A simple question about purchasing a resale

[Serenoa]

After following the discussions on TOTV for the past 7+ years I feel like I should know the answer to this but it escapes me. I know that the purchase price on a new home in TV is NOT negotiable. You pay the listed price or move on. But does the same hold true for resales that are listed and sold through TV, or is there a chance for some wiggle room with a motivated seller? Thanks!

[BK001]

After following the discussions on TOTV for the past 7+ years I feel like I should know the answer to this but it escapes me. I know that the purchase price on a new home in TV is NOT negotiable. You pay the listed price or move on. But does the same hold true for resales that are listed and sold through TV, or is there a chance for some wiggle room with a motivated seller? Thanks!


We bought our home (a resale) which was listed with The Villages Real Estate Office. We negotiated back and forth on the price, the same as would occur in any other traditional real estate transaction.

[fw102807]

After following the discussions on TOTV for the past 7+ years I feel like I should know the answer to this but it escapes me. I know that the purchase price on a new home in TV is NOT negotiable. You pay the listed price or move on. But does the same hold true for resales that are listed and sold through TV, or is there a chance for some wiggle room with a motivated seller? Thanks!

We were able to negotiate with the seller.

[retiredguy123]

I wouldn't hesitate to make any kind of offer on a resale. I have bought a lot of houses, and have never paid the asking price for a resale house. I have also sold houses, and have always encouraged the listing agent to bring all offers to me. To me, it is never an insult to get a lowball offer. The seller can just say no, or make a counteroffer.

[tophcfa]

We bought our resale home through the Villages RealEstate, we made a "this is our best offer, take it or leave it" offer that was 95% of the listing price. The Villages broker took our offer to the seller and it was accepted. We really did our homework on what was fair market value at the time and felt our offer was fair and that the listing price was a bit inflated.

[villagetinker]

OP, if you have been following ToTV for a while, do your due diligence, and check that all permits were pulled for any work done and also ARC approvals for any exterior work, or you can get stuck with the cost to undo the infraction. I would ask the specific question and have it on the disclosure form so you are covered.

[Serenoa]

OP, if you have been following ToTV for a while, do your due diligence, and check that all permits were pulled for any work done and also ARC approvals for any exterior work, or you can get stuck with the cost to undo the infraction. I would ask the specific question and have it on the disclosure form so you are covered.

Good advice, thank you!

[cndlou3]

OP, also check on the bond to make sure it is paid. Call the county tax office to double check also. We had that unfortunate experience. We were told it was paid and turned out not to be. Yes we negotiated price also.

[thetruth]

OP, also check on the bond to make sure it is paid. Call the county tax office to double check also. We had that unfortunate experience. We were told it was paid and turned out not to be. Yes we negotiated price also.

Interesting-did you have an attorney? Did you investigate if it was paid as claimed or did your/an atty advise you.

I'm not an attorney but I recall reading in Real Estate law only what is written is binding. A verbal claim bond it paid, permits have all been filed, all work was properly done etc may or may not be valid.

[Nucky]

Words from Realtors (ALL) add up to zero if you have a problem. Our Problem Child Villages Realtor contacted me again today. I've asked him twice since last week to stop the contacts.

I'm easy going, I'm going to restrain him if he calls again.

Verify everything in writing. Everything.

If they say something have them put it in writing.

[retiredguy123]

Interesting-did you have an attorney? Did you investigate if it was paid as claimed or did your/an atty advise you.

I'm not an attorney but I recall reading in Real Estate law only what is written is binding. A verbal claim bond it paid, permits have all been filed, all work was properly done etc may or may not be valid.
Having these things in writing from a Realtor would not be enough for me. For example, if the Realtor said, in writing, the bond has been paid and it wasn't, you would probably need to hire a lawyer and sue the Realtor. Who wants to do that? The bond information, as well as the permits, are public information that anyone can check out. And remember, if you are the buyer, the real estate agent does not work for you or represent you.

[Dan9871]

In the end you have to check and verify that the bond has been paid. You can put something to the Purchase and Sale agreement which makes a paid off bond a requirement of the sale. But all that means is that when you go to closing if you have found out that the bond has not been paid you have the right to refuse to complete the purchase.

But even if it's in the P&S if you find out the bond wasn't paid after the closing you are pretty much stuck with paying it off.

But if you have (buyers) realtor represent you then that realtor should be watching out for things like that for you.

[retiredguy123]

In the end you have to check and verify that the bond has been paid. You can put something to the Purchase and Sale agreement which makes a paid off bond a requirement of the sale. But all that means is that when you go to closing if you have found out that the bond has not been paid you have the right to refuse to complete the purchase.

But even if it's in the P&S if you find out the bond wasn't paid after the closing you are pretty much stuck with paying it off.

But if you have (buyers) realtor represent you then that realtor should be watching out for things like that for you.
As far as I know, there is no such thing as a buyer's real estate agent in Florida. If you know something different, please let me know, because I would like to hire one. The agents I know have all said that they work only for the seller, because the seller pays their commission. I don't think Florida has a buyer's contract for licensed agents to use. Agents are happy to show you houses, but, contractually, they represent the seller, not the buyer. Maybe a licensed agent can comment on this.

