Quote:
Originally Posted by Dr Winston O Boogie jr
Yes Gracie, the $250 per fine is for everyone that buys a new house in The Villages and cannot get a loan within 30 days. I don't think that I implied otherwise.
Like I said, this along with the no loan contingency is unheard of elsewhere in real estate. The only fine of this type outside The Villages is against a builder who does not finish the project in time.
My sister tells me that she has people fail to qualify for a loan all the time. They get their deposit back and the property goes back on the market. This is standard operating procedure for real estate all over this country. The sale is always contingent upon the buyer being able to procure a loan.
What really bothered me was that I wasn't made aware of these conditions until after I had signed the agreement. Had I known I never would have signed the paperwork and would have looked for a pre-owned home.
I am very thankful that Quicken Loans was so co-operative and helpful in getting everything done on time. And like I said, unless I could pay cash, I would not buy another new home from The Villages.
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Are you saying you didn't read the contract before you signed it?