TV holds money if I don't build???

[mgman]

In another strand I read some replies that said, if I didn't build within a year on my lot, TV would take back my lot and put the $15,000 in an account that I could use for another new house at a later time. I have not heard of this and have been somewhat worried that I might reach a point where I was caught between having not sold the current home and needing to start building. When I heard of this account, I breathed a big sigh of relief. Then I had second thoughts. Has anyone out there reached the year, had the lot returned to TV and had the money put in an account? I would like to hear how that went. Were there fees involved or just an orderly transition as seems to be the case most of the time with TV. I know a couple of people said that was what they were told, but has anyone done this?:confused:

[Russ_Boston]

No I haven't done it but have it in writing that it can be done. A one-time switch.

One thing to remember: You would need to use that money eventually on either a new build or an already built new (not resale) home. Once TV is done in 2015 or so your money would be gone also.

[mgman]

Sure hope my house sells before 2015!!!!!

[Pturner]

In another strand I read some replies that said, if I didn't build within a year on my lot, TV would take back my lot and put the $15,000 in an account that I could use for another new house at a later time. I have not heard of this and have been somewhat worried that I might reach a point where I was caught between having not sold the current home and needing to start building. When I heard of this account, I breathed a big sigh of relief. Then I had second thoughts. Has anyone out there reached the year, had the lot returned to TV and had the money put in an account? I would like to hear how that went. Were there fees involved or just an orderly transition as seems to be the case most of the time with TV. I know a couple of people said that was what they were told, but has anyone done this?:confused:

Isn't it the case in most places that if you put down earnest money and back out of the contract, you don't get your money back at all?

[downeaster]

Isn't it the case in most places that if you put down earnest money and back out of the contract, you don't get your money back at all?

It depends on the wording in the contract for sale. In most cases if one "backs out" one forfeits the earnest money or binder.

It also depends on the reason the buyer failed to complete the agreement. Inability to secure a mortgage can be a valid reason, consistent with the contract. Subsequent home inspection revealing certain problems with the property can be another valid reason.

The developer's willingness to contractually agree to apply the earnest money to a future sale is a win win situation. Developer is virtually assured of a sales at some point and buyer is virtually assured his earnest money will be applied to an eventual purchase.

Notice my use of "virtual". There are pitfalls. Before entering into any contract one should fully understand the consequences as they apply to their personal situation.

[askcarl]

You'll have to read your contract. Mine said, "no contract to build within one year of signing = $ gone". they did say, but not in writing, that I could more the "lot hold $" to another lot if I wished, just under the same 1 year time agreement.

Go past 28March2011 and my money was gone. this did factor into my decision to accept a lower $ contract on my current house. Just time to move on.

[Russ_Boston]

I'll look Carl. But I was told by my agent that the 1 year (6 months in my case) was for the lot I chose. If I wanted to switch I could and I had until TV was built out before we lost it. But I will check again and find out where it is written. Hopefully it won't be an issue for us since we will probably build on our lot well within our time frame.

[cryfield]

From my experience I can say that 6 years ago I paid a deposit on a home in the Villages and for personal reasons I could not complete at the time,my deposit was held and I was told that if I ever purchased a home in the Villages sometime in the future that the deposit would be put towards the purchase price,3 years ago we did purchase a home and the deposit was indeed put towards the purchase price without question.

[mgman]

From my experience I can say that 6 years ago I paid a deposit on a home in the Villages and for personal reasons I could not complete at the time,my deposit was held and I was told that if I ever purchased a home in the Villages sometime in the future that the deposit would be put towards the purchase price,3 years ago we did purchase a home and the deposit was indeed put towards the purchase price without question.

It is good to actually find someone who has done this. Any more out there?:coolsmiley:

[Russ_Boston]

I think everyone who has done it was told the same. You have until TV has no more new homes to sell. Someone mentioned different language in their contract but I didn't see any in mine.

[mgman]

bump to keep it alive

[Lou Card]

Being a retired Contracts Officer, and we did put a deposit on a lot before building, I read the contract very throughly. We also ended up buying a house just being finished so the deposit transfered.

Point: The language used by The Villages contract is very clear and legal. I had no concern signing the contract at all.