[JCMSr]

When we purchased in April 2014 we were presented with a similar closing schedule and were told it would be best if we handled any financing through Citizens. Although we already had a long relationship with BOA we decided to give Citizens a shot at our business. Not only were their rates and closing costs much higher it turned out that they could not provide the relatively short term financing we needed. We therefore ended up going with BOA who completed the entire process in under two weeks. Since everything was complete we requested that the closing be moved up so that we could handle it in person in lieu of having to send the documents via the mail back to NC. The response to this request was to provide us with a $250 change order to cover administrative costs for changing the terms of the contract. I very politely (not) told them where they could put their change order and let them mail everything on the original closing date. Seems like they could have figured out that the savings in taxes, utilities and loan interest would have been incentive enough to allow the early closing but they would not waiver from their position. Our agent even offered to pay the fee out of his own pocket which I refused to allow.

[Fraugoofy]

Sorry to hear about your friend. We bought pre-owned twice, once in 2012 and on the exact same day in 2013 closed on the 2nd house. Used Citizens First both times, no issues whatsoever. First house bought from The Villages, second house from a For Sale By Owner. Found the entire process very simple both times. Both done from Wisconsin via snail mail. My suggestion? Eat the 11k. In a year your friend's house will be worth that plus some... there is nothing on Earth that compares to TV lifestyle and amenities. Nothing! Best of luck to your friend no matter what they decide.

[outlaw]

Originally Posted by Barefoot

Our experience with buying a resale through VLS was much different than yours. When we purchased our current resale through The Villages, we added a clause that the offer was conditional on selling our CYV. We found the Sales Department at VLS very negotiable regarding T & Cs, and it was smooth sailing all the way.

You may not have noticed the kickout clause, or maybe when you bought they had not started using this clause. Although you had a signed sales contract, the house you were wanting to buy stays on the market, and if another offer comes in before you sell your other house, you are required to pony up thousands more in NON-refundable EMD, and held to your closing date or forfeit the EMD. Also, not one word of the sales contract could be changed.

[biker1]

On a resale, aren't you negotiating with the owner of current owner of the home and not sales department?

Originally Posted by Barefoot

Our experience with buying a resale through VLS was much different than yours. When we purchased our current resale through The Villages, we added a clause that the offer was conditional on selling our CYV. We found the Sales Department at VLS very negotiable regarding T & Cs, and it was smooth sailing all the way.

[Packer Fan]

Originally Posted by jblum315

I refinanced my mortgage in January with Quicken Loan. It was quick and painless. The banks I called wouldn't touch it because the loan amount was too small, they said.

I would second Quicken loans. Bought a new house and the financing was over the holidays. It was tight but they got it done in the 30 days. The closer said if it was the mortgage company that was the problem they always gave a few day grace period on the 30 dayside long as you made every effort to close on time

There are no guarantees in life

[outlaw]

Originally Posted by biker1

On a resale, aren't you negotiating with the owner of current owner of the home and not sales department?

Only on price and a few things like "as is", etc. The sales contract (form) is pretty much non-negotiable, unlike with a MLS contract, where you can attach an addendum and change almost anything the seller agrees to.

[NYGUY]

Originally Posted by JCMSr

When we purchased in April 2014 we were presented with a similar closing schedule and were told it would be best if we handled any financing through Citizens. Although we already had a long relationship with BOA we decided to give Citizens a shot at our business. Not only were their rates and closing costs much higher it turned out that they could not provide the relatively short term financing we needed. We therefore ended up going with BOA who completed the entire process in under two weeks. Since everything was complete we requested that the closing be moved up so that we could handle it in person in lieu of having to send the documents via the mail back to NC. The response to this request was to provide us with a $250 change order to cover administrative costs for changing the terms of the contract. I very politely (not) told them where they could put their change order and let them mail everything on the original closing date. Seems like they could have figured out that the savings in taxes, utilities and loan interest would have been incentive enough to allow the early closing but they would not waiver from their position. Our agent even offered to pay the fee out of his own pocket which I refused to allow.

We also used Bank of America after being told we should use Citizens if we expected to meet the 30 day requirement. B of A was ready in 21 days, The Villages was not!!

[biker1]

That is very strange indeed. Who is calling the shots here, the buyer and seller or the middle men processing the paperwork (i.e. the sales people)?

Originally Posted by outlaw

Only on price and a few things like "as is", etc. The sales contract (form) is pretty much non-negotiable, unlike with a MLS contract, where you can attach an addendum and change almost anything the seller agrees to.

[graciegirl]

Originally Posted by biker1

That is very strange indeed. Who is calling the shots here, the buyer and seller or the middle men processing the paperwork (i.e. the sales people)?

Who is calling the shots? On a new home, the developer.


When people are lined up to buy your product you don't have to negotiate with people.


MLS is not allowed to sell a new home here. There are no changes of any kind to the contract on a new home. Period and Amen. Once you absorb that information, your life get's simpler.


AND realtors who aren't allowed to sell new homes post on this forum in many ways. Many are not fans of the developer. Need I say more?

