Thank you all for your help and incite. I do have about 60 days so I should have plenty of time to close. I also agree that if the penalties are less than the interest rates and closing costs, I am still better off in the long run. I will call the companies that were mentioned here. Funny I used to be a Vice-Chairman of a good size credit union, and have built and sold numerous homes in the past and have never had to worry about the closing process like here. For that matter even have it put in writing! The last house I sold the buying bank was late though and they did pay me monies for the inconvenience when I asked them. It was not in writing though.
However, I think it is OUTRAGEOUS that The Villages and Citizens decides to coerce people by putting a statement in the purchase agreement to NOT close late or else pay penalties... to get them to lean toward the "no hassle" closing deal. Their logic I assume is they have no time to miss appointments with all their "closings" lined up and redo the documents either by the closing company or the mortgage company. Oh, and it sounds based on some of the statements that when they are at fault, even though THAT is in writing too that they will pay, they STILL make the buyer pay! Hmmm
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