Moving Jitters

Made the appointment today, and our house will go on the market on Thursday.

We're only moving about 80 miles from where we currently live, but into a house that's almost twice the size, 4 times the lot, and 3 time the mortgage. I'll have some nice room for a small veggie plot, and lots of room for landscaping in full sun to full shade.

I'd hoped to put it off another year, but it looks like this summer is it. We'll just have to make it work.

Wow, big plans! Have any pictures?

Just an FYI, but there is a mortgage product out that gives you a 1.25% start rate for a year, and lower than 30year fixed after that. (Not trying to drum up business, I'm not licensed in your state) Thought it might help payment shock!

The payment shock isn't to bad, after I looked at it all on paper. Our overall outlay will be about $300. less per month, as we'll be going into the house debt free, with the exception of a low car payment. No credit cards, and the other car is paid for. That helps a lot.

This is the closest thing I have to a picture.

Is that a courtyard? How cool is that! All sorts of possibilities for flowerbeds.

Yeah. The center part is a brick courtyard with a waterfall. There's 2 small dirt beds in it. One partial sun and the other is full shade when the bougainvillea is full. There's 4 sets of sliding glass doors around it.

The back area is a screened brick patio, pool, jacuzzi (needs replaced), wet bar, and bathroom. There's a spiral stair case that leads to a sun deck above.

My family had has the house for about 20 years, but it's been used as soley our company's office for the last 5 years. This house was built and added on to with entertaining, and I'm thrilled we're going to be able to keep it in the family. The area is experiencing explosive growth, with 2 developments of $350,000 plus homes going in around us.

Terre_, I have a mortgage question for you.

I was told by a broker that the LTV will be figured on the price that we pay in the contract, and not on the actual appraisel or tax records. We're buying it considerably below the tax value, and the actual LTV ratio will be well below 80%, but with what the purchase price is, it's close to 95%. We'd thought we'd be able to avoid PMI. Now he's using something called a 80-15-5. Don't have the specifics on it yet. Does that LTV he's using make sense?

Thanks,

Chris

Chris,
It's late and I'm tired, but my first thought, you are acquiring it from family right? Then ask your broker about rewriting the sales contract to account for "gift equity" from family member. I am doing one right now in Detroit for a lady who is buying her grandmothers home, and G'ma is giving her $20,000 worth of equity in the home.

The 80/15/5 is a version of something used frequently to avoid paying PMI. You get an 80% first mortgage, and a 15 or 20% second. The rate on the second is higher than the first, but will still save you money when compared with PMI.

Dea? You have any other suggestions? Dea is also a broker. Might think of something I didnt.

Thanks Terre_,. That helps. It's kind of what I thought he was doing, but we went from "looking into it", to "the ball is completely rolling at full steam ahead" today. Mind is a bit overwhelmed. The difference with the 80/20 was about $300 per month. He said the other option was to keep the PMI for a year, and refi, but I feel the rates will be higher, and it would be better to lock a lower rate this year than gamble on next years.

Is there an up and/or downside to the gift equity? From current taxable value to purchase price, there's about a $70k difference.

The differ

Thanks,

Chris

LOL, That is my job, Chris, to get you from looking to signed, sealed and done, ASAP, before you have the chance to shop.

I am not an accountant, so I'm not qualified to advise of other implications to the gift equity. Based on values here, tax assessments are much lower than actual appraised values. Most lenders loan a percentage of either appraisal value or purchase price, whichever is lower. So, to get to 80% LTV you might need to pay for an appraisal, especially if the tax assessor hasnt yet caught up with rising property values.

I'll send you an email.

Terre

That makes a lot of sense on the LTV.

The tax vs appraised value ratio is true here as well. There's a couple of laws here that keep things in check, but they've also allowed the tax value of this house to rise to the appraised value.

We have a homestead exemption of 25k for primary residences. If a house is homesteaded, the taxable value can't be increased by more than I believe 2% annualy. At the time of sale, it can then be adjusted to current market value.

Unfortunately, this house hasn't been qualified for the exemption for the last 5 years, and has taken an appreciation of about 9% annually in that time.

There's talk of doubling the homestead exemption, as the face of Florida has changed quite a bit, and home values have made a 25k exemption paltry. Until that happens though, we'll try to get in on the high side, and then make a slight attempt to get it reduced.

That's another challenge when this fun is finished.

Things are moving fast. We're showing the house on average, every other day, but no offers yet. This fish bowl living is for the..well.....fish.

