Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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Or am I missing something somewhere in the translation? Bill |
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#17
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Bond
I agree with the member who noted that by separating the bond from the house was misleading to prospective buyers that the house was less. By the way Lake County will not allow a bond and insists it be incorporated into the selling price of the house. Depending on a person's financial status I would suggest that they pay off the bond as soon as possible because you will be paying off the interest first then the principal. If I had known that Lake county forbid breakout of bonds I would have argued more because it was difficult to determine where the costs associated with the bond, lot and house began and ended. Most of us could have better assessed the relative value to asking price. Live and learn. This isjust my personal view.
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#18
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(I'm an Enrolled Agent, and have prepared individual tax returns for 23 years)
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mary ann Today's new friend become tomorrow's family Ohio - Cleveland, Lakewood, North Ridgeville, North Olmsted, Marblehead, Elyria; Florida - Village of Bonita (2010) |
#19
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#20
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Bill |
#21
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Bond Interest
Where and how would one find out what his bond interest payment is? Also, I find the workaround of using a 3% home equity loan very interesting as opposed to a 7% interest on the bond. Are not most bond payments figured on 12 years?
TLaD |
#22
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#23
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One work around to the question is if you have sufficient equity in your home, you may be able to get a home equity loan to pay off the bond. In the current market, you should be able to beat the rate and the interest on a home equity loan is fully deductibe.
A word of caution: Do this only if you plan to keep your home several years. When I purchased my home, several realitors advised me that normally, sellers do not recoup the full amount paid on the bond when it is paid off in the first year or two. I calculated my break even on a payoff to be about 7 years - given the interest rate. |
#24
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Don't hesitate to change your TV salesperson (realtor) if you're not pleased with the one you were assigned. I agree that you ought to talk to one of the sales managers. Tell them what you're unhappy about and ask to be re-assigned. I did and am so glad that I did. I felt the person they initially assigned me was not sufficiently knowledgable and was not motivated to find information that I needed to make a decision. There are many good TV salespeople. Work with one you like and feel you can trust.
Last edited by mrdarcy; 03-01-2011 at 09:04 PM. Reason: Meant "ask", not "asked" |
#25
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#26
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my equity rate is nearly twice 3%. Haven't seen much less around here (MD)
Can you suugest a good bank with a 3% rate (not a 6 month teaser) |
#27
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We old people have to argue about everything! Glad I'm not old.
That post about the sales people for The Villages not being real estate agents made it sound like the sales people for the villages are out to get you and that they will hoodwink you in a heart beat..These new buyers, these REAL people are having a little touch of buyers remorse, (as many of us did) and they sound scared. We almost all thought...what have we done??
Than we found that what we had done is buy a place that will bring us much happiness. I would NOT trade the last three years of home ownership here for anything. They are some of the happiest in my entire life. Having a bond here is pretty easy to absorb if you just add it to the cost of the house in your mind. Our Camellia cost 228K and the bond was 20K...so the house really cost 248K. The costs for the infrastructure are part of the cost of the home in our previous life. They are separated here. How much would a person pay yearly on a bond that is about 20K...at the rate of 7.25? That is the figure that we are thinking about. And whether we can add that amount as a deduction to our taxes. Sounds like Mak knows and Mak told us. You can pay the bond off all at once...(The opportunity to pay it all off comes once a year) which we do NOT intend to do because we expect to sell this lovely house and buy another here when we decide to move down for year round living. |
#28
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Sun Trust ran a special just before Christmas 2.99 on the first draw for a home equity --- You had to write a check on you home equity within 7 days of the approval that amount of that draw would stay 2.99 for the life of the loan and additional draws go to Prime plus..
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Arrived Buttonwood in Oct 2010 |
#29
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I've had my H.E.L. with my bank in Lexington for several years now.It's tied into the prime rate. The 3% has been my rate for over 2 years, and with Bernanke at the helm, i don't see it changing anytime soon. I do know, if i opened a new loan now, the best rate would be 4.5%. I've learned alot, since the financial meltdown,while dealing with several banks on real estate transactions .As long as you don't need the money they are willing to lend, heaven help you if you actually need the money, and these are the SOB's that got us in this crisis!!!!!!!!
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#30
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tax deduction on bond
Keep in mind most banks will only give a home equity line of credit on your primary residence. Some will approve you on a second home but will ask for 2 to 3% above prime. The best I could do was 1% over prime, min. rate 4.5%. We have not paid off our bond yet, we will wait until we move down full time.
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Riverside NJ, Moorestown NJ, Mt. Laurel NJ, Tuckerton NJ, Mount Laurel NJ. |
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