New Home Purchase Question

New Home Purchase Question

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New Home Purchase Question
  #1  
Old 02-25-2019, 06:32 PM
jcvdd1 jcvdd1 is offline
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Default New Home Purchase Question

Greetings-
Both my wife and I will be purchasing a brand new home within the next 60 days directly from The Villages ( Fenney )and we are both seeking any guidance you guys can provide:
1. Price of home will be in the 340,000 range and wondering other than the purchase price, what other fees will we be responsible for at the time of closing?
2. As a current Florida resident and homeowner, what will my county taxes amount to?
3. What will the bond amount be?
4. Will we need to purchase title insurance?
5. Approximate cost of homeowners insurance?
6. Approximate days to closing after placing a down payment, total cash transaction?
THANKS Joe & Cristina
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  #2  
Old 02-25-2019, 07:00 PM
retiredguy123 retiredguy123 is online now
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Item 1 - you will get a HUD statement from The Villages showing all of these costs.
Items 2,3 and 6 - you should ask the agent.
Item 4 - yes, you should buy an "owners" title insurance policy to protect your interest in the property.
Item 5 - you should call The Villages Insurance and get a quote, and/or other companies. Make sure it includes "sinkhole" coverage, NOT just catastrophic ground collapse coverage.
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  #3  
Old 02-25-2019, 08:23 PM
Dan9871 Dan9871 is offline
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Quote:
Originally Posted by jcvdd1 View Post
6. Approximate days to closing after placing a down payment, total cash transaction?
THANKS Joe & Cristina
If it's a new, already built, house you will have to close within 30 days regardless of whether you pay cash or mortgage. You can request an earlier closing and depending on how busy the closing department is you might get on in a few days.

When we purchased we could closed in two or three days but weren't ready to do that so we used the whole 30.
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  #4  
Old 02-25-2019, 09:08 PM
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graciegirl graciegirl is online now
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Quote:
Originally Posted by Dan9871 View Post
If it's a new, already built, house you will have to close within 30 days regardless of whether you pay cash or mortgage. You can request an earlier closing and depending on how busy the closing department is you might get on in a few days.

When we purchased we could closed in two or three days but weren't ready to do that so we used the whole 30.
Aren't they building too? As well as offering new homes?
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  #5  
Old 02-25-2019, 09:10 PM
Garywt Garywt is offline
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We are buying a less expensive house with a mortgage and our closing costs are about 9000. Title insurance for us is about 1100 but you can turn it down. Bonds are priced different based on type of home etc so check with your sales person. As said, you need to close within 30 days or there is a daily penalty. Our insurance is under 700 with both types of sink hole coverage and as of taxes it is based on various items.
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  #6  
Old 02-25-2019, 10:54 PM
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Serenoa Serenoa is online now
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I understand the need for title insurance when buying a resale from a previous owner, in case of unknown liens or unpaid property taxes, etc.. But when buying a brand new home from The Villages, what could go wrong? Enlighten me, clue me in.
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  #7  
Old 02-25-2019, 11:17 PM
retiredguy123 retiredguy123 is online now
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Quote:
Originally Posted by Serenoa View Post
I understand the need for title insurance when buying a resale from a previous owner, in case of unknown liens or unpaid property taxes, etc.. But when buying a brand new home from The Villages, what could go wrong? Enlighten me, clue me in.
Pocahontas could make a claim against your property.
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  #8  
Old 02-26-2019, 06:29 AM
vintageogauge vintageogauge is offline
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Location: village of Fenney, Ford City, Pa., and Hudson, Ohio
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Originally Posted by retiredguy123 View Post
Pocahontas could make a claim against your property.
And we would all be dead by the time that claim would make it through the courts. We chose not to purchase the insurance and have no worries about future claims for this little chunk of property.
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  #9  
Old 02-26-2019, 07:53 AM
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graciegirl graciegirl is online now
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Quote:
Originally Posted by Garywt View Post
We are buying a less expensive house with a mortgage and our closing costs are about 9000. Title insurance for us is about 1100 but you can turn it down. Bonds are priced different based on type of home etc so check with your sales person. As said, you need to close within 30 days or there is a daily penalty. Our insurance is under 700 with both types of sink hole coverage and as of taxes it is based on various items.
I thought that closing in thirty days and the penalty was only on new homes from the developer who requires a conventional mortgage. I think each lender has their own closing rules on used homes.

When you buy a new home here, you cannot use VA or FHA because they don't guarantee closing in thirty days. You can use VA or FHA on used homes.

When you begin building here, they give the closing day and time. There is a penalty even if you want to close early. They are a well oiled machine and they do not have to accommodate your issues. However, we found that your aftercare is stellar and we have been very pleased with both new homes we bought here.
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  #10  
Old 02-26-2019, 07:59 AM
Mosells Mosells is offline
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Geezze, all the questions you asked can be answered by your agent. That’s what they do for a living.
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