Purchase of a new home

[Renee]

When I was at TV last year the salesperson showed me new homes. I was told if I liked one it could be held for 3 hours only. TV required a 20% non-refundable deposit period. I asked if it could be purchased subject to obtaining a mortgage and the answer was no. No matter what the deposit was non-refundable. I have great credit but that made me a little uncomfortable, I was wondering if it was still that way. The developers way or no way.
Thanks Renee

[Renee]

That’s the way it was in TV when I visited. Other developments outside TV sold homes the normal way. I’d like to hear from some people that recently purchased a home about this 20% non refundable deposit and to see if anything has changed.

[Renee]

It’s me again. Still waiting to hear from some Villages and their experience with the 20% down non-refundable policy etc. I hope you all didn’t have to sign a non-disclosure statement forbidden you from saying any thing negative about TV (LOL) Come on people talk to me.
Renee

[samhass]

Renee, Are you sure it's not $2,500.00 down?

[Barefoot]

I think you haven't had any replies about the 20% non-refundable deposit because we're all :dontknow: It would be nutty to lock yourself into something like that, no-one would do it; especially if you needed to make your puchase conditional on obtaining a mortgage. We looked at new homes in March 2007 and were never told about any 20% deposit. I think if you talk to another Sales Rep they will give you correct info. Especially now when they seem to be offering huge incentives to encourage people to buy new homes.

[bamafan]

When we purchased our home end of July we had to pay a non refundable deposit of $2500. We then had 7 days to pay the balance of 20% less the $2500. No contingencies.

[REDCART]

Renee, We purchased in Nov. 2005, so of course it's possible that things have changed since but it's unlikely! When we expressed interest in buying, we put our name on a waiting list, and gave the sales rep a $2500 check to hold. (In hindsight We could have used a credit card for this payment.) That $2500 was considered "earnest" money. Once we committed to a particular home, we had ten days to come up with a 10 percent downpayment, which had all of the normal contingency clauses. The closing was scheduled for 30 days later. TV was completely honest and truthful about all disclosures, however exorbitant-- but we had the normal scepticism. I'd be very surprised that a rogue sales agent would jeopardize his and TV's reputation. They don't need to be deceitful or aggressive and high sales pressure, the place sells itself. ---George

[pili]

Huh? I'm totally confused. I'm familiar with "earnest money" when you sign a contract, however, I have never heard of having 10 days to come up with 10% or 20% (is that the down payment?). The two houses we have owned we put down a contract with earnest money. The down payment was not due until we closed. How can TV expect people to pay 10 or 20% in 7 days? I hope I'm misunderstanding this forum, otherwise, my interest in TV has lowered big time.


pili

[Renee]

Ok this is what I was told. Yes you put down $2500 when you sign. Yes you have 7 days to send in the balance of 20%. But I also know I was told the 20% they are holding is non refundable and they accept NO contingencies. The salesperson explained buying a new home in TV is not like the real world.
Renee

[chuckinca]

I believe:

The $2,500 is earnest money and non-refundable - a normal and expected practice

I would never pay 10% or 20% in 7 or 10 days that was non-Refundable to nobody EVER.

[Frangyomory]

When we purchased in July 2005 it was a sellers market and the developer gave people 15 minutes to decide if they wanted a place or not. You also had to give them $2500 the same day. We did not have to have the 20% until the closing date and that would depend on if you were taking a mortgage or paying cash.

Later in 2005 the market started to stall and now the developer is offering some amazing deals to people who are buying NEW designer and premier homes. Haven't heard about any deals on ranch, courtyard or patio homes.

You are likely to hear the same from anyone who came down here in Apring and Summer of 2005. Once the market stalled the deals changed drastically.

[eujaynia]

We viewed homes on one of TV's 'stay for a week for $600' deals. No pressure, and we didn't do anything during that trip. As we discussed what our retirement plans were (after getting back to Chicago area), we called, put the $2500 on credit card. We were told we needed 50k in 4 days to be sent, and our accounts were tied up for 7 days and we told them 4 days was not possible. They were fine with that, waited the 7 days, and we paid the balance at closing.

We wanted the Villa on the golf course, it was the last one in that particular Village so ... we went for it. At that time, this all occurred right towards the end of it being a seller's market. Now, our realtor sends us emails that we can get a designer/premier home and either get $s back for down payment, or not have to pay the bond... all kinds of deals going on now.

Renee--it's a buyer's market right now, so stick to your guns. Maybe you have someone that doesn't have quite as much integrity as they should have. We loved our realtor from TV, but that doesn't mean there aren't some shrewd butt-heads out there that use pressure tactics. Especially now, with the downward slump on real estate--and their big salaries spiraling down.

