Advice: Buying a pre-owned house in TV with all cash

[trekker954]

I'm not sure TV is any different from other Florida cities, but what has you experience been if buying with cash. I own a home outright and keeping it in South Florida but plan a move to TV. I've been up there a number of times, and coming up Saturday for a couple of weeks to look at homes. I know Villages Properties, FSBO and MLS are all seperate.

If I do find my dream home, appraisal wouldn't be requires especially if I get a great deal. :) I assume I can research myself if there are any liens on the house, or is there a way to request the seller to produce a certificate? (Not sure about that). I think I can go to whatever county assessor and request a lien search. Or hire a title company to do a search.

I shouldn't need Title insurance Policy if I come up with a clear title correct?

So I should only have to pay for a Recording Fees.

Anything else I might need that is specific to TV purchase?

[charlieo1126@gmail.com]

Why pay cash with such low interest rates . I have owned 14 new homes and always put only 20% put your money in other things and especially now at 3% a year from now interest rates will have to climb and even a vanilla cd will bring in more than 3 %

[retiredguy123]

Whether or not you pay cash or buy a FSBO should not affect any of the things you mentioned as long as the closing and title transfer are performed by a title company. If you are buying a preowned house, you should consider buying an owners title insurance policy in case a problem with the title comes up in the future. If you make an offer on a FSBO, I would highly recommend that either you or the seller have an arrangement with a title company in advance, so the title company can accept your earnest money and keep it in escrow until the closing. Don't pay any cash directly to the seller. If you make an offer through a real estate agent, always remember that the agent works for the seller and will share information about your discussions regarding how much you are willing to pay with the seller. Also, it is very important that you get an inspection of the house as a contingency in the sales contract. Many people use Frank D'Angelo, 352-250-7818, to do the inspection because he is very thorough.

[Finchs]

If you really want to pay all cash, my advice would be to forget about saving a buck or two on title insurance, appraisals, inspections, etc. You will have a huge about of money at risk, so take every precaution to protect that money. I suggest you contact a local closing attorney and get them to guide you, pay them to work for you.

[BobnBev]

If you find a house you are really considering, contact Community Standards and ask them to research for any additions or landscaping improvements/additions, that might have needed a permit or approval. If work was done with out, then you could be held responsible for repairs or removal if somebody complains, and we do have some trolls who drive around looking for violations. Do your due diligence, or pay the price.:welcome:

[Dond1959]

I would probably get a lawyer to go over paperwork and a title company to research liens. Buyer title insurance is probably not needed, but I would get it just for safety in a RE transaction. One thing to check on an existing home is that they have all the ARC approvals for any changes they made, especially landscaping. While it probably won’t be an issue it is possible someone could come back and make you change something, especially if your landscaping is too close to property lines.

[Stu from NYC]

I think it is a personal choice as to whether you want to have a mortgage to pay each month with your estate responsible for taking care of the mortgage if you pass away while living in the house.

Good advise above about protecting yourself during the transaction

[trekker954]

Why pay cash with such low interest rates . I have owned 14 new homes and always put only 20% put your money in other things and especially now at 3% a year from now interest rates will have to climb and even a vanilla cd will bring in more than 3 %

CD rates are awful. Even 5 year CD are only about 1.5%. That is usually where I’ve had my money but I’m think just plunk it down on a nice villa that I can come and go.

[vintageogauge]

Most people that buy here do pay cash so it's not a bargaining chip. A new home would not require title insurance but a re-sale is a different story as you never know if there is a lien in process that has yet to be attached, a divorce in another state, etc.,etc., so play it safe.

[Jayhawk]

Most people that buy here do pay cash so it's not a bargaining chip.

Where did you get this fact, as it is the opposite of everything I have heard or read?

[Boomer]

Whenever the issue of title insurance with cash buys comes up, I always say the same thing:

When you are paying cash for a house, you are the bank; therefore, do what a bank would do.

(I know how to search a title — sort of — and I have done that when buying houses up north, but even so, we still get title insurance. We got it on our pre-owned TV house, too.)

Like that old saying advises, “Don’t be penny-wise and pound-foolish.”

Please look at the post from retiredguy123, earlier in this thread. He is giving you excellent advice.

Good luck with your house hunt. You will have a lot to choose from.

Boomer

[Stu from NYC]

There is always the chance that a previous owner of this land pops up with a claim to the land. That is why we always have title insurance.

[vintageogauge]

Where did you get this fact, as it is the opposite of everything I have heard or read?

65% of new homes and I believe 55% of re-sales are cash buyers. The figures were in the Daily Sun but I could not tell you what date it was published. It was in one of those interesting little tidbits that say things like 6% of the owners are from New York, average age is 67, etc, etc. Also when we purchased our home here in 2017 we asked if there was negotiating room if paying cash and was told pretty much the same thing.