[Dr Winston O Boogie jr]

Originally Posted by villagerfrog

I wanted to share my friend's story and see if others experienced the same thing. They were down last week for the sole purpose of finding and purchasing a home here. They looked at both owned and new and settled for a new home in Labelle. They were pre-approved for a mortgage through Chase. When it came to sign the paperwork, the Villages would not budge on the 30 day closing date. In addition (I looked at the contract also), if closing did not occur within 30 days (for any reason outside of the developer's control), then the discount on the home would be voided and they would have to pay the higher price. Chase wanted 45 days to ensure they could process the mortgage. So my friend went to Citizen's thinking that well, it's a developer owned entity, that must be the preferred way to go. He said that they were very professional but could not guarantee 30 days either for a mortgage. He said that there had been instances where either paperwork got delayed or something else (out of there control) by which they were not able to complete the processing.

So to make a long story short, they didn't buy.. they were concerned that if they could not get a mortgage within 30 days and if the discount was not continued, then they'd end up paying an additional $11k.

They went home disillusioned about their experience and have a bad taste about the Villages corporate entity. I tried to reassure them. We are on our second home now (all pre-owned) and had nothing but positive experiences in the buying / selling process. I guess that's the difference between dealing with an individual seller vs a corporation.

Anyhow, I'm just sharing.

I went through the same thing and I didn't find out until after I had signed an agreement. In my case there was a $250 per day fine if I couldn't close within 30 days. This is unheard of in real estate sales.

Another thing I found out after I had signed papers is that there is no loan contingency. If you are turned down for the loan, The Villages keeps your
10% deposit.

My sister is a very successful real estate broker up north and was flabbergasted when I told her of these two conditions.

I guess that they are in a position of strength and are able to sell thousands of homes in spite of these outrageous conditions.

I went through Quicken Loans and did everything online. I explained about the $250 per day fine for not closing on time and they were great in expediting everything. We had the loan approved after 25 days and there were a few issues. I would highly recommend Quicken Loans. They made every thing easy. Their communication was incredible and it was all done online.

After this experience, I would not buy another new home from The Villages unless I could pay cash. If I move again, it will be into a pre-owned home.

[graciegirl]

Originally Posted by Dr Winston O Boogie jr

I went through the same thing and I didn't find out until after I had signed an agreement. In my case there was a $250 per day fine if I couldn't close within 30 days. This is unheard of in real estate sales.

Another thing I found out after I had signed papers is that there is no loan contingency. If you are turned down for the loan, The Villages keeps your
10% deposit.

My sister is a very successful real estate broker up north and was flabbergasted when I told her of these two conditions.

I guess that they are in a position of strength and are able to sell thousands of homes in spite of these outrageous conditions.

I went through Quicken Loans and did everything online. I explained about the $250 per day fine for not closing on time and they were great in expediting everything. We had the loan approved after 25 days and there were a few issues. I would highly recommend Quicken Loans. They made every thing easy. Their communication was incredible and it was all done online.

After this experience, I would not buy another new home from The Villages unless I could pay cash. If I move again, it will be into a pre-owned home.

The $250 charge is for anyone, not just you. Time is money. The VA and FHA would slow down the closing process. Real Estate is not a baby game.


When they are building, once you sign off on the way you want your house built, they charge $250 if you try to change the contract. It is obvious to me that benefits the developer.


The bottom line is, that if you don't want to buy a new home here the way they do business, step aside, there are ten in line behind you.


You have to be a grown up in business. I have never witnessed anyone who worked for The Villages not be polite or civil of friendly or well mannered. They just don't have to change things for anyone, so they don't.


I love living in such a beautiful and sought after place.

Wow, I'm sorry your friend had such a bad experience. We here at First Avenue National Bank are all too familiar with the frustration some face but we have solutions for your friend. We are often approached after these frustrating experiences and are able to overcome those frustrations. We work closely with the title companies in the area and since all decisions are made in house, 30 day closings are no problem. If you need advice, please contact our mortgage expert, Scott Turner at 352-399-5899. I guarantee you and your friend will be impressed!

[biker1]

Calm down. We were referring to used home sales.

Originally Posted by graciegirl

Who is calling the shots? On a new home, the developer.


When people are lined up to buy your product you don't have to negotiate with people.


MLS is not allowed to sell a new home here. There are no changes of any kind to the contract on a new home. Period and Amen. Once you absorb that information, your life get's simpler.


AND realtors who aren't allowed to sell new homes post on this forum in many ways. Many are not fans of the developer. Need I say more?

[daveersk]

We closed in 2013 on a new house in Charlotte; our contract had the same stipulations as noted in thread.

It was a bit of a time crunch, but with a little perseverance and drive on my part and luck we closed only two days late.

The Villages closing department did not hit us with any additional money for closing a bit late.

We did the whole deal via FedEx mail, fax and phone calls.

If you want the house, you have to push through all the paper work.

We are so happy we bought the house, and someday soon we will be full-time Villagers!!!

[rexxfan]

Yup, even so, our cash closing took 3 weeks.
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bc