Return of Ernest Money

[TwinTurboViper]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice

[retiredguy123]

First of all, The Villages does not have any Realtors, and, unless you paid for a buyer's agent, no one is representing you as an agent. Also, the inability to get insurance does not sound like an inspection defect that can be used to cancel the contract under the inspection clause. I would suggest that you have a real estate attorney read the contract and advise you if it allows you to cancel the contract.

[dewilson58]

What did the signed contract state??

[vintageogauge]

First of all, The Villages does not have any Realtors, and, unless you paid for a buyer's agent, no one is representing you as an agent. Also, the inability to get insurance does not sound like an inspection defect that can be used to cancel the contract under the inspection clause. I would suggest that you have a real estate attorney read the contract and advise you if it allows you to cancel the contract.

They stated the inspection found "MAJOR PROBLEMS" including the roof. I would guess that major problems would qualify.

[retiredguy123]

They stated the inspection found "MAJOR PROBLEMS" including the roof. I would guess that major problems would qualify.
It depends on what is a major problem. Typically, the seller has the right to correct some defects under the inspection clause. The buyer doesn't always have the right to cancel the contract. One problem with the inspection clause is that the correctable defects are usually defined as a percentage of the sales price, which is highly subjective.

The age of the roof and the insurability of the house are things that the buyer could have easily determined before signing the sales contract. I doubt that the inspection clause can be used to cancel the contract for that reason.

[retiredguy123]

OP, you should know that the earnest money is not being held by The Villages. It should have been deposited into an escrow account and controlled by an escrow company. You may want to call the escrow company and ask them if The Villages has authorized them to release the money to you.

[vintageogauge]

10 days is not to be of concern. They are very busy with closings and they also have to have the seller sign a release so give them more time and ask your agent to keep in touch with you.

[Bill14564]

...

The age of the roof and the insurability of the house are things that the buyer could have easily determined before signing the sales contract. I doubt that the inspection clause can be used to cancel the contract for that reason.

Age of the roof yes, but insurability?

How is a new buyer from outside the area supposed to anticipate a problem that is just now beginning to affect those who have lived here for decades?

It has never occurred to me to call insurance companies to inquire about a new policy for a home that I was only considering. I wonder how a company would react to that, would they send someone right out or would they suggest I move towards purchasing the home before asking them to spend time on it?

[retiredguy123]

Age of the roof yes, but insurability?

How is a new buyer from outside the area supposed to anticipate a problem that is just now beginning to affect those who have lived here for decades?

It has never occurred to me to call insurance companies to inquire about a new policy for a home that I was only considering. I wonder how a company would react to that, would they send someone right out or would they suggest I move towards purchasing the home before asking them to spend time on it?
I agree. But even if you get insurance, it will only be for one year at best. After that, the company can require you to get a new roof anyway. If The Villages refuses to return the earnest money, the OP may want to buy the house and install a new roof. It is always risky to buy a house with an old roof.

[jimhoward]

Did you convey you intent to cancel the contract in writing with an email or text? If you just called the agent and told them you wanted to cancel then I would paper over the conversation with an email reminding them of your intent to cancel and the date on which you communicated that to them.

Its probably no problem and the 2 weeks is a just a delay due to them being busy. But in case it drags out its always good to have a paper trail.

[DrMack]

Insurance would be a huge concern. Mortgage companies require homes they finance to be insured at closing.

[rsmurano]

You bet you can get out of purchasing a home, new or pre-owned, if you find major issues. I’ve done both a few times.
When buying a new home, we had it inspected and many flaws were found, and we told the agent we are walking away. The realtor said the builder would spend the $20k to fix the issues and we said no. If the builder had these kind of issues that were in the open, what kind of issues could there be lurking in areas you can’t see?
Another new purchase, our contract said the house would be done/ready by the 1st of October. It wasn’t, just a few things weren’t done and we backed out.

Buying a used home, the realtor put in the contract that we could assume their low interest loan or get a new loan, this was back when interest rates were 12%, but the loan the owner had was 4%. When I checked with the owners bank on assuming their loan, the bank told me it wasn’t assumable. I cancelled the purchase but the owner and realtor tried to force me to get a new loan and it didn’t work. I even called the state realtor board and reported the tactics the realtor was using.

1 more thing, when you sell a home and put a clause in the contract that their is a grace period for the buyer to inspect the home or get financing, this gives the buyer a longer timeframe to back out. They can have a hang nail to cancel the purchase. This happened to us when we were in long a home.