[Stu from NYC]

65% of new homes and I believe 55% of re-sales are cash buyers. The figures were in the Daily Sun but I could not tell you what date it was published. It was in one of those interesting little tidbits that say things like 6% of the owners are from New York, average age is 67, etc, etc. Also when we purchased our home here in 2017 we asked if there was negotiating room if paying cash and was told pretty much the same thing.

One major advantage is you can close much faster with an all cash deal.

[Challenger]

Take advise about not buying Title insurance with a big grain of salt . Moat people who are really informed about real estate transactions will avise you to buy the policy. Penny wise and pound foolish !!!

[Stu from NYC]

Take advise about not buying Title insurance with a big grain of salt . Moat people who are really informed about real estate transactions will avise you to buy the policy. Penny wise and pound foolish !!!

Very true

[rjm1cc]

Be sure to see if there is a bond outstanding.
I would get title insurance and have the title company do the closing.
You can also transfer your save out home inflation adjustment to you new home.

[John_W]

I took the Reverse Mortgage class from Citizens Bank a couple of years ago, they usually give it every other month at Palmer Country Club. Most people are aware that if you're at least 62 and own your home, you can get cash now, a reverse mortgage. It's about 45% of the appraised value. It was higher but in 2017 the government passed new laws requiring the banks to keep more reserves.

What I found interesting is you can use a reverse mortgage to purchase a new home. Let's say it's going to be your last home, you don't have any heirs you want to leave the home to, and it's your primary resident. If the home your buying is worth $300,000 with a reverse mortgage you put $140,000 down and don't pay another penny the rest of your life. You have that other $160,000 that you were going to put down now in your pocket to spend. You live in home, you essentially own the home, you pay the taxes and up keep, but you got it for less than half price. Then when you you die, just like a regular reverse mortgage the bank takes ownership and sells the home. If it sells for more than what you took out, your heirs get the difference.

Also I sold a home in Pensacola many years ago by owner, no realtor, no bank, no lawyer. The buyer and me went to a title company, I paid them $500 and he paid for title insurance and some doc stamps and stuff, and we were out the door in an hour. Easy thing to do in Florida. He could ordered an inspection, but since the home was only a year old, he didn't even have that done.

[pqrstar]

Scroll to the bottom of this page provided by Attorney's Real Estate Council of Florida
And The Survey Says: Who Pays for Title Insurance by County? (http://flarecs.com/blog/62-and-the-survey-says-who-pays-for-title-insurance-by-county)

The Florida map of counties at the very bottom of the website shows that the SELLER of a pre-owned home pays the title insurance in Sumter County.

[Stu from NYC]

I took the Reverse Mortgage class from Citizens Bank a couple of years ago, they usually give it every other month at Palmer Country Club. Most people are aware that if you're at least 62 and own your home, you can get cash now, a reverse mortgage. It's about 45% of the appraised value. It was higher but in 2017 the government passed new laws requiring the banks to keep more reserves.

What I found interesting is you can use a reverse mortgage to purchase a new home. Let's say it's going to be your last home, you don't have any heirs you want to leave the home to, and it's your primary resident. If the home your buying is worth $300,000 with a reverse mortgage you put $140,000 down and don't pay another penny the rest of your life. You have that other $160,000 that you were going to put down now in your pocket to spend. You live in home, you essentially own the home, you pay the taxes and up keep, but you got it for less than half price. Then when you you die, just like a regular reverse mortgage the bank takes ownership and sells the home. If it sells for more than what you took out, your heirs get the difference.



Life is funny. Sometimes your last house will turn out not be your last house and you want to move and do not have much equity at that point.

Reverse mortgage can get people to live above their means and than if they need additional funds for something do not have a source of it.

People should think long and hard before adding to debt in their olden years.

[John_W]

Life is funny. Sometimes your last house will turn out not be your last house and you want to move and do not have much equity at that point.

Reverse mortgage can get people to live above their means and than if they need additional funds for something do not have a source of it.

People should think long and hard before adding to debt in their olden years.

I have a reverse mortgage and two of my neighbors have them as well. I didn't use it to purchase, I paid cash in 2011. In 2018 I decided why shouldn't I enjoy the equity I have in my home. I have no heirs, we're both way past 62, this is definitely our last home, so we did it. I keep up the home, had the landscaping redone by Terrascape last year and the outside repainted by Oscar. I'm going to have the fiberglass shower replaced in the M/bath this year and maybe granite in the kitchen. I have no worries now about money, or where I'm going to live.

[Toymeister]

Here is a seller's perspective:. I don't care if you pay cash. The home has a value of XXX and it doesn't matter to me if I get payment from a cash buyer or a bank. I generally consider a cash buyer more of a pain in the arse than a bank.

Now if I was in some sort of financial straights that might be different but it is statistically rare here.

