Mike

Ann,
I too am from Michigan... I recommend following the advice of all those who answered below (Sound advice). I think you should first start by renting for a short time then finding out all the ins and outs of Key West itself. You will quickly realize the Island itself tends to be a blend of everything it has to offer all within a short walk. So make a list of your plusses and minuses then go from there. - Sun Mar 16 2008, 12:16

I have done a lot of research and Monroe county taxes come out to about .0875%-.090% of the assessed value or purchase price. - Sun Mar 16 2008, 12:07

Mike,
I did the same thing a few years back but instead of using federally subsidized student loans I did 100% financing with an 80/20 2 mortgage loan. I'd never do that again because once you get saddled with a mortgage payment then a ton of student loan repayment you will likely not be able to pay the principle down at all. On top of that with the current downtrend in the market you wont earn much equity any time soon either. Not to mention there might be other implications with using federal student loans to buy a house... Doesn't sound advisable.
Good luck with your choice,
Mike - Sat Jan 5 2008, 10:25

"Mike, why do you think real estate as an industry is not susceptible to advertising hyperbole? I'm sorry it annoys you but geez; if you post this much over such a hackneyed phrase then I don't know how you get through an hour of television or radio. Are you totally media deprived?"

tv and radio... I'd hardly liken selling a home to a comercial on tv or the radio for alka seltzer or car insurance -

Now in response, I think some people based on their market have gotten a little too comfortable with quickly moving the inventory. I have seen plenty of cliches out there but "Priced to sell" is just the one that rubs me the wrong way. Nothing more to it.

Imagine going to your local Lexus dealer (or any higher end car dealer for that matter.) You walk in the door and see a $65K convertible. The sales manager walks up and you ask "can you tell me what you think is the most important feature of this car"... what would you say if that person told you... "Thats easy... its priced to sell."

I think any agent who goes that extra step to aggressively sell or help me buy earns my respect and trust because it is a business transaction afterall and I'd rather deal with someone who wants to earn that commission... vs. let it fall into their lap. - Sat Jan 5 2008, 10:01

Thanks for all the great responses. I don't think I personally represent the majority of home buyers out there in the past 5 or so years... or maybe I am part of the next round of homebuyers that will have to be dealt with in the months to come. Now that the pre-credit crunch days of homesales where sellers were getting more than the asking price are gone. It does seem though the agents who are swimming versus sinking are going the extra mile in all aspects of the process.

Things I find helpful are:

Seeing not 3 homepics but 10 or more (even a virtual tour) attached to the listing.
Cliches are fine but a detailed description is much more appreciated.
I have seen some brokers use the space for an addendum or extra docs to write up an extra detailed blurb about the home they are selling. - Sat Jan 5 2008, 08:32

Everyone who answered below is correct. I am just a home buyer not a pro. Realty Trac is good to provide a lead but thats about it. It can steer you in the right direction and explain REO/ LIS PENDEN and all that confusing terminology. Use the free trial period aggressively then you should decide whether to cancel or continue using the site.
For example the state of Florida has all the tax records and court records freely searchable online.
Meaning dig for a home on the MLS, Search the tax and court records to see what the property's assessed value is then look at the court records to see what the actual home is mortgaged for...
You may be surprised to find the house is indeed forclosed and you will learn all the $$ numbers on what the bank paid...

You should give a real estate specialist a chance to earn a commission that way you can both shoulder the work not to mention you will have a coach to help you!
Good Luck,
Mike - Fri Jan 4 2008, 05:14