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USA MORTGAGE

USA MORTGAGE

Old Mar 2nd 2011, 8:33 pm
  #16  
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Default Re: USA MORTGAGE

Originally Posted by shaunos View Post
What's HOA? Is this some sort of community association, for street maintenance etc?
Yes, housing association, if you live in a condo, block of flats or certain subdivision/gated communities.

They cover the local stuff like making sure you cut the grass to a certain length, you only have certain coloured fences etc.

In a block of flats, the rate you pay goes up when there aren't many people living their to cover the costs, so with a lot of places going into foreclosure, in some instances you can find the HOA fee is higher than the mortgage payment and you won't know how bad these things are happening really unless you're living in the area.
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Old Mar 3rd 2011, 3:22 am
  #17  
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Default Re: USA MORTGAGE

Originally Posted by Bob View Post
Yes, housing association, if you live in a condo, block of flats or certain subdivision/gated communities.

They cover the local stuff like making sure you cut the grass to a certain length, you only have certain coloured fences etc.

In a block of flats, the rate you pay goes up when there aren't many people living their to cover the costs, so with a lot of places going into foreclosure, in some instances you can find the HOA fee is higher than the mortgage payment and you won't know how bad these things are happening really unless you're living in the area.
yes - ive seen the HOA rules so tight they made someone replace all their black mulch with the tan brown mulch. But then ive also seen the easygoing HOA places with scrap cars parked on the lawn lol.
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Old Mar 3rd 2011, 6:28 pm
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Default Re: USA MORTGAGE

Originally Posted by shaunos View Post
What's HOA? Is this some sort of community association, for street maintenance etc?
It depends.. something like you describe, and they are all different from each other. http://en.wikipedia.org/wiki/Homeowner_association
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Old Mar 3rd 2011, 8:27 pm
  #19  
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Default Re: USA MORTGAGE

Originally Posted by meauxna View Post
It depends.. something like you describe, and they are all different from each other. http://en.wikipedia.org/wiki/Homeowner_association
My HOA swings from one to the other. While they are effectively powerless at enforcing anything more than the worst offense, they seem to keep a lot of people in line just through the power of rude letters. There are still the people with every ornament possible stuffed onto their front lawn and those who think that gardening is filling every tiny space with flowers and every kind. The fees mostly cover maintenance of the common areas, which has helped this estate retain a lot more resale value than others nearby, and the big community events (which are great for my kids). $55 per month.

When looking for houses, I turned down two that were perfectly fine apart from the neighbours in HOA-less areas. Nothing like that where I am right now.
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Old Mar 3rd 2011, 8:34 pm
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Default Re: USA MORTGAGE

I live inside the city; we don't have HOAs either, but we have neighborhood associations, which are organized groups & part of city gov't. We help people figure out how to help themselves, ideally.
At least no one is ratting each other out for laundry flyingin the back yard & stuff like that. We may get the occasional purple house, but I think it makes life interesting.
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Old Mar 5th 2011, 10:53 pm
  #21  
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Default Re: USA MORTGAGE

Originally Posted by Bob View Post
Flogging a house costs a shed load more over here than it does in England though, you'd realistically need to be living in it for a good 5-7 years to make it worth it unless you're willing to make a loss over all. Of course that'll depend exactly on local housing market, but it's a ball park amount of time.

And even if you owned, you might still never know your neighbours either.
I agree it costs more to sell, but it costs a lot less to buy in terms of closing costs, at least where we are. Our selling costs back in Scotland weren't cheap - in fact, they were comparable to what the closing costs would have been here as a seller. We fully intend to be here for at least five years so it makes sense to buy.

Fair comment about knowing your neighbours - that was definitely true in the first house we owned back home, though we had fab neighbours at our last house. I hadn't really bargained for how unfriendly and isolating our little rental complex would be though. I think because it is a short term rental complex people just don't care. At least in your own house you can paint and decorate!

Don't mean to sound like I'm ranting - I've just got cabin fever in our apartment and spent yet another fruitless day looking for a house to buy
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Old Mar 5th 2011, 11:07 pm
  #22  
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Default Re: USA MORTGAGE

Originally Posted by MadRad View Post
...At least in your own house you can paint and decorate!
A lot of rentals allow you to do that as well though...just as long as you leave it in a decent shape after your lease, holes filled in etc.