[retiredguy123]

I took the Reverse Mortgage class from Citizens Bank a couple of years ago, they usually give it every other month at Palmer Country Club. Most people are aware that if you're at least 62 and own your home, you can get cash now, a reverse mortgage. It's about 45% of the appraised value. It was higher but in 2017 the government passed new laws requiring the banks to keep more reserves.

What I found interesting is you can use a reverse mortgage to purchase a new home. Let's say it's going to be your last home, you don't have any heirs you want to leave the home to, and it's your primary resident. If the home your buying is worth $300,000 with a reverse mortgage you put $140,000 down and don't pay another penny the rest of your life. You have that other $160,000 that you were going to put down now in your pocket to spend. You live in home, you essentially own the home, you pay the taxes and up keep, but you got it for less than half price. Then when you you die, just like a regular reverse mortgage the bank takes ownership and sells the home. If it sells for more than what you took out, your heirs get the difference.

Also I sold a home in Pensacola many years ago by owner, no realtor, no bank, no lawyer. The buyer and me went to a title company, I paid them $500 and he paid for title insurance and some doc stamps and stuff, and we were out the door in an hour. Easy thing to do in Florida. He could ordered an inspection, but since the home was only a year old, he didn't even have that done.
The only problem with the scenario you presented is that many people don't die while living in their house. They need to move into assisted living or a nursing home before they die. In that case, the bank can force them to sell the house before they may want to sell it, and they will lose a lot of money in reverse mortgage fees and administrative costs. So, if you can afford it, you are better off getting a regular 30 year mortgage with a 20 percent down payment and using the extra cash ($140K minus $60K) to make the 30 year mortgage payments. That way, you have a lot more flexibility about when and how to sell the house.

[rustyp]

Here is a seller's perspective:. I don't care if you pay cash. The home has a value of XXX and it doesn't matter to me if I get payment from a cash buyer or a bank. I generally consider a cash buyer more of a pain in the arse than a bank.

Now if I was in some sort of financial straights that might be different but it is statistically rare here.

Excellent ! - What were you going to pay me with other than money ? Biggest fallacy that has been ingrained on us - I have a cash buyer. Think about that. I don't have any idea that you do or do not have the money. If you are applying for a mortgage the bank would tell me if you are qualified.

[tvbound]

A timely and informative thread for us.

Thanks to the OP for starting it.

[kathyspear]

Excellent ! - What were you going to pay me with other than money ? Biggest fallacy that has been ingrained on us - I have a cash buyer. Think about that. I don't have any idea that you do or do not have the money. If you are applying for a mortgage the bank would tell me if you are qualified.

We have (in the past) paid cash for real estate purchases. We had to show proof of funds. They didn't just take our word for it that we had the money.

kathy

[trekker954]

Scroll to the bottom of this page provided by Attorney's Real Estate Council of Florida
And The Survey Says: Who Pays for Title Insurance by County? (http://flarecs.com/blog/62-and-the-survey-says-who-pays-for-title-insurance-by-county)

The Florida map of counties at the very bottom of the website shows that the SELLER of a pre-owned home pays the title insurance in Sumter County.

Thats cool to know.

[trekker954]

The only problem with the scenario you presented is that many people don't die while living in their house. They need to move into assisted living or a nursing home before they die. In that case, the bank can force them to sell the house before they may want to sell it, and they will lose a lot of money in reverse mortgage fees and administrative costs. So, if you can afford it, you are better off getting a regular 30 year mortgage with a 20 percent down payment and using the extra cash ($140K minus $60K) to make the 30 year mortgage payments. That way, you have a lot more flexibility about when and how to sell the house.

I still think if I had too much money lying around earning next to nothing why not just buy some real estate outright in a place I enjoy spending time. I plan to pay off that bond as well, hoping I find a home with the bond paid. Wouldn't that be great. I thought I'd be spending my retirement money cruising the world and I was up until March 7th. Just don't think I'll be cruising as much as I use to. I always felt TV was like a cruise ship on land.

[Stu from NYC]

Nice to have a thread where people disagree but do so in a nice and friendly manner.

[manaboutown]

We have (in the past) paid cash for real estate purchases. We had to show proof of funds. They didn't just take our word for it that we had the money.

kathy

My former spouse just bought a home with cash a few months ago and had to show proof of funds. It was not a big deal. She sold her previous house to a cash buyer and her listing agent made sure she received proof of funds from them. As a seller I certainly would not want to take my house off the market for a period of time only to find the "cash buyer" could not come up with the money.

[villagetinker]

IMHO,

Contact ARC and see that ALL modifications to the property AND landscaping have prior ARC approval.
Contact the building department and confirm that the correct permits were pulled and inspections completed for any and all modifications to the house, you might want to work with Frank of both of these.
I would absolutely go with a title insurance company to make sure there are NO liens or other open actions against the property.
If you can talk to the neighbors, they can be a wealth of information. Ask if the homeowner was a DIY type person, there might be a lot more to look for.

