[Fourpar]

Writing a contract with The Villages' agents "based on a loan approval letter" is an anomaly. The standard Villages contract does not contain a "contingent on loan approval" clause. The Villages write contracts that commit you to close on X date. So if you need a mortgage to do that, you should make darn sure you will be able to get one, 'cause The Villages are expecting to close on the appointed date. period.

At least that is the way they were when I contracted for our purchase in May, '07. I couldn't believe how arrogant they were about that. Even talked to the manager of the contracting division about it before I signed our contract. The manager told me that they wouldn't allow that kind of a clause, and were willing to let me walk away over the issue!

I have been in the real estate business in Florida for 18+ years, and this is the first contract I have seen that did not (and they would not accept) a Financing Contingency clause. It is pre-printed on every contract I have seen, be it a BAR Association, REALTOR Association or Office Depot form. But not The Villages!