[elle123]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice
"When buying a house, you typically lose your deposit (also called "earnest money") if you back out of the deal without a valid reason outlined in the contract, such as failing to meet contingencies like getting financing approval, passing inspection, or if you simply change your mind after signing the purchase agreement; in these situations, the seller can usually keep your deposit."

[Baringek]

I got estimates on every home I considered. Not hard to do.

[seecapecod]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice

Are you receiving 100% back- in many cases The Villages “sales agency” keeps 50%

[bragones]

Seems to this post is not a matter of IF the OP will get a return of deposit but WHEN

[retiredguy123]

"When buying a house, you typically lose your deposit (also called "earnest money") if you back out of the deal without a valid reason outlined in the contract, such as failing to meet contingencies like getting financing approval, passing inspection, or if you simply change your mind after signing the purchase agreement; in these situations, the seller can usually keep your deposit."
That is legally correct, but some real estate companies are pretty flexible about returning earnest money because they don't want to develop a bad reputation. But there are other companies who don't care about their reputation. In some states, you actually need a court order to keep the earnest money. Also, some standard listing contracts allow half of any forfeited earnest money to go to the listing broker, not to the seller.

[dewilson58]

Are you receiving 100% back- in many cases The Villages “sales agency” keeps 50%

:what:

[Bilyclub]

What did the OP’s post say before it was edited 2 hours after posting ? Seems like something is missing. Did an over 10 year old roof change to major problems?

[McClendons]

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.

[retiredguy123]

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.
I would just add that the listing price was probably based on a house with an old roof. The buyer is not entitled to a new roof. An old roof is not an inspection defect.

[MikeN]

Contact an attorney

[scubawva]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice

Was this a new home? If not you didn’t from the villages. You may have purchased a resale using a villages sales agent. The Villages does not have Realtors.

Semantics aside, if you properly cancelled and you think it has taken too long for return of earnest money you should 1) check your contract for terms on this issue 2) go to the manager of The Villages Sales and give X business days to return (again your contract terms) if you don’t receive the funds file a complaint.

time to return is 1-5 business days in all cases I’ve been party to. Weeks is too long.

Make sure everything is in writing.

[kingofbeer]

First of all, The Villages does not have any Realtors, and, unless you paid for a buyer's agent, no one is representing you as an agent. Also, the inability to get insurance does not sound like an inspection defect that can be used to cancel the contract under the inspection clause. I would suggest that you have a real estate attorney read the contract and advise you if it allows you to cancel the contract.
I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.

Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-content/uploads/2020/12/AS-IS-Residential-Contract-for-Sale-And-Purchase-FARBAR-ASIS-5x-version-1.pdf

[kingofbeer]

It depends on what is a major problem. Typically, the seller has the right to correct some defects under the inspection clause. The buyer doesn't always have the right to cancel the contract. One problem with the inspection clause is that the correctable defects are usually defined as a percentage of the sales price, which is highly subjective.

The age of the roof and the insurability of the house are things that the buyer could have easily determined before signing the sales contract. I doubt that the inspection clause can be used to cancel the contract for that reason.
The right to cancel gives the buyer the right to cancel for any reason.

[kingofbeer]

"When buying a house, you typically lose your deposit (also called "earnest money") if you back out of the deal without a valid reason outlined in the contract, such as failing to meet contingencies like getting financing approval, passing inspection, or if you simply change your mind after signing the purchase agreement; in these situations, the seller can usually keep your deposit."
The right to cancel gives the buyer to right to cancel for any reason. Too much confusion here.

[kingofbeer]

In Florida, most realtors consider that the inspection clause allows a potential buyer to back FOR ANY REASON during the inspection period. I just went through it selling a house in St Pete Beach (before hurricane), and two buyers backed out with any inspection being done. One was surprised at insurance costs, the second was a scumbag that literally "just changed his mind after 7 days". While the standard Florida clause say different, the realtor agency would not support me in either case saying the clause did not apply since no inspection was done.

I strongly believe I could have fought in court, but of course that cost money and time. There is no doubt you should get your money back given legitimate inspection findings, but the most honorable thing to do is offer the seller an opportunity to repair issues (new roof etc). Insurance is not an excuse IMHO, roof issues if real are.
You can cancel for any reason. You can cancel because you found another house down the street that you like better.

[retiredguy123]

I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.

Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-content/uploads/2020/12/AS-IS-Residential-Contract-for-Sale-And-Purchase-FARBAR-ASIS-5x-version-1.pdf
Any person who sells real estate for a commission must be licensed by the state.

The OP didn't say that it was an "as-is" contract, so, without confirming, that is a fairly large assumption. I have never purchased a house with an as-is contract.

[midiwiz]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice


Here you go - you start here, you want to bring this to the FREC.

What is the Florida Real Estate Commission (FREC)? (https://myfloridalicense.custhelp.com/app/answers/detail/a_id/728/related/1)

[SoCalGal]

First of all, The Villages does not have any Realtors

The Villages employs nearly 400 licensed real estate agents.

[retiredguy123]

I understand that Villages agents are licensed real estate agents.
Seems many are confused about this cancellation issue. The most common real estate contract in Florida is called an AS-IS contract. Section 12 has an inspection period which gives the buyer a right to cancel within 15 days after the effective date. After cancelled, the seller must return the deposit. I have cancelled out of these contracts before a few times. You can cancel for any reason.

Look at section 12 in the contract.
https://peopleschoicerealty.com/wp-content/uploads/2020/12/AS-IS-Residential-Contract-for-Sale-And-Purchase-FARBAR-ASIS-5x-version-1.pdf
According to a sales agent that I discussed this with, The Properties of the Villages does not use "as-is" contracts, unless the house is in very bad condition. A typical Villages resale contract is NOT an as-is contract. You are correct that, if you use an as-is contract, the buyer can cancel the contract for any reason. But, if it is not an as-is contract, the buyer is locked in to the sale unless there is a specific clause in the contract that allows the buyer to cancel the sale.

[SoCalGal]

I understand that Villages agents are licensed real estate agents.

That is correct. You can verify the real estate license of any Villages agent here.

MyFloridaLicense.com

[retiredguy123]

You can cancel for any reason. You can cancel because you found another house down the street that you like better.
Not correct unless it is an "as-is" sales contract which are not typically used for Villages resales.

[retiredguy123]

The Villages employs nearly 400 licensed real estate agents.
Correct, but they are not "Realtors" because The Properties of the Villages is not a member of the NAR, The National Association of Realtors. Also, any person who sells real estate for a commission must have a state license or they are violating the law.

[jrref]

I don't understand. I thought you can backout of the contract pending the inspection. Meaning if the inspection finds something that you find unacceptable, you can backout. I thought my contract had this clause. If you didn't have a clause like this and couldn't backout why would you have the inspection? Wouldn't you pretty much be buying the home "as-is"? True the owner would have the option to correct any findings. In NY, you can backout up to the closing and get your deposit back.

[retiredguy123]

I don't understand. I thought you can backout of the contract pending the inspection. Meaning if the inspection finds something that you find unacceptable, you can backout. I thought my contract had this clause. If you didn't have a clause like this and couldn't backout why would you have the inspection? Wouldn't you pretty much be buying the home "as-is"? True the owner would have the option to correct any findings. In NY, you can backout up to the closing and get your deposit back.
Maybe in NY, but not in Florida. If the inspection reveals minor defects, the seller can correct the defects and the buyer must buy the house or risk losing their earnest money. Minor defects are sometimes defined as 3 percent of the sales price, which can be very subjective.

[jrref]

Maybe in NY, but not in Florida. If the inspection reveals minor defects, the seller can correct the defects and the buyer must buy the house or risk losing their earnest money. Minor defects are sometimes defined as 3 percent of the sales price, which can be very subjective.

So, if the inspection finds a crack in the foundation or the home needs a new roof then can the buyer backout even if the seller agrees to fix the problems?

My thoughts are, if there is a severe crack in the slab or some severe drainage issue or something more significant is found, eventhough the seller agrees to fix the problem, I might not want to by the house.

Or another situation where the inspector finds evidence that the house had a fire or a flood and the damage was repaired. Again, I might not want to purchase that house or at least I would want to re-negioate the price.

So what protections does the buyer have?

[dewilson58]

So what protections does the buyer have?

The written contract.

[Bill14564]

Maybe in NY, but not in Florida. If the inspection reveals minor defects, the seller can correct the defects and the buyer must buy the house or risk losing their earnest money. Minor defects are sometimes defined as 3 percent of the sales price, which can be very subjective.