I also tend to agree with some of the above comments, we could have easily paid cash for our house, instead we got 3% mortgage and almost 10% average return on investments over the the last 7 years (not including the last 3 months....), but of course this is a personal choice.

Hope this works out for you, Welcome to TV.

[Troy8432]

All cash or not, buy title insurance. It saved my butt last month. 12 years ago I bought a foreclosure in northern VA. We fixed it up and sold it in February to prepare for move to Villages. Two days before closing, the buyers closing company contacted me and told me there was an outstanding judgement against the house. Apparently, a previous creditor was still trying to collect from the previous owners and I was totally unaware - FOR 12 YEARS. In a panic, I left work, drove home and dug through all my original home purchase documents. I couldn’t remember if I bought title insurance way back when. I was concerned that I had done something stupid (like not buying title insurance) to save a buck or two. Thankfully, I found the title insurance docs and sent them out. Problem went away instantly and we closed on time. I will ALWAYS buy title insurance, cuz you never know If there are skeletons in the closet. A farmer’s undocumented land transfer. An heir. Who knows.

[biker1]

Depends on the seller. We bought from the Developer with cash. 10% down and settle in 30 days. We didn't have to prove anything but if we didn't settle they would have kept our 10%.

We have (in the past) paid cash for real estate purchases. We had to show proof of funds. They didn't just take our word for it that we had the money.

kathy

[biker1]

Paying cash is really part of your investment strategy. The money in my house is also appreciating and is part of my overall asset allocation strategy. My non real estate investments were up over 25% for calendar year 2019 so you could certainly make the case that I should have had the cash in my house invested elsewhere but I don't have a crystal ball.

IMHO,

Contact ARC and see that ALL modifications to the property AND landscaping have prior ARC approval.
Contact the building department and confirm that the correct permits were pulled and inspections completed for any and all modifications to the house, you might want to work with Frank of both of these.
I would absolutely go with a title insurance company to make sure there are NO liens or other open actions against the property.
If you can talk to the neighbors, they can be a wealth of information. Ask if the homeowner was a DIY type person, there might be a lot more to look for.

I also tend to agree with some of the above comments, we could have easily paid cash for our house, instead we got 3% mortgage and almost 10% average return on investments over the the last 7 years (not including the last 3 months....), but of course this is a personal choice.

Hope this works out for you, Welcome to TV.

[John_W]

The only problem with the scenario you presented is that many people don't die while living in their house. They need to move into assisted living or a nursing home before they die. In that case, the bank can force them to sell the house before they may want to sell it, and they will lose a lot of money in reverse mortgage fees and administrative costs. So, if you can afford it, you are better off getting a regular 30 year mortgage with a 20 percent down payment and using the extra cash ($140K minus $60K) to make the 30 year mortgage payments. That way, you have a lot more flexibility about when and how to sell the house.

You're correct, once you leave the home, it has to sold whether you're alive or not. Remember before I said, when you die and they sell the home, your heirs will receive any leftover amount.

We'll use numbers that are close to real. Let's say the home's appraised value was $300K and you had drawn $100K of the $145K that was available during the ten years you continued to live there.

The loan would be the $100K, it's the amount you've taken, the upfront fees which mine were $9,000 and my loan goes up $200 a month. Let's say they live in the home ten years and then sell the home. 120 months x $200 equals $24,000 plus the $100K you took and the $9,000 in fees. That's a total of $133,000 and they sell the home for $300,000, they might get even more since ten years have gone by, but we'll stay at the original appraised amount. So you would get $167,000.

That's why three of us on my block have reverse mortgages, once you find how it operates, it's makes perfect sense. Of course if you have children and want to leave them something, then don't do it.

[John_W]

We have (in the past) paid cash for real estate purchases. We had to show proof of funds. They didn't just take our word for it that we had the money.

kathy

Reminds me of when I sold my home in Baltimore in 2011 to the first person to look at the home, it was just 12 hours after I listed the home. When the agent called with the offer an hour after they left, I was a bit hesitant to take an offer so quickly that was $10,000 below asking. They had built a Wegman's across the street and it was opening in two months. The agent said, this is the manager of the new Wegman's, she's in town for two days with a letter from the Wegman's corporation guaranteeing the money. The company will buy the manager's homes when they transfer them, so they aren't consumed with buying and selling. I said yes, and called my Villages salesman Tony Trussler that afternoon and bought a courtyard villa sight-unseen that was discounted $12,000.