Something to check about in the lease.
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Old Mar 7th 2011, 9:01 pm
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Default Re: USA MORTGAGE

Originally Posted by Bob View Post
A lot of rentals allow you to do that as well though...just as long as you leave it in a decent shape after your lease, holes filled in etc.

Something to check about in the lease.

Sadly not - we're in a month-to-month place and don't have a lease. Can't do anything apart from shuffle the furniture about a bit. We never expected to be in here so long, but it took a while to sell our place back home and then then place we were buying here fell through. Not a great deal else on the market yet.

Still, I've kind of learned to love (or at least ignore) the animal print decor! (no joke!!)

Last edited by MadRad; Mar 7th 2011 at 9:01 pm. Reason: typo
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Old Mar 7th 2011, 9:22 pm
  #24  
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Default Re: USA MORTGAGE

Originally Posted by Bob View Post
A lot of rentals allow you to do that as well though...just as long as you leave it in a decent shape after your lease, holes filled in etc.

Something to check about in the lease.
I believe it varies from state to state. In essence, but not an automatic right, you're 'free' to do with what you want provided that you return the property to the same condition etc as you got it (most things require the approval of LL). CO has changed its tune through out the course of time to where tenants are responsible for the maintenance of the property... but when it relates to Real Estate, everything is negotiable.

speaking of closing costs... came across yet another bs garbage fee on the HUD of my buyers, from a place with initials WF - "shopping on-line fee" to the tune of $98!! lol. Words were exchanged!
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Old Mar 8th 2011, 6:16 pm
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Default Re: USA MORTGAGE

Originally Posted by Tarkak9 View Post
speaking of closing costs... came across yet another bs garbage fee on the HUD of my buyers, from a place with initials WF - "shopping on-line fee" to the tune of $98!! lol. Words were exchanged!
You mean your buyers were actually shopping online then trying to charge you for whatever they'd bought???? That's classic!
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Old Mar 8th 2011, 9:15 pm
  #26  
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Default Re: USA MORTGAGE

Originally Posted by MadRad View Post
You mean your buyers were actually shopping online then trying to charge you for whatever they'd bought???? That's classic!
No no. Wells Fargo charged my buyers a "required fee" (yeah, right) for "shopping on line".... there were a few hundred $ worth of garbage fees which the buyer didn't object to; so, oh well.
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Old Mar 15th 2011, 1:07 am
  #27  
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Default Re: USA MORTGAGE

Hi, Having moved to Florida from the UK summer 2010 I am delighted to be renting and not a US homeowner as we intended.

1. The local market in Lakeland central Florida has dropped around 10% since we were looking for a house last March.
2. The lifestyle is so different to the UK who wants to decorate / fix stuff at the weekend when there is so much fun to be had!
3. I totally agree that any house or area that looks a bargain or the right area may not turn out to be. We would not buy in our neighbourhood as it is far too snooty!
4. HOA's are jobsworths, got a letter complaining that we left our kids basketball hoop out on the drive when not in use, makes you feel as if you just dont fit, horrible!
5. Market is likely to track sideways at best for some years, if the market picks up that will stimulate building, supply / demand kicks in and the market will remain steady at best. my 2c!
6. Foreign exchange risk and selling price costs if it doesnt work out. If the dollar tanks and you want to move back to the UK you could lose a fortune regardless of the housing market. And 6% commission to sell a house? Madness but true.
7. I am a happy hassle free tenant and I never imagined being a tenant - take the low risk option for a year and settle in first.
8. Good luck.
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Old May 29th 2011, 5:27 pm
  #28  
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Default Re: USA MORTGAGE

Desinflorida,
I would like to make contact with you but as I am a new joiner I have to wait until I post 3 messages so here is No1.
We are a family seeking a move to Lakeland within the next year and visited the area last week. We are hoping to buy an exisiting business in a area next to Lake Parker. We looked at property in the North of the area, near I4 (SR33)(Bridgewater), although the general opinion seems to be to rent.
We visited Wendell Watson Elementary school and believe that an area around it suits us.
It would be good to be in contact with some one local and I would appreciate any local information that may help us.
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