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Old 05-15-2012, 09:48 AM
 
44 posts, read 61,946 times
Reputation: 23

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Well, we are doing it. Qualified for a USDA guaranteed loan so we're limited to certain areas. Husband will work from home, so commuting not an issue. I am personal trainer and will find work around if I want to after a few months of getting my kids adjusted.

We are a family of 5- 8, 5, and baby.

Neighborhood and schools are the absolute #1 priority.

Not spending any more than 150k (CDD/HOA in addtion are fine). We'd prefer to get a "deal" for 130k on a short sale or foreclosure...but if the house meets the criteria we'll go to 150k.

Looking at Wildnerness Lake Preserve in LOL. Just kind of stumbled into Odessa yesterday, seems that the schools are good and we can get something in our range there as well.

At least a 3 bedroom plus den. We love the beach, so 45 minutes max commute would be great.

Suggestions? Where TO go? Where NOT to go?
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Old 05-15-2012, 10:16 AM
 
188 posts, read 286,082 times
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I don't have any suggestions on neighborhoods as we're in the initial stages of looking for a place to live too should my hubby's reclocation work out. I wanted to ask you about the USDA loan you mentioned. I've noticed a couple ads on craigslist for new homes with that type of financing and wondered where I could get more info on it to see if we'd qualify. If not, we'll be renters for a bit, but looking in the same areas: LOL, Wesley Chapel and surrounding.
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Old 05-15-2012, 10:22 AM
 
44 posts, read 61,946 times
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It's a rural housing initiative. There are income caps based on household size.

http://www.rurdev.usda.gov/SupportDo...s/FL%20GRH.pdf

Having that third baby really helped me out here

It is limited to certain areas, much of LOL and Wesley Chapel apply, only parts of Odessa.
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Old 05-15-2012, 11:59 AM
 
Location: Toledo, OH
1,725 posts, read 3,127,432 times
Reputation: 1275
Ashton Oaks and Ashley Pines in Wesley Chapel are a couple that come to mind. There are areas scattered on HWY54 in Northern Wesley Chapel close to Saddlebrook that may meet what you are looking for.
Sounds like 150K is firm. I definately respect that.

PLEASE WATCH YOUR HOA, CDD and TAXES.
I hesitate to even do this because it always seems to come out wrong. Either I look pushy or I look like a know it all. NEITHER ARE GOOD! Feel free to simply disregard ...

Here is my example - and is just an example (but you will see very similar scenario's here):
2 homes - Home 1 is 3 bedroom, 2.5 bathrooms, 1900 square feet, community pool, nice subdivision.
Home 2 is a 5 bedroom, 3.5 bath, 2600 square feet, community pool, nice subdivision
Homes are within 1 mile of each other.

House 1:
Price is 150K @ 4% interest rate - Monthly Payment for Mortage alone is 716 per month.
Taxes 2000 per year, insurance 1500 per year, HOA 110 per month, CDD 130 per month.
Total cost 1328 per month.

House 2:
Price is 200K @ 4% interest rate - Monthly Payment for Mortgage alone is 954 per month.
Taxes 2000 per year, insurance 1500 per year, HOA is 40 per month and NO CDD.
Total cost 1366 per month.

Good luck with your search. I love this area!!!! And hope you do as well.
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Old 05-15-2012, 03:19 PM
 
2,727 posts, read 4,622,403 times
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Quote:
Originally Posted by gulfer View Post
Ashton Oaks and Ashley Pines in Wesley Chapel are a couple that come to mind. There are areas scattered on HWY54 in Northern Wesley Chapel close to Saddlebrook that may meet what you are looking for.
Sounds like 150K is firm. I definately respect that.

PLEASE WATCH YOUR HOA, CDD and TAXES.
I hesitate to even do this because it always seems to come out wrong. Either I look pushy or I look like a know it all. NEITHER ARE GOOD! Feel free to simply disregard ...

Here is my example - and is just an example (but you will see very similar scenario's here):
2 homes - Home 1 is 3 bedroom, 2.5 bathrooms, 1900 square feet, community pool, nice subdivision.
Home 2 is a 5 bedroom, 3.5 bath, 2600 square feet, community pool, nice subdivision
Homes are within 1 mile of each other.

House 1:
Price is 150K @ 4% interest rate - Monthly Payment for Mortage alone is 716 per month.
Taxes 2000 per year, insurance 1500 per year, HOA 110 per month, CDD 130 per month.
Total cost 1328 per month.

House 2:
Price is 200K @ 4% interest rate - Monthly Payment for Mortgage alone is 954 per month.
Taxes 2000 per year, insurance 1500 per year, HOA is 40 per month and NO CDD.
Total cost 1366 per month.

Good luck with your search. I love this area!!!! And hope you do as well.
Insurance and Tax on 1900 and 2600 sq ft homes just 1 mile apart are the same? That's a HUGE assumption.
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Old 05-15-2012, 03:59 PM
 
Location: Toledo, OH
1,725 posts, read 3,127,432 times
Reputation: 1275
Was just an example. I saw that when I was typing it up. I just wanted to show the increase in HOA and CDD can offset another 50K or so in home price if bought in an area that doesn't have them (or at least a low HOA).
The tax situation is very real if you are looking at a home in Hillsborough County then across County Line Road you are comparing it to a home in Pasco County.
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Old 05-15-2012, 05:29 PM
 
Location: Tampa Florida
272 posts, read 542,987 times
Reputation: 229
Quote:
Originally Posted by SnowBirdMom View Post
Not spending any more than 150k (CDD/HOA in addtion are fine). We'd prefer to get a "deal" for 130k on a short sale or foreclosure...but if the house meets the criteria we'll go to 150k.
Be warned that many short sales, especially if they are good deals are receiving multiple bids. Also I'd refer to it more as a "long sale." Opinions may vary, but I always advise against them. Again that's just me.
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Old 05-16-2012, 05:24 AM
 
64 posts, read 98,373 times
Reputation: 68
Long sale is a good name for short sales. They are often anything but short! We put a bid on one because we weren't moving for six months so it was perfect for us. After six months there was no end in sight. We finally gave up after we were told that the owner still owed this and that and they wanted us to pay that money.

It was no problem for us because we had plenty of time and simply moved on but others often do not have that luxury.
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Old 05-16-2012, 05:47 AM
 
44 posts, read 61,946 times
Reputation: 23
Our agent is steering us away from short sales. we actually had an offer on a short sale here just about a year ago...we put the offer in in Feb. We sold our home in May...thinking we were going to have plnety of time. Wrong-o...by July we finally had to rent something else because we had to be out and we rescinded our offer on the short sale. All is well that ends well, since now we don't have anything to sell and are free to move...but I think we'd only do a short sale at an "approved price"
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Old 05-16-2012, 07:44 AM
 
Location: Toledo, OH
1,725 posts, read 3,127,432 times
Reputation: 1275
While I do agree that the 'Short Sales' process can be frustrating is a good word. There has been a public committment from Banks to get the answer back to the person making a bid within 20 days. Now that public committment may not mean anything.
The short sales that get approvals quickly are normally the ones where the owner had a regular mortgage and nothing else. If an owner had a second mortgage and has some leins against the property (say tax, HOA, etc...), then it drags on and people get frustrated with the wait time.
But I like what SnowBirdMom stated, if it was at an approved price. That should speed it up.
General guideline for time on these short sales now I've been told is: Submit bid, 20 days later receive answer, if you are paying with cash should close within the next 10 days. If financing, add the average 45 day processing time. So 65 days total. Still not ideal, but supposedly better than a year ago!
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