[rustyp]

We have (in the past) paid cash for real estate purchases. We had to show proof of funds. They didn't just take our word for it that we had the money.

kathy

Once again I did a bad job of explaining my point of view. It was tossing around the phrase we have a cash buyer to me is insignificant as a seller. No matter what transaction takes place I get money (check) at closing. I don't care whose money, client or bank. If a real estate agent brings an offer to me from a client that is seeking a mortgage it's a pretty good bet the agent has prequalified the client or it would be a waste of both my and the agents time.

Showing proof of funds - did you have to show proof of funds before you looked at the house or as part of the offer ?

The world has changed relative to the stigma of I am a cash buyer. Watch buying a car video and one of the first rules is never tell a dealer you are a cash buyer - you just cut into the kickback they get from the finance company.

[retiredguy123]

There are advantages to the seller when the buyer pays cash. First, there is no financing contingency in the sales contract, so the contract cannot be voided by a low appraisal or an increase in interest rates. About 5 years ago, former neighbors of mine signed contracts on three different houses and all of them were cancelled because the bank appraisals were too low. Another advantage to cash is that the closing can be scheduled within two weeks or so after the sales contract is signed.

[J1ceasar]

Title insurance is peace of mind. Also when you do pay cash it means someone can Sue you the next day

[Prpcmom]

I’ve bought several houses in The Villages all cash. Use a title company, an owners policy is worth the cost, I know people who have benefited because of things that didn’t show up right away and the title company had to pay later to clear up the issue. Tri-County Land Title & Escrow Company does a lot of these closings, cost is very reasonable, they can provide you with a legal sales contract and make the closing fast (relatively) and painless. A termite inspection is always a good idea In Florida and the extermination companies will do it for free in the hopes you will sign up for their services.

[Mebnj]

I would recommend professional help. cash or not at all closings people get paid. It is in a sellers best interest and buyers best interest to have professional knowledgeable help. I could tell you many stories of unclean title because someone wanted to save a few dollars and thought they knew everything.

[Villages Kahuna]

Usually it’s the Seller who has to provide and pay for a title insurance policy. The Seller has to provide proof of clear title to the Buyer.

[FredJacobs]

Where did you get this fact, as it is the opposite of everything I have heard or read?
All media companies (broadcast, print, billboards, etc.), provide marketing and statistical information to potential advertisers so that the advertiser can learn if their target audience is reachable. In The Villages, more than half the homes are paid in full at closing.

The primary reason is that, for the most part, buyers plan on being permanent residents rather than snowbirds or renting out their home. They have lived in their Northern homes for 30 or 40 years, have seen them increase in value and equity, have paid off the mortgage and do not have to pay tax on the profit if it is less than half a million dollars (married couple). They can buy for cash and have plenty left over for moving expenses, refurnishing and living expenses. By the way, although most residents are on fixed income, The Villages has a high average income per household.

[Pedrocarrasco01@yahoo.com]

One major advantage is you can close much faster with an all cash deal.

When I bought seller was extremely motivated to sell, I wanted to buy so I made him an all cash offer closing in 20 days that was 17% under asking, they accepted, but the title company could not do it so we closed 26 days after it, by all means get title search and title insurance, not that expensive and all worth it. Good luck and welcome to paradise!!!!!!!!

[theruizs]

I'm not sure TV is any different from other Florida cities, but what has you experience been if buying with cash. I own a home outright and keeping it in South Florida but plan a move to TV. I've been up there a number of times, and coming up Saturday for a couple of weeks to look at homes. I know Villages Properties, FSBO and MLS are all seperate.

If I do find my dream home, appraisal wouldn't be requires especially if I get a great deal. :) I assume I can research myself if there are any liens on the house, or is there a way to request the seller to produce a certificate? (Not sure about that). I think I can go to whatever county assessor and request a lien search. Or hire a title company to do a search.

I shouldn't need Title insurance Policy if I come up with a clear title correct?

So I should only have to pay for a Recording Fees.

Anything else I might need that is specific to TV purchase?

Might go without saying, but an inspection is key. Be sure a thorough title search is done. And do not skip title insurance too hastily. A title can be clear at closing and then someone can come later with a valid claim, unpaid vendors for example. Less important but still an issue to inderstand, read the deed restrictons carefully. They vary by district and one set may not appeal to you as much as another.

[John_W]

When I bought seller was extremely motivated to sell, I wanted to buy so I made him an all cash offer closing in 20 days that was 17% under asking, they accepted, but the title company could not do it so we closed 26 days after it, by all means get title search and title insurance, not that expensive and all worth it. Good luck and welcome to paradise!!!!!!!!

That's a good point. I noticed many here have discounted the notion that a cash offer isn't any big deal. Maybe not in TV, but I've bought and sold 8 homes in my life, and I bet my first offer on half of them had a contingency upon one or the other, selling their existing home, or getting loan approval. When someone walks in with a cash offer, it's the saying money talks and something else walks.

