Do sellers often offer to pay the bond at closing?

Janicebond
Home Buyer
The Villages, FL

Answers (1)
Lavae Dierker
Agent
Lady Lake, FL
FIRST ANSWER

Hi Janice good question. At the initial closing of a new construction home with The Villages, the buyer is given an option of paying off the bond in its entirety or financing the bond on a 20 year amortization. Each area contained in a particular "unit" carries it's own bond amount with it's own carring interest rate. The bond balance and interest due for the year can be paid off once a year on the anniversary date of the original bond. Answering your question, some sellers do pay off the bond balance as an incentive to a prospective buyer. Request for bond payoff can be part of the purchase contract offer and be included in the negotiations, although I have not seen sellers pay off bond balances in excess of a few thousand dollars. Hope this helps. If I can be of further assistance just let me know.

Wed Aug 12 2009, 15:24

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