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Old 11-30-2019, 01:07 PM   #41
GiantsNiners11
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Edit: Nevermind. I just read entire thread.

Last edited by GiantsNiners11; 11-30-2019 at 01:14 PM.
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Old 11-30-2019, 06:40 PM   #42
suejen
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Thanks so much for posting all the owner info on Bahama Bay, Amy! We are very seriously considering this community and you’ve answered a ton of my questions!
Now I don’t need to bombard our agent with the same!
We are in Disney over the NYE week and planning on spending one of our days touring BB, along with a few other resort communities.
This thread has been so helpful.
Maybe we’ll be neighbors soon! Good Luck with your offer!
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Old 11-30-2019, 06:58 PM   #43
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Interesting
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Old 12-01-2019, 10:16 PM   #44
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I spent last nights flight back home redoing the condo in my head. I don’t like any of the soft goods or wall colors, but those are relatively easy to change. My poor husband has patiently put up with my excitement while trying to keep me grounded. DH knows me well & might be wondering just how long his “honey do” list for the condo improvements is going turn out.

Here’s hoping we get some good news tomorrow from the seller.
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Old 12-03-2019, 11:01 PM   #45
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So, yesterday was interesting. Seller responded by saying that they strongly preferred a cash offer due to the challenges of financing a condotel. This sent me back to my mortgage company and after checking the listing for the community, he confirmed they would not finance commercial property.

I did a little more digging and found that most large mortgage companies will not touch a non-warrantable condo. What is this? Well, it is going to be most condotels. Or, any project 10% or more owned by one entity; 50% or more of the project units are rentals; more than 20% of the building square footage is “commercial;” the project is filed with the SEC and is sold as an investment opportunity; and several other possibilities. Bottom line, any of the resorts we liked would fall into this bucket.

So, back to the drawing board. There are in fact many boutique firms that will finance these condotels. The interest rates are about 1 point higher than residential mortgages, require 20+% down payment and are ARM loans. Plus there is typically a minimum $100,000 or $150,000 loan amount requirement.

All of which boils down to I found a firm I liked & put in a new application for a loan after an extensive conversation with the broker this morning. We are now waiting for underwriting to approve or decline an exception request for a loan below the minimum requirements. Yes, that's right. We may not be able to do this one because we found a good deal and can easily do the 30%+ down payment but not 100% cash. Which still befuddles me, but there you go. It is what it is.

So if this exception request is turned down, we could make an offer on one of the higher priced units at Bahama Bay. But I don't think we will. Instead, we will stop, reassess and most likely drop this for now to focus on saving enough to make a cash offer in the future.

For others who may be following, there were other options mentioned, to include refinancing our current home or our other rental to pull money out for a cash deal. Nope. I'm not interested in that. We are where we are on those houses for very specific reasons & I don't want to mess with them. But I guess those would be different routes if anyone is just looking to get a sense of all the different options. In that sense, there may be situations where it makes sense to pull cash out of retirement accounts. That is definitely not our situation, but if withdrawals from ROTH IRAs or venturing into the strange land of IRA REIT is a possibility, those would also be options.

So, this may turn out to be a deal too good to be true after all. Figuring that out on the first day back from vacation made normal vacation hangover all that much worse. Compounded with a cold (courtesy of all the kids maybe - DH and I always seem to get sick after family reunions) and work problems 1st day back, by the end of the day yesterday I could have been convinced to ditch the whole rat race & just move to Florida for whatever jobs we found there.

Today I was back in problem solving mode. But mostly I'm still overall bummed So it is time to go find a cough drop & hit the hay for the night.
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Old 12-03-2019, 11:27 PM   #46
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Sorry to hear, some very unique rules there, indeed. Hopefully all works out for the best. Feel better soon!
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Old 12-04-2019, 06:50 AM   #47
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Ah....I was not even thinking about the financing aspect of that type of property. Situations like that I take it as a sign that it wasn't meant to be. There are good reasons why banks don't want to finance property like the one you are looking to purchase.



Continued good luck in your pursuit of a Florida property. Thanks for keeping us updated.
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Old 12-04-2019, 07:40 AM   #48
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I do remember watching a youtube video not too long ago of so many things/rules to watch out for when buying a condo.....

You are definitely doing your homework and you will be ready and well informed looking for your next one. Take a breath and start your search again when you are ready.

All a learning experience.
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Old Today, 02:43 PM   #49
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Thanks for keeping the updates.
So much property is being built. Good to take it slow.
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