[Dlbonivich]

If you buy from a realtor or a Villages agent they will work through a title company. If you buy for sale buy owner you should do the same. Do not try to write the contract yourself or do the searches. As a buyer you have little expense for buying with cash. Most expenses are paid by seller as a standard here. It can be part of the negotiation. If you are looking for buyer representation on every listing I would be happy to represent you. The sellers agent pays me. I also work with sale by owners most welcome mls agents. Andrea Bonivich, Sellstate Superior Realty 281-513-1250. I live in the Villages and 25 years of experience.

[OhioBuckeye]

Most people that buy here do pay cash so it's not a bargaining chip. A new home would not require title insurance but a re-sale is a different story as you never know if there is a lien in process that has yet to be attached, a divorce in another state, etc.,etc., so play it safe.
Well I bought in TV & if you pay cash I can tell you, just because you pay cash don’t think any of TV realtors will discount the home because you pay cash, they won’t. If I would buy in TV again I would buy from an outside realtor or buy from owner, you might get it a little cheaper. But TV realtors will under cut a pre owned home of the same model. But you’ll have to weigh out that for yourself. I only say that because you’ll get a hundred opinions from this subject!

[TimeForChange]

If you find a house you are really considering, contact Community Standards and ask them to research for any additions or landscaping improvements/additions, that might have needed a permit or approval. If work was done with out, then you could be held responsible for repairs or removal if somebody complains, and we do have some trolls who drive around looking for violations. Do your due diligence, or pay the price.:welcome:

Community Standards in TV is a joke. Last time I was there they told me that 95% of the homes in TV are not in compliance. The only way they react is through a complaint. This breeds discord, confusion, and others who just don't care. Also many (at least South of 466A) are not aware that when you purchase a home you really do not own the property 13.5 ft. from the street. There is a County easement for those 13.5 ft. and the County can come in at any point and have you remove anything in the easement if they wanted. Within two miles of my home in North Labelle I drove around and counted over 100 homes not in compliance. There is a home on Moyer Loop that has installed huge rocks with bushes within 3 ft. of the street. There is another who has installed curbing and flowers up against the street curbing on a corner lot. It does not bother me and I have never complained but it is amazing what home owners are not aware of when they purchase a home. Just be aware all it takes is one complaint.

[mikeritz53]

I'm not sure TV is any different from other Florida cities, but what has you experience been if buying with cash. I own a home outright and keeping it in South Florida but plan a move to TV. I've been up there a number of times, and coming up Saturday for a couple of weeks to look at homes. I know Villages Properties, FSBO and MLS are all seperate.

If I do find my dream home, appraisal wouldn't be requires especially if I get a great deal. :) I assume I can research myself if there are any liens on the house, or is there a way to request the seller to produce a certificate? (Not sure about that). I think I can go to whatever county assessor and request a lien search. Or hire a title company to do a search.

I shouldn't need Title insurance Policy if I come up with a clear title correct?

So I should only have to pay for a Recording Fees.

Anything else I might need that is specific to TV purchase?

All good thoughts, but a few not right. As a Buyer you allow the Seller to choose Title Company and with that the Seller pays for Title insurance and a lot of the Recording/Tax. This way you are assured of a Clear Title and also have the Title Company there if something comes up later. You do pay for the Title Company , around $400-$500, but money well spent to have clear Title and someone handling all the closing paperwork.

Also a MLS Realtor can often help with a FSBO to make sure you are getting the best deal and many FSBO Sellers are willing to pay a commission to a Realtor bringing a solid Buyer.

I would be happy to help you find your next home or at least be a resource for any questions as I am a Multi-Million Dollar Producing MLS Realtor Selling in The Villages.

[sloanst]

You can negotiate with a person. The Villages will not.

[Dburesh]

I believe that it's required to have title ins in FL. You will also have pro ration of taxes, amenities for the first month, & homeowners ins for a year. Give Johnathan Thompson a call @ 352-633-5195 with Freedom Title & tell him that Doreen referred you. Also, let me know if you want a realtor outside of The Villages that is fabulous, especially since she doesn't have to abide by certain regulations of The Villages. She will spend as much time with you as you need, answer all of your questions, & honor your decision without any pressure!

[retiredguy123]

I believe that it's required to have title ins in FL. You will also have pro ration of taxes, amenities for the first month, & homeowners ins for a year. Give Johnathan Thompson a call @ 352-633-5195 with Freedom Title & tell him that Doreen referred you. Also, let me know if you want a realtor outside of The Villages that is fabulous, especially since she doesn't have to abide by certain regulations of The Villages. She will spend as much time with you as you need, answer all of your questions, & honor your decision without any pressure!
Buying owners title insurance is optional in Florida, and most other states.

[PugMom]

Where did you get this fact, as it is the opposite of everything I have heard or read?

we paid $$ on our new construction home. i'd do it again, too.

