OTOW seller requires 30% down? WTF? (The Villages, Lee: sales, foreclosure, lease)

[Dax13]

Originally Posted by PairsNPaint

WOW!!! THANK YOU, DAX, FOR YOUR RESEARCH ON OUR BEHALF!!! Unbelievable that they can get away with all that.

You're very welcome, PnP. Look, I understand about doing your homework and due diligence, but for those of us who aren't familiar with how things are done here, you wouldn't even know to ask the question. Some of the things these communities fully expect you to swallow hook, line, and sinker, not to mention with a smile, are things that would put you in jail on a RICO charge or 6 feet under in Texas.

Keep reading and researching. There's a lot of good and relevant information here. Once you get here, I'll fill you in on my "Boat Motor" theory on how and when things get done. You'll find your place in the sun. Trust me. Overall, I don't think Ocala is a bad place to land. I'll know you're here when I see the Lone Star placed somewhere on a newly purchased property. Just politely explain to the locals that it's not a Puerto Rico thang.

Dax

[BostonMedic]

I can only add some additional questions to this thread because I will find myself in the same situation soon. First what is OTOW? I am relocating to the Ocala area within the next weeks, I have accepted a job starting next Monday. I will be working in Cirtus Co. and looking for residence basically anywhere in the area. Looking to rent first then buy. What are the nicer areas in the area up to Ocala? Budget of $1200/mo. and that would be my house budget also.
Looking for a quiet area but not too quiet. Like a small town feel but does not take all day to get milk. I hope this is not too broad.

[Dax13]

Originally Posted by BostonMedic

I can only add some additional questions to this thread because I will find myself in the same situation soon. First what is OTOW? I am relocating to the Ocala area within the next weeks, I have accepted a job starting next Monday. I will be working in Cirtus Co. and looking for residence basically anywhere in the area. Looking to rent first then buy. What are the nicer areas in the area up to Ocala? Budget of $1200/mo. and that would be my house budget also.
Looking for a quiet area but not too quiet. Like a small town feel but does not take all day to get milk. I hope this is not too broad.

On Top Of The World. A 55+ community. Think "The Villages" on a MUCH smaller scale.
You would be smart to stay in the SW part of Marion County if you will be driving to Citrus County.

Dax

[kmarc]

Originally Posted by PairsNPaint

Thank you, kmarc. We've pretty much come to that conclusion, as well, to avoid some of the contingency issues. My wife had her heart set on OTOW due to the amenities and such, but the information we're getting here is a real eye-opener.

Pairs, you're welcome. The most important thing you can ever do for you and your wife is to research the governing association of any community you are contemplating moving to and its legal structure and your obligations. As you've mentioned, it's always an eye opener.

I understand about the amenities. In a way, they are actually a form of marketing or advertising, a continuous draw to bring people in rather than a commercial advertisement which comes and goes. Always remember that even though they are there today, they can be shut down in the future for whatever reason. Again, I would urge you to take a second look at Del Webb Spruce Creek and any other place that is similarly structured and has similar amenities.

We ourselves have learned a lot since moving here as renters, and in fact experienced a little "gotcha" of our own.. We rejected OTOW because condos are not our thing, but we have run into a couple of these "developer controlled" communities and as beatkay mentioned, the "revenue enhancement" feature (for the benefit of the developers) is a non-starter for us. Best of luck and happy hunting!

[BostonMedic]

Originally Posted by Dax13

On Top Of The World. A 55+ community. Think "The Villages" on a MUCH smaller scale.
You would be smart to stay in the SW part of Marion County if you will be driving to Citrus County.

Dax

I'm a little young to think about the 55+ housing, thanks.

[kmarc]

Originally Posted by BostonMedic

I'm a little young to think about the 55+ housing, thanks.

You asked what OTOW was and he told you it was a 55+ community called On Top of the World. Nowhere did anyone suggest you should live there. However, he did suggest that if you are going to be working in Citrus County, the southwest part of Marion County would work for you. The southwest part has plenty of housing that isn't 55+. You might consider Dunellon, but take care to choose an area that is closer to conveniences.

There is also Beverly Hills in Citrus County, which has some nice, reasonably priced rental property. Also Inverness.

[logybogy]

Dunellon is a really convenient smallish town if you are working in Citrus County as it's right near the county line. It has a Super Walmart shopping center as well as a new Publix under construction. It's also close to Rainbow Springs a beautiful state park with hiking trails, springs for a swimming area and a river for kayaking.

I'd suggest you give it a look.

[rjm1cc]

Originally Posted by PairsNPaint

Wife and I found a resale home in OTOW we love. We told our agent to put in a bid at full asking price, with a $1500 earnest money deposit. (BTW- we live in Texas so all is being done by phone and Skype). We are pre-approved from our bank for much more than the asking price and we both have credit scores over 800. We will need a contingency clause for the sale of our current home, which is on the market, hence the full price offer.

She called back and said the seller wants us to put 30% down rather than the customary 20% for a conventional loan! What's up with that? Why would the seller care how much we put down when they are going to get their full amount at closing? If we were buying through FHA or VA it would be even less. I was a Realtor in Kansas City years ago and I have never heard of the seller mandating how much the buyer puts down as long as the mortgager is satisfied. Remember, we're talking about down payment towards the mortgage, not earnest money, which the seller can ask for.

Thirty percent down would mean an additional $20k we'd have to come up with which would deplete our reserves for expenses like new furniture, remodeling, etc.

She also informed us that we would need to pay $60 each for an "interview" with the OTOW "welcoming" committee. What's next?

Which community in OTOW? Some you own land and some you do not.
Financial stability of the community you move to is very important. That is why OTOW is very particular. Pay attention to the public area maintenance and roads when you are looking.

Look at this site for rules OTOW Central | On Top of the World Info and try other sections for more info.

[BostonMedic]

Nowhere did I say that I did not appreciate the answer to my question , as far as 55+ I am a little younger. That was my only response . Just making a statement.
I will look into those areas that everyone has informed myself as appealing areas to live. I am excited to move up to that area and looking forward to those new challenges for myself.

[Dax13]

Originally Posted by BostonMedic

Nowhere did I say that I did not appreciate the answer to my question , as far as 55+ I am a little younger. That was my only response . Just making a statement.
I will look into those areas that everyone has informed myself as appealing areas to live. I am excited to move up to that area and looking forward to those new challenges for myself.

No offense taken, BostonMedic. I actually read it as you meant it. It's all good.

Dax