My 2018 contract was not an As-Is contract. The threshold in y contract was 1.5%. Below that must be repaired and above that the seller had the option to cancel the contract.

[retiredguy123]

So, if the inspection finds a crack in the foundation or the home needs a new roof then can the buyer backout even if the seller agrees to fix the problems?

My thoughts are, if there is a severe crack in the slab or some severe drainage issue or something more significant is found, eventhough the seller agrees to fix the problem, I might not want to by the house.

Or another situation where the inspector finds evidence that the house had a fire or a flood and the damage was repaired. Again, I might not want to purchase that house or at least I would want to re-negioate the price.

So what protections does the buyer have?
If the damage repairs exceed 3 percent of the sales price, the buyer can cancel the sale. But, the contract doesn't clearly define who determines the cost of the repairs. To me, that makes the contract somewhat ambiguous.

[retiredguy123]

My 2018 contract was not an As-Is contract. The threshold in y contract was 1.5%. Below that must be repaired and above that the seller had the option to cancel the contract.
Interesting. In the contracts that I am familiar with, the seller had no obligation to make any repairs, but the buyer could cancel the contract if the seller chose to not make the repairs. If the repair costs exceeded the threshold, the buyer could cancel regardless.

[Bill14564]

Interesting. In the contracts that I am familiar with, the seller had no obligation to make any repairs, but the buyer could cancel the contract if the seller chose to not make the repairs. If the repair costs exceeded the threshold, the buyer could cancel regardless.

I’ll scan the page or copy the text sometime.

[kingofbeer]

Any person who sells real estate for a commission must be licensed by the state.

The OP didn't say that it was an "as-is" contract, so, without confirming, that is a fairly large assumption. I have never purchased a house with an as-is contract.
Everyone seems to be speculating and confused. In Florida, the "as-is" contract is the most common one used. The buyer has an inspection period to "inspect" the property and can cancel the contract for any reason. We do not know the specifics of the OP's contract. However, the OP said that he was allowed to cancel the contract.

5 Key Facts About The Florida “As-Is” Contract - Farshchian Law, P.A (https://jfrealestatelaw.com/5-key-facts-about-the-florida-as-is-contract/)

[asianthree]

So, if the inspection finds a crack in the foundation or the home needs a new roof then can the buyer backout even if the seller agrees to fix the problems?

My thoughts are, if there is a severe crack in the slab or some severe drainage issue or something more significant is found, eventhough the seller agrees to fix the problem, I might not want to by the house.

Or another situation where the inspector finds evidence that the house had a fire or a flood and the damage was repaired. Again, I might not want to purchase that house or at least I would want to re-negioate the price.

So what protections does the buyer have?

Actually when you speak to whatever insurance company, many are obligated to inform you there has been a fire, flood, or major damage such as a sinkhole. Not only is it in the best interest for you, they are more concerned for their interest.

[retiredguy123]

Everyone seems to be speculating and confused. In Florida, the "as-is" contract is the most common one used. The buyer has an inspection period to "inspect" the property and can cancel the contract for any reason. We do not know the specifics of the OP's contract. However, the OP said that he was allowed to cancel the contract.

5 Key Facts About The Florida “As-Is” Contract - Farshchian Law, P.A (https://jfrealestatelaw.com/5-key-facts-about-the-florida-as-is-contract/)
As-is sales contracts are rarely used in the Villages and almost never used by the Property of the Villages for resales. I confirmed this with the Villages sales office today.

[Babubhat]

Is this the contract used? See section 12

https://www.floridarealtors.org/sites/default/files/2024-08/FloridaRealtors-FloridaBar-6xx_redlined%5B2%5D.pdf

Inspection standards

Home Inspection Standards of Practice - InterNACHI(R) (https://www.nachi.org/sop.htm)

[Tie Dye Lady]

If your agent stated you should get your deposit back make sure you speak with their broker. If the broker blows you off sue the broker. An agent cannot state you are going to get your deposit back. Both parties need to sign off to release the deposit. Your contract rules and if you do not understand your contract then the agent needs to refer you to an attorney. In Florida if you did not sign a single agency agreement with your agent then they do not represent you as a fiduciary.

As a licensed Florida broker my advise to all buyers and sellers is use an AS IS Sales Contract. A buyer can cancel for whatever reason and if the buyer find issues they can negotiate with the seller what items they want fixed. If it doesn’t work out the buyer gets their deposit back. The seller will get the inspection report and has the option of moving forward with the buyer or not. It’s the best contract for both the seller and buyer. As a seller I would never agree to a fixed price for repairs given my experience with idiot inspectors.

