Quote:
Originally Posted by Hal :-)
We're down here now looking to purchase a discount new home in The Villages. We signed the agreement on Wed and closing is scheduled for Jan 7. We thought we'd like to interest rate shop and checked with a couple of banks and they were unable to close so quickly. It seems the closing window is so short deliberately to funnel activity to the Family bank, Citizens. That's disappointing, but more than that I'm concerned Citizens could fail to close on time (I recall reading a scare story right here before). The contract says if you fail to close on time you lose the discount (11K in this case) and pay Citizen prime rate +1 1/2% plus $250.00. That's bolded in the contract also. Just curious, has anyone had, or heard, of issues? Anyone actually run over? I understand the 30 days is standard, but it seems particularly tight with the holidays.
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I've been shopping interest rates and closing costs too. Citizens is very high in comparison. We purchased a lot in July 2010 and have until July 2011 to begin building. Our home will go on the market next month and hopefully it will sale quickly. I just resent being held captive by Citizens and The Villages, but I want to live in The Villages. My solution is to pay cash or bite the bullet and pay the fees.
Hope to see you all next year. Happy Holidays!!!