[Fisherman]

As a prior banker of 35 years, I strongly encourage you to spend the extra money to do the transaction right whether you buy a resale or a new home from the Villages. You need to protect your investment and eliminate any issues if you ever decide to sell. I just bought my second house in TV... first was a home I had built and financed with a mortgage and the second a resale I paid for with cash. For BOTH transactions, I used a real estate attorney, got an appraisal, an updated survey and title insurance. In addition, on the resale, a home inspection. Trust me, all of these are important. The only one you could check fees on would be to use a title company or an actual real estate attorney. For me, the price difference was so minimal, I went with my own real estate attorney. The Villages use one, why should I not have my own to represent me?

[IvorT]

I bought a house in TV, last year. Since you will (as advised by other people) be passing money through a title company’s ESCRO account, they will need to be assured that your money is not the product of money laundering. That means you need to be able to demonstrate where the money came from.

[newgirl]

You don’t need to buy a policy but the seller does need to buy one .

[manaboutown]

As a prior banker of 35 years, I strongly encourage you to spend the extra money to do the transaction right whether you buy a resale or a new home from the Villages. You need to protect your investment and eliminate any issues if you ever decide to sell. I just bought my second house in TV... first was a home I had built and financed with a mortgage and the second a resale I paid for with cash. For BOTH transactions, I used a real estate attorney, got an appraisal, an updated survey and title insurance. In addition, on the resale, a home inspection. Trust me, all of these are important. The only one you could check fees on would be to use a title company or an actual real estate attorney. For me, the price difference was so minimal, I went with my own real estate attorney. The Villages use one, why should I not have my own to represent me?

All title policies are not the same as title companies put many exclusions of what the policy will cover in their "off the shelf" policies. A good real estate attorney can negotiate with the title company to get you a more comprehensive policy.

[retiredguy123]

You don’t need to buy a policy but the seller does need to buy one .
I think you may be confusing a title insurance policy with the title company's fees to search the title and to prepare the deed to ensure that a free and clear title is conveyed to the buyer at the closing. An owners title insurance policy will protect the buyer from future claims made against the title. The policy is purchased at closing and protects the buyer for as long as he/she owns the property. But, the owners title insurance policy is entirely optional. In The Villages, the buyer usually pays for the title insurance, but, again, it is optional. Some buyers decline to buy the insurance, especially when they are buying a new house.

[charlieo1126@gmail.com]

If you find a house you are really considering, contact Community Standards and ask them to research for any additions or landscaping improvements/additions, that might have needed a permit or approval. If work was done with out, then you could be held responsible for repairs or removal if somebody complains, and we do have some trolls who drive around looking for violations. Do your due diligence, or pay the price.:welcome:

Why are people who want the rules followed and that we all signed on for insulted for wanting the rules followed and no I’m not one of those people but I thank them for trying to keep the community standards WE ALL SIGNED UP FOR

[charlieo1126@gmail.com]

Here is a seller's perspective:. I don't care if you pay cash. The home has a value of XXX and it doesn't matter to me if I get payment from a cash buyer or a bank. I generally consider a cash buyer more of a pain in the arse than a bank.

Now if I was in some sort of financial straights that might be different but it is statistically rare here. I agree cash buyers the worst especially if they’ve been reading those how to get rich in real estate books they think they can low ball you or ask for all kinds if f things . I’ve sold many homes bank mortgage cash whatever but the bottom line is my price my way

[JamesIrvin]

Home inspection & local real estate lawyer a must

[Stu from NYC]

I agree cash buyers the worst especially if they’ve been reading those how to get rich in real estate books they think they can low ball you or ask for all kinds if f things . I’ve sold many homes bank mortgage cash whatever but the bottom line is my price my way

There are advantages to seller when a buyer does it all cash. Much faster closing for example

[trekker954]

There are advantages to seller when a buyer does it all cash. Much faster closing for example

Yup, that is my plan as very fast closing and I really don't want to pay all that enormous interest with a mortgage when I have the cash just sitting there. Hoping to find a turn-key with no one living there. I'm not trying to low ball the seller, although I do believe the courtyard bungalow villas are WAY OVERPriced. Not sure why, I guess supply and demand.

[Topspinmo]

If you really want to pay all cash, my advice would be to forget about saving a buck or two on title insurance, appraisals, inspections, etc. You will have a huge about of money at risk, so take every precaution to protect that money. I suggest you contact a local closing attorney and get them to guide you, pay them to work for you.

Don’t you have huge amount of money at risk when you get mortgage? Most people are responsible for loan?

[Topspinmo]

Yup, that is my plan as very fast closing and I really don't want to pay all that enormous interest with a mortgage when I have the cash just sitting there. Hoping to find a turn-key with no one living there. I'm not trying to low ball the seller, although I do believe the courtyard bungalow villas are WAY OVERPriced. Not sure why, I guess supply and demand.

