Need Advice on Lot for Sale in Heritage Plantation

[beachmouse]

Hopefully Bruce Arnold doesn't figure out a way of crewing up the arrival of the second planned group of jets.

Plate of shrimp moment- I work in Niceville, and as I was picking up my lunch today, the guy in front of me was talking about how he had a certificate for a free round of golf at Heritage Plantation that he hadn't used for a couple months now because the location was far enough away that it was a pain to get to.

 

[Santiago]

This is really good advice. In fact this may be worth a new thread. There are tons of people in situations like you describe. These deals that you talk about -- in what instances are there impacts on credit? If the seller gets a great rate from the original bank on the remaining balance (when there is no official collateral), and pays it off, is it possible to keep your stellar credit?

I agree that getting out is a great idea if the original poster is not emotionally invested in the property or even sure whether he or she will use it. It will do wonders for peace of mind.

Every deal is different and its hard to guess the impact on credit. The specific deals that I am privy to that involve the new note on the balance have had no adverse effect on the peoples credit other than a rather large unsecured note balance outstanding. You have to keep in mind that in many cases the bank is in as much of a pickle as you are, maybe on a different level. If this person is capable of performing and enters the bank with good intentions and a well thought out plan, the bank would be crazy not to do it. Also remember that the loan is unsecured now, at least part of it so nothing really changes except a larger portion of the payment going to the principle balance. You can probably even get the bank to code it onto their commercial loan system rather than residential and it wouldn't even show up on a typical credit report.

 

[destinsm]

Also of note... the 33rd Fighter Wing is in drawdown mode now and will be out of Eglin to prepare for the eventual arrival of the JSF Training Program...

So that move is basically a wash... but who would expect the EDC to report what could be seen as negative economic impacts....................

Couple snippets from a fact sheet on the 33rd...

"The 33rd Fighter Wing "Nomads" is the largest associate unit at Eglin, as well as a premier air-to-air combat unit of Air Combat Command. With two F-15C squadrons and an air control squadron, the wing's mission is to deploy worldwide and provide air superiority and air control.

"Supporting the flying mission is a robust maintenance group providing the long- and short-term readiness of the aircraft fleet. All together, there are about 2,000 Airmen and civilians assigned to the wing. "

 

[beachmouse]

The real net gain for the area ends up being the Green Berets, who are moving in without someone else moving out.

 

[SHELLY]

The real net gain for the area ends up being the Green Berets, who are moving in without someone else moving out.

How many of them will be out looking to buy a $350,000 home in a golf course community?

.

 

[beachmouse]

How many of them will be out looking to buy a $350,000 home in a golf course community?

.

You never know. There was an article in the Daily Fishwrapper a while back talking about how the typical 1800sf NW Florida ranch house would be totally unacceptable to the officers' and senior NCO families and they expected something much larger than that, complete with three car garage.

 

[Bobby J]

I don't believe a short sale adversely affects your credit if you pay off the difference.

Bobby J that's your cue...

As long as you kept the payments good you should be ok.

 

[SHELLY]

You never know. There was an article in the Daily Fishwrapper a while back talking about how the typical 1800sf NW Florida ranch house would be totally unacceptable to the officers' and senior NCO families and they expected something much larger than that, complete with three car garage.

Which only proves how and why this economy had gotten so utterly and totally out of whack. Some of those officers and SrNCOs are now trying to unload those overpriced NW FL 2800 sq ft, 3-car garage ranch houses into this economy as they're being shipped off to other locales.

.