Ask yourself how many times do you want to pay a home inspector? Home inspector's pick out such crap on a home it’s ridiculous only to get you to pay them more money. You got an AS IS Contract your in control.

All buyers should get an insurance contingency. Buyers absolutely need one even on a new home in Florida.

Hope everything works out for you.

[Papa_lecki]

If it’s not an as is contract, you can ask the seller to repair ALL items in the inspection report.

[Bonanza]

OP, you should know that the earnest money is not being held by The Villages. It should have been deposited into an escrow account and controlled by an escrow company. You may want to call the escrow company and ask them if The Villages has authorized them to release the money to you.

A real estate company CAN hold escrow funds in a separate account as set up by law, but most companies choose not to hold escrow funds because it's too much trouble.

Do you know for a fact that The Villages does NOT hold escrow money?
I don't know whether they do or do not.

[retiredguy123]

A real estate company CAN hold escrow funds in a separate account as set up by law, but most companies choose not to hold escrow funds because it's too much trouble.

Do you know for a fact that The Villages does NOT hold escrow money?
I don't know whether they do or do not.
I don't know if The Villages violates the law or not. But, the standard sales contract names an escrow agent to hold the earnest money. An escrow agent is defined as follows:

"The escrow agent is an independent third party in charge of holding the assets, documents, and/or money in escrow until the contractual condition is fulfilled in the terms and conditions established by the parties in the escrow agreement. The escrow agent might be a natural person or entity."

So, basically, the concept is that an independent third party controls the money, not the listing broker. The listing broker is not the decider for the earnest money. Some brokers try to intimidate buyers by leading them to believe that they control the earnest money. I think that a buyer should understand this legal concept.

[DebMil]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice
This happened to us too, but not in TV. In Dell Webb. We canceled on 5th day due to a bad inspection. The sellers agent kept 1/2 our deposit and that was the best I could negotiate.
As of August 24, there is a Non As Is contract now called FRBAR. Most realtors are using it, so it seems.
If you have this contract, basically, there is no out clause.
It states the seller has the right to fix all issues on the inspection, if they do, you are stuck, even if for example 2 windows are leaking but 10 more are soon to leak. They fix 2, you are stuck with what's left down the road.

I would suggest reading your contract.
I called FREC, but they only help Realtors now a days. All you can do is print off a complaint form on the Department on Professional Regulations and fax or mail it in.

Did they send you a cancelation agreement and both you and seller signed? Did it say you would get your full escrow back?
You can always call the Escrow agent or Title Company to learn what's up.

Best of Luck..

[jcreason5616]

Age of the roof yes, but insurability?

How is a new buyer from outside the area supposed to anticipate a problem that is just now beginning to affect those who have lived here for decades?

It has never occurred to me to call insurance companies to inquire about a new policy for a home that I was only considering. I wonder how a company would react to that, would they send someone right out or would they suggest I move towards purchasing the home before asking them to spend time on it?

With every new home we have considered purchasing in The Villages, we got an insurance quote prior to making an offer.

[Bilyclub]

The OP has left the thread hanging...

[manaboutown]

The OP has left the thread hanging...

Well, I hope Ernest gets his money back.

[Normal]

Some comments in this thread sure seem to make it “Not A Friendly Place to Buy a Home.” Most should learn to be safe with their money and purchase only after reading all of the documents! A little more than 50% finance, so if the home they wish to buy is uninsurable, the whole purchase ting is mooted anyway. All homes financed must be insured.

[It's Hot There]

Some comments in this thread sure seem to make it “Not A Friendly Place to Buy a Home.”

Marketing Slogan.

[Normal]

Marketing Slogan.

Not really, it just underlines the huge risk if you decide a mortgage is how you want to buy a home here in the Villages. If you don’t pay cash, stay away because you have an increased risk of losing your deposit money on a home you like.

[It's Hot There]

Not really, it just underlines the huge risk if you decide a mortgage is how you want to buy a home here in the Villages. If you don’t pay cash, stay away because you have an increased risk of losing your deposit money on a home you like.

The marketing slogan has nothing to do with a mortgage decision, nothing to do losing your deposit, nothing to do with normal due diligence.

