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Old 09-08-2007, 11:11 AM
conn8757 conn8757 is offline
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Join Date: Jul 2007
Location: Village of Amelia
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Default Re: NEW DEAL ON NEW VILLAGES HOMES STARTS 9/4/2007

We looked at a new home yesterday with our Villages Realtor that we are really interested in - (Darbyduff - if you are back, it is a designer in Duval). We were told about the 10% furniture option and are seriously considering it. There was something I didn't really understand - somehow that 10% is added back into the value of the mortgage-in our case if we paid approx $250,000 for our home and got $25000 in furniture - the $25000 is not put in the price of the home, but for the sake of the loan (we haven't sold our other home yet), we would have to put down more than $50,000 to avoid PMI insurance of $66 a month - we would have to put down $75,000 in order to have more than 20% down. I hope I stated that right. We are considering just taking a home equity loan on our paid for house and just buying the TV home outright and crossing our fingers our Orlando home will sell in the next year or less. In doing that, I am wondering if there would be any tax consequences on receiving the $25000 furniture --- even I know you don't get anything for free. Anyone have any thoughts on that? Also, my husband wondered if you can negotiate pricing with their realtors. We think the home we looked at is a good price, but I am afraid we just want to get there since we have been browsing up there for 2 years. It didn't seem like there was any negotiating allowed -
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