When we were there in July, I heard two guys talking in IZOD about them not building the Premier homes for awhile. I'm guessing this is where they get top $ and rather than build homes that remain empty, they'll stop building until the market is back in their favor. Makes sense.

Good luck!

[TV MAN]

Similar situation here was down on a visit to see some family and friends outside TV but stayed on the lifestyles preview pkg for a few days. As we had been to TV before we had an idea what we were looking for. Went out with a villages rep who we were dealing with looked at resales and new. Found a great designer with a reduced price. $2500. down on CC ( We both said we would not bring our check book-HA,HA) they take credit cards for Ernest monies. You then have between 5-7 days to come up with the balance of the 20% deposit. If you change your mind in that 7 day window they keep the $2500. But if you change your mind and come back later with a deal on another house you may be able to use that $2500 (prior) deposit on that home, depending on how long it was since your $2500 was put down.

You can get pre-approval from TV citizens wholesale mortgage company pretty easily.

One imagens that if you have put in the 20% you are committed to go with it. Oh and one more thing with some of these deals you need to sign as part of your contact that you cannot sell the home in less that 1yr or any profit would go back to the developer. This would include any discount on home purchased.

[Villages Kahuna]

First, someone accurately pointed out that neither TV or its sales agents need to be shady or deceitful in selling houses. The Villages does sell itself. Generally, the protocol of earnest money, downpayment and then closing is exactly the process that tens of thousands of happy Villagers followed in buying their houses. You might not like the procedures set up by the developer, but demand by people who want to live here seems to have justified such a process for a long, long time.

As far as the "non-refundability" of earnest monies deposited by buyers "up north", the laws regarding real estate transactions are not necessarily in favor of the seller, even if they appear to be. If you check with your attorney, you will likely find that if a buyer defaults on a purchase agreement, his earnest money deposit does not automatically go to the seller. The money is typically held by the selling broker in a safekeeping account. Should a buyer default on a purchase contract what that does is permit the seller to litigate against the buyer for damages associated with the defaulted contract. That is why an offer to purchase real estate is called a "contract". It's ultimate settlement must be accomplished by the application of contract law. Such a contract is not just settled automatically.

Contract litigation and eventual adjudication takes a long time. More importantly, in order to have any of the buyer's earnest money deposit awarded to the seller, the seller has to prove to a judge that they incurred losses as the result of the buyer's default. Typically, the litigation never, ever gets to the point where a judge is required to adjudicate the matter. Almost always the seller and the defaulted buyer agree on some amount of "damages" which are typically a small proportion of the earnest money deposited.

So I wouldn't necessarily get my shorts in a knot trying to compare real estate purchase procedures in TV and what might be the custom and law up north. They're often not comparable. I guess that's why they call The Villages an incomparable place to live!

[samhass]

Hi Boomergirl,
It is correct that you can't put a FSBO sign in the yard. (at least south of 466). I put mine in the front window and one in the back window so it can be seen by golfers. The signs are inside the windows.

[The Great Fumar]

TVMAN
IF YOU BUY A NEW HOME IN TV YOU CAN'T SELL IT FOR A YEAR UNLESS YOU HAVE A SPECIAL CIRRCUMSTANCE.......THAT IS BECAUSE MANY PEOPLE WERE BUYING HOMES , DECORATEING THEM AND RESELLING FOR A NICE PROFIT....IT GOT OUT OF HAND SO THEY MADE A RULE AND ITS A GOOD ONE.......PEOPLE WERE MAKING A BUSINESS OUT OF FILLING UP THE WAITING LISTS FOR NEW HOMES...
ALSO ITS 2500.00 ERNEST MONEY AND BALANCE AT CLOSING...AND ITS THE GREATEST PLACE I'VE EVER FOUND..........

[jjdees]

I believe the sign issue is a county ordinance. In the areas where outdoor signs are forbidden, it's all signs, TV realtors, outside realtors and FSBOs. Some areas of TV can display signs, others cannot.

[TV MAN]

Great Fumar

:agree: It is a good rule to have in place to keep the flipper activity down. I agree that it is a great place to be for retirement and look forward to that day, which is why we purchased our home with jut those intentions. I find there overall process to be very straight forward and efficient. :bigthumbsup:

[pili]

Well, all these comments have soured me on TV. I have never heard of coming up with 20% down "before closing" nor have I ever heard of closing in 7 days. I have no problem with non-refundable $2500 earnest money. However, I do have a problem with 20% in 7 days. That's ridiculous in my opinion. We do plan to visit TV and check out homes there next year. I know I'll be armed with plenty of questions and I won't be coming up with 20% down in 7 days. Full payment or down payment if someone takes a mortgage is paid on "closing day" which always takes longer than 7 days.