[retiredguy123]

Not really, it just underlines the huge risk if you decide a mortgage is how you want to buy a home here in the Villages. If you don’t pay cash, stay away because you have an increased risk of losing your deposit money on a home you like.
Even if you pay cash for the house, you still need to put up earnest money before the sales contract is finalized. As a buyer, I would try to use the lowest amount of earnest money acceptable to the seller. But, as a seller, I would demand at least $10K or more in earnest money, especially if the listing broker gets half of any forfeited earnest money.

[Normal]

Even if you pay cash for the house, you still need to put up earnest money before the sales contract is finalized. As a buyer, I would try to use the lowest amount of earnest money acceptable to the seller. But, as a seller, I would demand at least $10K or more in earnest money, especially if the listing broker gets half of any forfeited earnest money.

Yes, but the poor saps who need to have insurance for their sale to go through get slapped with forfeit of their earnest money.

[TCRSO]

The contract requires the the seller correct defects up to 1.5% of the purchase price. If the cost of repairs do not exceed that amount, there is no basis to cancel the contract.

[Normal]

The contract requires the the seller correct defects up to 1.5% of the purchase price. If the cost of repairs do not exceed that amount, there is no basis to cancel the contract.

Yes, that is 6,000 dollars on a 400 K house. Last I checked, it doesn’t come close to the price of a roof.

[DAVES]

Recently purchased home "From The Villages" and after inspection found MAJOR problems with inspection. After inspection period of 10 days I cancelled my contract on the 9th day of the 10 day cancellation period.

I was told by my Realtor I would get my refund and now going on 3 weeks and having my Realtor tell me over and over "It has to take a few days" to which I think 3 weeks should have been long enough.

Just wondering if anyone else has had this problem and what time limit (if any) is appropriate and who you suggest I contact in order to receive this.

Appreciate your help and look forward to your advice

These things are covered by LAW. People are often confused. MY REALTOR. Unless you hired a realtor working for YOU-the buyer the realtor works for the SELLER.

No shortage of OPINIONS. On a resale I would hire an attorney that represents YOU. YOUR ATTY would hold the earnest money. ALL IS NEGOTIABLE-reminder your realtor dowes not work for you but for the SELLER.

The villages are a great operation. I would call the villages office and find out what is normal.
I would also call the realtors board. ETHICS, REASONABLE is debatable. Sounds like what you got is-I have a pile of other things to deal with. REALTOR? Mostly you deal with a salesman or lady. Ask to speak to the BROKER-they are the one with the license and a REPUTATION to protect.

[DAVES]

This happened to us too, but not in TV. In Dell Webb. We canceled on 5th day due to a bad inspection. The sellers agent kept 1/2 our deposit and that was the best I could negotiate.
As of August 24, there is a Non As Is contract now called FRBAR. Most realtors are using it, so it seems.
If you have this contract, basically, there is no out clause.
It states the seller has the right to fix all issues on the inspection, if they do, you are stuck, even if for example 2 windows are leaking but 10 more are soon to leak. They fix 2, you are stuck with what's left down the road.

I would suggest reading your contract.
I called FREC, but they only help Realtors now a days. All you can do is print off a complaint form on the Department on Professional Regulations and fax or mail it in.

Did they send you a cancelation agreement and both you and seller signed? Did it say you would get your full escrow back?
You can always call the Escrow agent or Title Company to learn what's up.

Best of Luck..

My first name is David. We've all heard the story of David vs Goliath. I see it different than most. If, David let Goliath set the RULES we would never have heard the story. David would surely have been another unknown DEAD PERSON.

[retiredguy123]

These things are covered by LAW. People are often confused. MY REALTOR. Unless you hired a realtor working for YOU-the buyer the realtor works for the SELLER.

No shortage of OPINIONS. On a resale I would hire an attorney that represents YOU. YOUR ATTY would hold the earnest money. ALL IS NEGOTIABLE-reminder your realtor dowes not work for you but for the SELLER.

The villages are a great operation. I would call the villages office and find out what is normal.
I would also call the realtors board. ETHICS, REASONABLE is debatable. Sounds like what you got is-I have a pile of other things to deal with. REALTOR? Mostly you deal with a salesman or lady. Ask to speak to the BROKER-they are the one with the license and a REPUTATION to protect.
I totally agree with your first paragraph. Buyers are always using the term "MY AGENT" as if they have an agent who represents them. In most cases, they do not. The agent represents the seller not the buyer. I don't understand why this concept is so difficult for buyers to understand.