Quote:
Originally Posted by villages07
Just as an aside, but, the 20% down requirement probably made/makes the Villages a fundamentally stronger community. It sure discouraged speculators during the boom times who were otherwise getting no/low money down loans. I think the 20% was a big contributor to the very low rate of foreclosures/defaults within The Villages.
|
Good morning V '07,
The 20% thing would most certainly have helped during those nutso years. Also, do I remember correctly that TV put something in place that said that property had to be held for a certain amount of time? -- in order to prevent flipping or to discourage it anyway.
Our first visit to TV was in 2007 in the fall. Things were just coming off the high times when buyers had a half hour to make up their minds or it was on to the next one on the list. TV would have been a flipper's paradise for sure had something not been in place to prevent that.
Am I remembering correctly? Was there a required time for a buyer to hold property before selling or forfeit some or all of the profit?
Even though that might sound draconian to some, like the developer was protecting his own interests in selling new, in reality, such restrictions in place during those times would have protected everybody's investment by discouraging flippers who not only wanted to make small down payments but were after a dizzyingly fast buck. Slowing down flippers would have been a good move.
So anyway, I am depending on you V '07 to tell me if I just made all that up.
Thanks.
Boomer