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I am purchasing a condo in Bahama Bay Florida through Inside Track (yes I know!). I will complete Feb 07 so am looking for appropriate mortgage info. Can the wonderful singing piggies offer advice?

thanks

Janet 

 

Could I ask why you are buying in Florida at a time when the market is falling ?.

 

Lots of Brits who bought BTL's there are finding that the promised rentals don't stack up and running costs are far higher than they were led to believe.

 

Of, course if you are just buying for your own use that wouldn't matter, but then why on earth would you want to pay over the odds through Inside Track ?.

 

Just a thought, but wouldn't it have been circumspect to sort out the finance before committing to purchase ?.

Bahama Bay is a very nice development, but like every other, it is suffering from an oversupply of sellers. Most were bought by investors, hence this oversupply is worse than in other developments (note to self - don't buy supposed discounted InsideTrack property, as everyone else is buying the same stuff at the same prices at the same time, hence it's not really discounted).

I know the primary agents for BB well, and true resale prices are well below that quoted on MLS and other sources. So, unfortunately, you're probably in this one for the long-term. However, you probably already know that.

 Anyway, to your question on finances, yes we place all our US business through a broker in Miami who I am sure will help. Typical overseas borrowing is 75% if you require non-status, and rates will vary depending on whether you want the loan denominated in £ or $, length of fix etc. etc. Most clients go for £ financing (effectively fixing the exchange rate on the deal).

PM me if you want contact details of the broker in Miami.

Thanks very much for the response. I will get back to you for the Miami contact depending on how things go with Fuel USA. I was sucked into purchasing through IT as a very nieve purchaser in April 2004 following one of thier 'events' and this property is only just coming to fruition.

I already lost a huge sum on my first property through IT in Victory Hill Basingstoke. I believed the discount story and a property quoted as worth £220000 was discounted to me to £193000 and then by the time it came to fruition the valuations ranged from £175000, to £220000 by someone IT found. Its a long story but you get my drift. I was advised not to complete and loose the £23000 deposit rather than engage with it.

I am now going through the same pain again (see Money Guardian 29.07.06) and am going to struggle to pay all the extra charges that seem to be surfacing as well as the reducing rental forecasts and evaporating values!

I so wish I had heard of Singing Pig before hand!

All I can say to others is let them know about Singing Pig as an excellent medium for getting the word out and tell them the stories about IT so they make more informed judgements than I did.

 

 

 

 

I purchased off plan through IT back in April 2004 and I realise now how little understanding and knowledge I had about sharks in them there waters! I believed every word about discounts and made the mistake of trusting them. What an idiot I feel now! And I am still trapped with them since this is only now coming to fruition. I would never use IT again nor would I recommend them to anyone else. Your comments are spot on.

Well Janet - the very best of luck. Do keep us informed as to your progress.

Janet 

The closing date of my Bahama Bay purchase has nearly arrived (after waiting for nearly 3.5 years). I need a mortgage and have been talking to Fuel. Did you use them in the end?

Also the rentals will be managed by Integra, are they any good, have the rental income been sufficient to pay for the mortgage?

 

Many thanks

CD 

 

Hi, after waiting the same 3.5 years (and wasting many phone calls trying to find out what was happening to my so called investment), I decided they absolutely must of broken their contract and asked for my money back.

When asked by a friend if I would purchase the property now in 2008 (and not back in April 2004) of course I would say no. I know about the tricks of IT now too!

IT spoke to the developer who put my deposit back in my bank. I got my mone back from Mercantile Bank where I had been holding the required  6 months mortgage money. I have not as yet had my money back from IT, AS YOU MIGHT GUESS. Their customer service is worse than non existent in my opinion. You ever tried phoning them?

Fuel could not get me a mortgage. I was advised that due to the credit crunch the mortgage market had changed, and I would need to put in another 11000. They also asked for many more references and bits of paper over several months and it was just like ground hog day.They  could not secure a mortgage and eventually I called a halt to the farce. They did not make any charge but they did waste several months of my life with not so much as an apology. 

I have spoken to other BB investors who are not getting the income they were expecting or led to believe. I also checked with a number of real estate agencies who told me just how much cheaper I could of bought in BB and what an absolute rip of IT were (there words) and to stay well clear of them. The increase in value that was reported by IT was simply fiction.

IT has charged me for a deal that was not a deal, and I am waiting for my money to be returned, with interest. (IT if you are reading this as you usually do, then please do something to resolve this matter once and for all).

Baring in mind the developer had my money, for free, for 3.5 years and was able to build his properties using it I think they stink too and it makes you wonder what sort of a deal they had with IT?

Opinion on your mortgage? you need to think very hard about what you are doing. You need to be in this for the very long term indeed in order to see your investment grow beyond the high price you have paid to date.

 But good luck whatever you decide