[VillageIdiots]

One of the first terms you learn in Real Estate training is "caveat emptor". And it doesn't apply near as much to the realtor is it does the buyer. Having something in writing from a Realtor may be better, in court, than he said/she said, but court will be stressful and expensive. Do your own due diligence.

As for the OP's original question - absolutely resales, whether offered by Villages Realty, an outside broker, or FSBO, are negotiable.

[Brawnwy123]

After following the discussions on TOTV for the past 7+ years I feel like I should know the answer to this but it escapes me. I know that the purchase price on a new home in TV is NOT negotiable. You pay the listed price or move on. But does the same hold true for resales that are listed and sold through TV, or is there a chance for some wiggle room with a motivated seller? Thanks!

Our policy has always been, look it over good, look it over again and decide on a price you are willing to pay. Offer a substantial deposit, then put a limit on the time for them to accept, like 72 hours maximum or so. Then stick with it, they take it or leave it.
That works for us, always has. When you are the buyer, act like a buyer and be firm. No takee the offer? No buyee the place?

:boxing2:

[cndlou3]

It was in the real estate listing, it was in the contract. Found out when paying Property Taxes and so I called county tax office to see what it was on the tax bill. You talk about Flip a Lid, Its a good thing I couldn't reach through the phone not with county employee. But realtor! Yes, I had our own realtor not the selling realtor. It was a resale. When your in a different state and trying to get all of your ducks in a row just to get closed. You tend to take someone to be honest... Lol never again will that mistake be made. Never dealt with a bond issue or anything like that where we are from. So a little naive, but like I said never again!

[Chi33]

After following the discussions on TOTV for the past 7+ years I feel like I should know the answer to this but it escapes me. I know that the purchase price on a new home in TV is NOT negotiable. You pay the listed price or move on. But does the same hold true for resales that are listed and sold through TV, or is there a chance for some wiggle room with a motivated seller? Thanks!

No one really answered:

Lots of wiggle room. Just make a legit offer. Many are upgrading or there was a death in family so they want something quick. Be respectable, offer fair and also talk or write to seller. Never know.

Don't expect crazy though. The villages knows what it costs.

[retiredguy123]

It was in the real estate listing, it was in the contract. Found out when paying Property Taxes and so I called county tax office to see what it was on the tax bill. You talk about Flip a Lid, Its a good thing I couldn't reach through the phone not with county employee. But realtor! Yes, I had our own realtor not the selling realtor. It was a resale. When your in a different state and trying to get all of your ducks in a row just to get closed. You tend to take someone to be honest... Lol never again will that mistake be made. Never dealt with a bond issue or anything like that where we are from. So a little naive, but like I said never again!
I'm sorry it happened. But, many people don't seem to realize that buyers never have their own realtor. All realtors represent the seller. But, if your facts are correct, the broker should acknowledge the error and use their liability insurance to reimburse you for your loss. I would pursue it if it is not too late. I would contact the broker in writing and ask for reimbursement, and send a copy of all correspondence to the Florida real estate license board, and make sure the broker knows you are sending it to the board.

[thetruth]

Never forget the,"agent," works for the seller and they are SALES PEOPLE.
You ride about, you look at homes do not forget they are listening to everything you say.
You say to your wife/husband or? this seems to be a great location and a fair price. Lower than we had expected. Then you make an offer. The,"agent," tells the seller I bet they will come up from that offer.

[Serenoa]

I'm sorry it happened. But, many people don't seem to realize that buyers never have their own realtor. All realtors represent the seller. But, if your facts are correct, the broker should acknowledge the error and use their liability insurance to reimburse you for your loss. I would pursue it if it is not too late. I would contact the broker in writing and ask for reimbursement, and send a copy of all correspondence to the Florida real estate license board, and make sure the broker knows you are sending it to the board.

Not sure I understand when you say "buyers never have their own realtor". More than once (back in the days before the internet) I've had a realtor help me find a home to buy. In that case when the sale is closed doesn't my realtor spilt the commission (typ 6% divided by two) with the listing agent of the home that I bought? Or today, since real estate listings are so easily accessed & viewed on the web do most buyers just deal directly with the seller's agent?

[retiredguy123]

Not sure I understand when you say "buyers never have their own realtor". More than once (back in the days before the internet) I've had a realtor help me find a home to buy. In that case when the sale is closed doesn't my realtor spilt the commission (typ 6% divided by two) with the listing agent of the home that I bought? Or today, since real estate listings are so easily accessed & viewed on the web do most buyers just deal directly with the seller's agent?
Yes, a realtor will be happy to help you find a house, just like a new car salesman will be happy help you buy a car. But, the seller signs a listing contract in which there is a 6 percent commission that the seller agrees to pay in full. The buyer pays no part of the commission. So, legally, the buyer has no one to represent them in the transaction, unless they hire a lawyer. Legally, the realtor has an obligation to represent the seller only, not the buyer. The only obligation the realtor has to the buyer is to act in an ethical manner and to not commit fraud against the buyer. Some states allow licensed realtors to represent the buyer, but not in Florida. So, buyers beware that all realtors are legally representing the sellers. It is unfortunate that many home buyers don't understand this legal relationship.

[manaboutown]

Orlando Buyers Broker | Buyers Broker of Florida (https://orlandobuyersbroker.com/buyers/florida-agency-rules/)