bond was not an option, that money would likely be added to the sales price. The thing that bugs me is that SOME Villages real estate people try to minimize the effect of the bond, and even misrepresent it. When I told one Villages saleswoman that I simply added the amount of the bond to the selling price to ascertain my overall purchase price, her reaction was "Oh no, you can't do that - the bond is paid with the taxes and most people hardly even notice it." I wanted to say - That's the stupidest thing I have ever heard; not notice an extra $1,500 or so a year????? But I just moved on making a mental note that I would never buy anything from her. As a buyer the bond is not a great deal. The interest is higher than todays mortgage interest, and if you pay it off you are unlikely to recoup the majority of it in the event you resell the home.