What are the rules on buying new?

[janrbob]

we have been thinking resale, but now want to know the basics on purchasing new... contingency on my house selling/closing? if i place deposit on PV can i get a refund?

[Skybo]

This is my understanding of how it works, hopefully I’ve got it right...if not someone feel free to correct me.

The Villages doesn’t take contingencies. You can put a deposit on a lot and take up to a year to start building. If you can’t build within a year you lose the lot. They don’t refund your money, but will (might?) let you move it to another lot. On already-built homes TV sets a closing date (usually about 30 days out) and you have to close when they want to close. They might be a little flexible with the closing date to accommodate your travel/moving schedule, but they’re not very flexible. Again, no refund of your deposit if you aren’t able to close on the house.

[pauld315]

How much is the deposit on a lot ?

[Pturner]

Hi Janrbob,
As Skybo said, the process on new homes doesn't have a lot of flex. Don't worry though. TV is years from build out.

If you are thinking new and can't afford or don't want to maintain two homes, you have plenty of time to sell your current home first and then buy new in TV. If you are like most of us, you are anxious to get here as soon as possible. Still, you would be surprised how fast you can close on a new home in TV-- and how fast you they can build one for you here if you purchase a lot.

You do have more flexibility with resales. Price, closing costs and contingencies can be negotiated and of course, you'd have more choice in location.

Whatever you decide, I wish you all the best in selling your home and getting yourselves down here.

[jackz]

How much is the deposit on a lot ?

$7,500. Normally you can put $2,500 down on your credit card to secure it with the remainder due within 7 days.

[Gerald]

basicly once they have your money they keep it. however they do build nice houses and it is great to live in the Villages.

[graciegirl]

This is my understanding of how it works, hopefully I’ve got it right...if not someone feel free to correct me.

The Villages doesn’t take contingencies. You can put a deposit on a lot and take up to a year to start building. If you can’t build within a year you lose the lot. They don’t refund your money, but will (might?) let you move it to another lot. On already-built homes TV sets a closing date (usually about 30 days out) and you have to close when they want to close. They might be a little flexible with the closing date to accommodate your travel/moving schedule, but they’re not very flexible. Again, no refund of your deposit if you aren’t able to close on the house.


You are right as usual!:agree:

[getdul981]

How much is the deposit on a lot ?

Unless things have changed since we put our deposit on our lot, it depends on where your lot is. We were quoted prices everywhere from $7500 to $2000, depending on the location of the lot and the time before construction had to be started. We chose one of the smallest lots with the longest time to start construction (60 ft. by 90 ft. and one year to start). That gave us time to get our house in VA sold and move to TV.

[janrbob]

Thanks everyone for the feedback... .. one more question.. does anyone know what the bond would be on a new patio villa in St. James?

[jane032657]

It is $15000 in the new mission hills hacienda villas.

[Happinow]

Our down payment was 7,500 with 2,500 down on a golf course lot.
Full payment in 7 days. Same as others.

[graciegirl]

It is $15000 in the new mission hills hacienda villas.


Always a teacher. May I insert a comma? $15,000.

[SALYBOW]

The only thing I could add is that you may move your down payment to another lot if unable to build in one year and one week. We have one behind us that has to start by 1/22. I cannot wait to get the mess over with, I hope they don't have to resell it.

[Sadie1313]

we have been thinking resale, but now want to know the basics on purchasing new... contingency on my house selling/closing? if i place deposit on PV can i get a refund?

In August 2010, we went to contract on a resale, with a contingency on the sale of our home in New York. We stayed for 5 days after leaving our deposit. The day we got home, we got a call from our sales person, stating that the owners of the home we THOUGHT" we had purchased had been showing the home the whole time we were in The Villages. They got a better offer, and we now had a choice....we weren't aware that in Florida there is something called a "Drop-Out Clause". We were given 72 hours to drop the "Contingency" from our contract. If not, the sellers could take the better offer, or we could give up the home & get our deposit back. We did give up the home, and instead bought a brand new one in Buttonwood. It worked out for the best....I just wanted you to know about the "Drop-out clause" on pre-owned homes. I wish you good luck in whatever you decide to do. Tricia

[Bill-n-Brillo]

In August 2010, we went to contract on a resale, with a contingency on the sale of our home in New York. We stayed for 5 days after leaving our deposit. The day we got home, we got a call from our sales person, stating that the owners of the home we THOUGHT" we had purchased had been showing the home the whole time we were in The Villages. They got a better offer, and we now had a choice....we weren't aware that in Florida there is something called a "Drop-Out Clause". We were given 72 hours to drop the "Contingency" from our contract. If not, the sellers could take the better offer, or we could give up the home & get our deposit back. We did give up the home, and instead bought a brand new one in Buttonwood. It worked out for the best....I just wanted you to know about the "Drop-out clause" on pre-owned homes. I wish you good luck in whatever you decide to do. Tricia

Sadie, that should have been spelled out in the contract - maybe in the fine print somewhere.

That's the way things have worked in OH with home sales contracts we've been a part of. Protects the sellers from getting locked in for an indefinite period of time if the buyers can't sell.

Glad it all worked out for the best for you - some things are just meant to be!

Bill :)