We just signed the lease agreement for the commercial space to move our offices, and it will take them about 30-45 days to get it ready for us. After that we'll move on in. Looks like about the 1st or 2nd week in July. We can't wait.

I guess I need to up the average. It was just shown once, and 2 other realtors have appointments to show today.

Wish us luck.

All the good luck wishes in the world go to you! What an exciting time for you and your family.

Crossing fngers for you Chris!

Crazy 4 days.

Fri = 3 Showings
Sat = 4
Sun = 3
Mon = 2

Something has to happen.

Lots of showings usually means your choice of offers. Good luck!

First one over dollar x wins.

I'm just soooooo ready to go. Our last house didn't get this kind of traffic, but sold on the 5th viewing.

We're in the teens on this one, but in only 2 weeks.

I know it will go, but I've got major "ants in the pants" for the new house, and hate the hassle of daily showings.

I'm ready to burn my buns on the sun deck, and cool off in the pool.

LOL

Chris I have always heard that good things happen to those who wait but it sure sounds like you are impatient. Good luck selling quickly!

Went over to the new house this weekend, and got some pictures.

This is from the back corner of the yard

Courtyard.

Fountain in courtyard

Front of house

Big oak for the wee ones tree house.

It's perfect for you and your family Chris! I can hardly wait to see what you will be doing with that yard!!!

Lot's of room for you and yours to come visit, Pam. We'll be an hour from Mickey town and 30 minutes from Busch Gardens, so if your family needs a break from June winters, head on down. Might even get you to one of Tampas Stanley Cup final games, since it will be a regular thing. :-)

hahahahahaha! :b

Thank you so much for the offer...we may take you up on it some day!! Looks like that yard would be just perfect for a peony or would you rather have Saskatoon Jam? (I'm never sure if the email is working).

That's an open ended offer. This year or 20 from now. It's the house we'll retire in.

The final answer is peony. If you can do a Plumeria up there, I can do a Peony down here. (I hope)

LOL....I hope you have a spare refridgerator in your new home! ;) Or a freezer that can be set to just below freezing!





This message was edited Jun 20, 2004 9:25 PM

3 Fridges. We can take the shelves out of one for you to stand in. the family will have to take turns, as it's standing room only for one.

This message was edited Jun 21, 2004 9:10 AM

That bad there is it????? I've been told by others here to avoid your neck of the woods in certain months and they really, really seemed to mean it!

August and September are the worst, but the more I here about your area, June till September would be rough.

October to April would probably be your best bet.

LOL....we honestly can get over 100F here, for at least 3 weeks, and with some humidity.....but I've been told it isn't in the same ballpark in comparison to yours!!! I HATE the high heat more than our cold winters! I'll avoid those months like the plague......we will see you in the spring or fall, some year, Chris!!

edited to say I can't get into your link here but I'll try every computer at work until I find one that will!



This message was edited Jun 20, 2004 9:27 PM

Chris,

I clicked on that tour link you did up there. It loaded but never ran on my computer. But it did eat up most of my ram. Do you know where it might have went in my system?

Thanks,
Molly

That is a lovely house...Where in Fla is it located? One of the areas I have never been to is Sebring....lived in Lakeland and Homosassa Springs. I hope to be back to visit in Citrus County about the first week in October. Good luck on your move. Jo

Molly,

If you right click on it, and chose, "Save as", it should show you the default folder. That's where it would be.

You can also do a search for *.mov, and it would be the most recent file. I need to figure out how to make it a smaller file.

If you still have my number, and are interested in the Thai Euphorbias, give me a call. They goofed on the mix, and I have more than I can use. If you want any, they're yous at cost.

Jo,

It's in Valrico/Brandon about 15 miles west of Lakeland on I-4 and a mile or 2 south.

Sebring's been a nice town, and if you're looking for an off beat destination in Florida, it's a great place to visit. We refer to is as central to everything, and close to nothing.

If you're a golfer, we live currently by Harder Hall. It's now a municipal course, and finally in decent shape, but also hosted the 1st televised World Golf Championship in '56 or '59. Arnie and Jack played in it.

LOL.....offering your fridges for us cold weather penguins!! You are such a sweetie...thank you for being so thoughtful! ;)

***meant to write this earlier but curiousity over your link made me forget!

Thanks BT...So that makes you very close to Plant City and THE Strawberry Festival!! What a crowd! I will get down to Lakeland to visit friends....I may see you then. Jo

Unreal.

The office was broken into some time between the time I left yesterday and 7:30 this morning. They took every computer in the place. Servers, a safe, any kind of electronics that was there. It must have taken them hours.

This is a nightmare.