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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.
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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.