Process Timeline

[FenneyGuy]

Given all that I've read about how the Villages has a very well defined process (esp. re closing), I thought I would ask if there is a document anywhere that describes the buying through closing process end to end. I asked my Villages agent and he knows of no such document. I imagine that there are tidbits of detail in every legal document that I will sign as I progress.

Here is where we are and what I know at this point:


We chose a lot in Fenney and put down the required deposit on 10-26
We are on a "delay start" and within 120 days (Feb. 1 or so at the latest), we must commit to a specific home plan. At this point, we favor an IRIS model with mods.
Once we choose a home, we must put down 20% against the price of the house itself (before construction begins)
Building will take 90 or more days. That says that our closing will take place late April or early May
We will apply for a mortgage and I have read about Citizens and the short closing window. I'm not sure about the exact timeline.


I would appreciate anyone's experience with this process. I am surprised that there is no handout that covers it step by step (at least none that I have found).

Thanks very much in advance.

[villagetinker]

OP, you have a good grasp of the situation. As I recall, TV is very strict on the closing date and will impose a penalty if you miss it. We went with Citizens First mortgage for ours, they had competitive rates and they guaranteed they would meet the closing date. Since you have some time, you can 'shop around', but (very important BUT) make sure your proposed lender has made loans in Florida, and especially in the villages, and is familiar with the villages ways of doing things. I would expect a guarantee from them with respect to the closing date. If you have not already asked, get a listing of the expected costs of the closing costs and all items included. Several people have mentioned items of significant cost that were not mentioned until the day of closing. Make sure you are aware of the "bond" issue, I am assuming that your location has a bond. We kept ours for around 4 years and then paid it off. Also, there was some confusion on the taxes, the initial tax bill is on an UNIMPROVED lot, the following tax bills will be on the IMPROVED lot with the value of the house included, a significant increase. We opted for an escrow account for the taxes, so we saw the estimated future taxes right away. Also, be prepared for possible insurance requirements on your loan depending on your specific requirements. We did not have this requirements, as we had around 25% down payment.
Hope this helps.
Welcome to TV (a little early)

[FenneyGuy]

Thank you, Tinker!

[mulligan]

And , most importantly, get a copy of the deed restrictions BEFORE you sign the house contract to make sure it's something you can live with.

[redwitch]

I would guess that one reason for not having a written timeline is that timelines here change depending how quickly houses are selling. At one time, you had a year to select your house once you chose your lot. Again, once upon a time, the closing date was 30 days after the 20% deposit or house was started. Longer closings are as much of an incentive as free upgrades, furniture, golf carts.

[FenneyGuy]

Redwitch, I got clarification yesterday from Citizens re the 30 day window. Apparently, it applies only to resales and not to new builds.