Unearned Bond interest - legalized thievery!!
 

Because we are closing on a house in The Villages next month, I called VCDD to find how to pay off the bond at closing. I was told that even if I paid off the bond I will be charged for over a year's worth of interest - which for a $20,000 bond at 7.5% will be at least $1500!!

When I asked why I would be charged a year's worth of interest, I was told the people who bought the bonds were promised they would make money. So, it would be "unfair" to them if I didn't pay the extra $1500 or more. The Alice in Wonderland story is that the cutoff date is July, so if you buy your house in August you have missed the cutoff date??!!

I knew up front that the infrastructure costs (normally paid for by a developer and included in the price of a house) were palmed off to the buyer here in The Villages. What was NEVER hinted at was that we would be charged a year's worth of interest regardless of what we did.

Leagalized rape is still immoral. Why do we allow this kind of outrageous usury? Florida's legislators are concerned about you in proportion to how much you can donate to their pockets.

SB1196, the 'condo' bill, just passed allowing Speculators to buy 7 or more condos without incurring any liability of a builder nor without having to buy any insurance on the condos. So, if a fire, hurricane, or other problem occurs and your 'neighbor' happens to be a speculator, good luck in your condo.

In looking over TOTV, I see concerns about thieves breaking into your house -- what alarm system, what gun to have etc. According to statistics I've seen for Sumter County, 2 out of 100 houses might be stolen from by theives. When those thieves are caught they will go to jail or prison.

In new sections of The Villages, 100 out of 100 homes will be legally stolen from. Yet the thieves will be lauded and fawned over by our elected officials. It appears our 'fears' are misdirected.

Not sure how this affects people in TV since there are basically no condos in TV. What was your point with that statement?

Maybe someone should rethink their position. Not here yet and complaining!!!

You've got time to back out. If I wasn't sure I'd be happy here - that's what I'd do.

X

Well, someone had to come up with the money and just about everyone wants their money to make interest.
Doesn't seem fair that they would want to collect something for the use of their funds? I think you might feel the same way if it was your money, I know I would. I'd be losing money if I got no interest. I could have put it somewhere else to earn $$$. Logically it seems unjust, but financially, it's business.

Congratulations on your new house. Come and enjoy.

You will be charged the bond payment for the first year but if you are in a new construction home built it 2010 you only pay property tax on the value of the land in the first year. So it my opinion, it is a wash. You gain on lower property tax the first year and you pay a little more on the bond payment.

I don't want to sound rude but if this gets you so upset, you will be a very unhappy Villager.

Welcome to the " hood"

Congratulations and thanks for the "heads up." I'm sure that after you calm down you will love it there.

Sorry you feel that way. You have two options:
1) Quit whining !
2) Don't close until after Jan 1 !

If I had been aware that a $20,000 bond actually meant $22,000, I might not have not have changed my mind. There is no rethinking after a contract is signed unless you want to pay penalties.

I'm glad you have enough money that you don't complain when you are charged 10% more than you were told the item would be.

Xavier, are you telling me there are more things like this that I don't know about?

this site
 

I am a wannabe, but I found this site accidentally, not sure how, the people here are all very nice and very informative

I started my own list of ideas and information I have found here and found it invaluable even in just online searches for a home, I think they will give you great answers, they have given them to me and I am just a lurker as they say

I have not intention of paying off my bond. I would rather have that money available for my use. If I sell my house, I can't sell my house for anymore than comparable properties just because the bond is paid off. Guess bonds are just part of the package in Sumter and Marion counties. Honestly, I wonder just what percentage of owners pay off their bond. Might be interesting to know.

Thanks about the new house. We like it and we like TV that's why we decided to buy here.

If it had been stated up front that there not only was a $20,000 bond but there was also a mandatory years worth of interest to be paid, that would have been one thing. Like the existence of the bond it would have been something known up front. To discover it two weeks before closing is another thing.

1. If you think being upset about paying an additional $2000 is whining, I'm glad you're so cheerful.

2. I was told when the house would close. Closing at any other time was not an option.

Guess I never really thought about it because I have no intention of paying off the bond. Hubby might have known about the interest, he talked with the sales agent about bonds, but I was just more interested in trying to decide what model home I wanted. After living in southern CA, houses here seemed a bargin...though the taxes were considerably more than I used to pay (We had Prop 13 which kept our property taxes fairly low.) New owner of our house wasn't exempt and the taxes had gone up almost $4000 for them.

Again, congratulations on your new home...and remember, so many things are different financially here in Florida, but the people and the beauty of The Villages are priceless.