There all over priced IMO, but you paying for the lifestyle.

[Curtisbwp]

I'm not sure TV is any different from other Florida cities, but what has you experience been if buying with cash. I own a home outright and keeping it in South Florida but plan a move to TV. I've been up there a number of times, and coming up Saturday for a couple of weeks to look at homes. I know Villages Properties, FSBO and MLS are all seperate.

If I do find my dream home, appraisal wouldn't be requires especially if I get a great deal. :) I assume I can research myself if there are any liens on the house, or is there a way to request the seller to produce a certificate? (Not sure about that). I think I can go to whatever county assessor and request a lien search. Or hire a title company to do a search.

I shouldn't need Title insurance Policy if I come up with a clear title correct?

So I should only have to pay for a Recording Fees.

Anything else I might need that is specific to TV purchase?

If you go through the villages properties all that should be done. Old vs new....a huge $35,000.0 bond on new. Pre owned bond may be paid off. New raw landscaping pre (i will use my home here) landscaping if flush and mature. Landscape walls, water fountain/waterfall. Hickory floor in hallways lr and dr. Hard wood im three bedrooms. Lanai has been extended by 20 ft. Screen on garage steel/ screen entry way. And on and on
You have to weigh this. Hickory floor was $7,000.00+/-

[theruizs]

Don’t you have huge amount of money at risk when you get mortgage? Most people are responsible for loan?

Right, but the lender will likely require inspection, title insurance, etc. If you really want to save money, try to avoid the commission by using an attorney to do the closing instead. They typically charge a set fee that is much less than the commission toa realtor.

[Luv2Bretired]

Thank you for all the posts. I have been lurking but considering my options. I plan to go with a 15 year fixed rate mortgage loan as they can be had @2.5%. I really feel I can obtain more than that on investments. The house will of course appreciate over time.

[lcarlson]

Buying a pre-owned home versus new does have it's advantages.
I have a home that I'm looking to sell.
Better than new, plus no bond, in a desirable neighborhood with wonderful neighbors.
If you are interested, message me back and we can set up a time to talk and discuss further.
Thanks

[lcarlson]

Would like to contact you, in regards to your posting. PM me, Linda Arnold Carlson

[Bay Kid]

Cash is king. Great rate on 15 year loan.

[Stu from NYC]

Buying a pre-owned home versus new does have it's advantages.
I have a home that I'm looking to sell.
Better than new, plus no bond, in a desirable neighborhood with wonderful neighbors.
If you are interested, message me back and we can set up a time to talk and discuss further.
Thanks

Would be helpful to supply some details of your home. If nothing else you would attract buyers with more interest.

[karostay]

Developer does not own any property that doesn't have a clean title

[VApeople]

You have to weigh this.

You are correct. The buyer has to decide for themselves what your improvements are worth to them.

In many cases, the improvements are worthless because a buyer may not like them.

[Double Eagle]

Advice is all over the map here. At a minimum you will want a home inspection, title insurance and a lawyer at closing.

[TNLAKEPANDA]

I would get Title Insurance on a pre-owned home for sure but not on a new one from the Villages.

[trekker954]

Let me update you all since I started this post. I came up (from South Florida) on June 6, on Day 3 of a 2 week stay, I found my house (believe me I looked at tons, mostly just open houses so I didn't have to really deal with realtors. Anyway, it wasn't the model or the type or even location that I thought I wanted to live but I loved the neighborhood, and loved the house. It was a preowned TV properties, I did get a steal. Its in Pine Hills and is a designer built in 2017. The previous owner also paid cash and are you ready...........paid off the bond!!!! It was really only lived in about 10 months over the three years and never rented. It looks brand new and the owner replaced the carpet with hard wood (which was always on my checklist) I think in November. It was priced to sell quick and i did offer him under which he accepted.

I then had to deal with Pinninsula Title. ugh. They couldn't do it as quick as I wanted because they are so backed up. I was told they sold 200 homes last month "during Covid". I Gathered my cash together and could tell it was easiest if I just opened an account with Citizens and put the money there, so they could just transfer it between accounts in their own bank. TV Properties, Citizens, Pinninsula all are in bed together. I knew I was in a bubble, but it really shows when you are buying a house here.

The offer was conducted via electronic docs and so was the closing. Well lets just say I pre-signed the closing documents today, the seller will tomorrow and I'll move in Saturday. No one can tell me a cash deal doesn't go more quickly or smoothly.

Pinninsula supposedly is not doing any face to face closings.

Oh the best part, Saturday I walked into the Villages Golf Carts and bought a new 2020 ride. Free financing for three years, so I didn't pay cash. :1rotfl:

Now I feel like a Villager and so happy to be here.