Military First Time Home Buyers (Tampa, Riverview: for sale by owner, real estate, 2015)

[ortizimo]

Hello. We are military and retiring in Nov 2015. We have never purchased a home before and are looking for a home in Hillsborough county, Tampa but there is so much to learn and not very clear.

We have found some communities have HOA and no CDD and others both. We also found this 2% cash back at closing but it sounds sketchy. Some states do not allow it but in Florida its ok. The part that worries me is that I cannot see all brokers using this option. Any recommendations?

[gulfer]

Retired Navy here. I was a Realtor in the Tampa area for more than a few years.

Hillsborough County has the whole spectrum of homes, neighborhoods, crime, traffic issues, etc...

So, I would ask, what are you looking for? Do you plan to work and if so, where? MacDill is not very convenient but is a nice base. Homes around the city that are in safer areas are expensive (Davis Island, South Tampa, etc...), Riverview and Apollo Beach have huge master planned communities as well as homes outside of any HOA or CDD. Numerous subdivisions have CDD and an HOA. CDD is for a specific period of time, but can be extended as well. HOA's vary depending on what you are looking for from the community. If they have a huge community pool and club house like Live Oak in Wesley Chapel, they expect you to pay for it. But that probably means you don't want your own pool which will save 100 to 200 a month on electric and cleaning fees, so it is kind of a wash.

If you could specify what is your ideal living conditions, cost, commute time, etc... would be much easier to recommend something. Take a look at Panther Trace, Waterset, Fishhawk Ranch, Grand Hampton, New Tampa areas (Arbor Green, Arbor Glenn, Heritage Isle) just to name a few and see if these look like something you are interested in.

Some brokers allow agents to deal on their own terms. I know a realtor (friend of mine - Retired Air Force) that gives 33% of his commission back as an incentive to use him. He also sold me my home when I first retired and moved to the area. It is illegal for financial kickbacks from lenders (in a sense, you can not make money buying a home) because of what was going on with the boom a decade ago. Just ask your agent if they'll give you a cut of their commission. Most won't, so don't sign any contract with them.

You can use your VA loan just about anywhere. Shop for a mortgage just like you would a car. Shop your real estate agents the same way. Some are good, some not so good. I have seen it first hand. But they don't make a dime unless they get you your home. Overall most are very good and will work hard for you. Agents that are selling homes (names on the sign in the yard) have their listings. They get 3% on the norm, for the sale. IF YOU USE AN AGENT THAT IS SELLING THE HOME in order to have no conflict of interest, and represent you both well, there are legal requirements they will explain to you. If you find a home you like on your own, you can call the agent on the listing but that agent is representing the seller. They work for the seller. You will not get 3% back by going it on your own.

If you use a For Sale By Owner, strongly recommend still getting an agent or at least a lawyer that specializes in Real Estate. This is the largest purchase you will make and without knowing everything about the transaction you don't want to be on the hook for a home that used to have a sinkhole or is in a flood zone.

KNOW YOUR FLOOD ZONES!!! Flood insurance can be astronomical!!

Hope this helps!

[ortizimo]

Originally Posted by gulfer

Retired Navy here. I was a Realtor in the Tampa area for more than a few years.

Hillsborough County has the whole spectrum of homes, neighborhoods, crime, traffic issues, etc...

So, I would ask, what are you looking for? Do you plan to work and if so, where? MacDill is not very convenient but is a nice base. Homes around the city that are in safer areas are expensive (Davis Island, South Tampa, etc...), Riverview and Apollo Beach have huge master planned communities as well as homes outside of any HOA or CDD. Numerous subdivisions have CDD and an HOA. CDD is for a specific period of time, but can be extended as well. HOA's vary depending on what you are looking for from the community. If they have a huge community pool and club house like Live Oak in Wesley Chapel, they expect you to pay for it. But that probably means you don't want your own pool which will save 100 to 200 a month on electric and cleaning fees, so it is kind of a wash.

If you could specify what is your ideal living conditions, cost, commute time, etc... would be much easier to recommend something. Take a look at Panther Trace, Waterset, Fishhawk Ranch, Grand Hampton, New Tampa areas (Arbor Green, Arbor Glenn, Heritage Isle) just to name a few and see if these look like something you are interested in.

Some brokers allow agents to deal on their own terms. I know a realtor (friend of mine - Retired Air Force) that gives 33% of his commission back as an incentive to use him. He also sold me my home when I first retired and moved to the area. It is illegal for financial kickbacks from lenders (in a sense, you can not make money buying a home) because of what was going on with the boom a decade ago. Just ask your agent if they'll give you a cut of their commission. Most won't, so don't sign any contract with them.

You can use your VA loan just about anywhere. Shop for a mortgage just like you would a car. Shop your real estate agents the same way. Some are good, some not so good. I have seen it first hand. But they don't make a dime unless they get you your home. Overall most are very good and will work hard for you. Agents that are selling homes (names on the sign in the yard) have their listings. They get 3% on the norm, for the sale. IF YOU USE AN AGENT THAT IS SELLING THE HOME in order to have no conflict of interest, and represent you both well, there are legal requirements they will explain to you. If you find a home you like on your own, you can call the agent on the listing but that agent is representing the seller. They work for the seller. You will not get 3% back by going it on your own.

If you use a For Sale By Owner, strongly recommend still getting an agent or at least a lawyer that specializes in Real Estate. This is the largest purchase you will make and without knowing everything about the transaction you don't want to be on the hook for a home that used to have a sinkhole or is in a flood zone.

KNOW YOUR FLOOD ZONES!!! Flood insurance can be astronomical!!

Hope this helps!

Thank you for your prompt reply. Being in Okinawa it's hard to shop unless you are online. Do you have a trustworthy agent we can contact from here?

Second question...I am trying to find out what my total payment would be. I am using this website (https://www.veteransunited.com/resou...tors/mortgage/) but we are not sure if the monthly taxes/insurance are already included in the estimated monthly payment or are separate. Could you clarify? Thanks.

[BucFan]

Would recommend that you find temporary housing and go about your home search once you get here and be careful about committing to buying while still overseas. I think you have up to a year to have your household good delivered.


If you expect to continue to work you really want to know where that will be - do you have another job lined up? You should consider your commute time - or if you still have school aged kids, what schools they'd be attending.

I really don't think being relatively close to MacDill AFB as a retiree is an important move. They don't have a hospital for medical care - they do have a huge clinic but I'm not even sure what retiree access is there. Most retirees use Tricare Prime and use a clinic in the network as well as Express Scripts for prescriptions (you'll need this as you get older). The commissary has its benefits (tax free) so that is a benefit of being close to MacDill, as well as a couple of okay golf courses, but other than that, wouldn't try to live close by unless you have the money to be in Hyde Park, Davis Islands, Harbor Islands where communities are upscale/nicer.

Good questions about HOA and CDD. The other thing is flood planes, insurance. Be careful about selecting a home in a flood zone - you might have a huge insurance bill.

Not sure if you have USAA insurance- I do for home and car insurance. I believe you have to be on active duty to establish a new policy for home insurance. If you're considering buying a home and want USAA, you might give them a call to see what your options are are a retiring Service Member.

Good luck with your final PCS. Well deserved.