[Villages Kahuna]

Hope you have a pleasant visit to TV. Please don't let the purchase policies and procedures get you too sour. Just remember that thousands and thousands of home buyers in TV followed the same procedures. Virtually all of us couldn't be happier that we did. Good luck.

[nanci2539]

Okay, let me see if I understand this down payment stuff.

We buy a $400K designer home. We give $2500 in good faith. We don't get it back if we change our minds. Okay, that's as far as I got.

Do I understand that within seven days I then have to come up with $80,000?

What about the fact that my house has sold and it takes longer here to pass papers. That's where I'm getting my down payment.

So I guess I understand that I better sell my home first, pass papers and then go to TV to buy.

Do I have it right?

What about if you show the builder that you have sold your home and need to wait for that transaction to happen in order to put down the deposit. In our case, it would be much more than 20%. But we would need the money from the purchase of this home first.

[darbyduff]

Kahuna is right. :agree:

We just went through the process and will be leaving Colorado for Florida and TV in 3 more days. We were told that if we saw a home and wanted to HOLD it, we would have to put down the 2,500. (for 4 hours) If we wanted a different home than the one we were holding, that $2,500 could be put on the other home. Once we decided on a home, we had to put our 20% down. I guess that was to show that we were serious about the home. Now when we close (Sept. 26th) all the money we put down to hold the home will be applied to our down. So we are not out any money. If it seems like a weird way of doing business, you just look around like Kahuna said and look what your getting when you purchase a home in TV. A lifestyle like NO OTHER in the country! Yes, NO OTHER PLACE IN THE COUNTRY. :#1: :#1: For this lifestyle, if you have to jump through some different hoops then anywhere else....Then, so be it!!!!! It's a small price to pay!!

[chuckinca]

That Thousands and Thousands of Villagers would put up 20% non-refundable earnest money is just astounding!

I wonder how many people couldn't close and lost their 20% - bet they aren't among the happy folk.

[darbyduff]

Chuck-

Maybe I'm not understanding, but prior to putting down your 20%, you do pre-qualify as everyone else does across the country. The people who purchased our home in Colorado had to pre-qualify in order to purchase our home (or for that matter, the realtor wouldn't show them our home if they hadn't pre-qualified first) so, if you have pre-qualified, your not going to lose your 20%. You will have your mortgage.

In other words. Your looking at , let's say, $200,000 dollar homes and you ask your realtor to show you homes in that price range... he or she will not do that if all you can qualify for is an $80,000 home. Right????? or am I not understanding????? ???

[chuckinca]

Darby:

20% non-refundable up front in 7 or 10 days to the developer is not the same as an 80% mortgage where you have to produce a 20% check at closing - BIG Difference.

If you put up the 20% in 7 or 10 days and you don't close for 30 or 45 days and in that time the sky falls on you or the developer (they could go belly up just like any other large corporation) and you can't close you loose the 20%.

If you are buying a $250,000 house that's a $50 grand hit!

[nanci2539]

Now I am totally confused....

You give $2500 to hold a home - this I get.

Then within 7 days you give a 20% deposit and then in 30 days you pass.

What I think I understand from Chuck is if something happens after you give the 20% down payment (on either end); you are out that deposit as well as the $2500? That's Russian roulette to me.

What if a family emergency happens; what if someone heaven forbid dies or you get too sick to travel, etc.

I can understand the earnest money not being refunded but your 20% deposit isn't either?

That just doesn't make any sense.

[bobbie]

I was at TV last weekend and that’s pretty much what I was told. $2500 on a credit card to hold the home. Then I must send them 20% of the purchase price in 7 days. My sales woman did say that the 20% deposit was non-refundable. Was she wrong? The closing date on my old home was after the set closing at TV and I didn’t have $60,000 cash to send in and I was told to open an equity line of credit if I didn’t have one and use that. It seems that no matter what TV wants that 20% non-refundable. I just thought that with the market like it is they would bend a little.

[bamafan]

Everyone keeps saying "What with the market the way it is" well in TV it aint so. This allows the developer to continue to say this is the way it is, and you will provide the funds ie: 20% in 7 days. Just by reading this forum you will get a small sampling of the many who want to buy in The Villages. So in the end you do your homework, suck it up, sell your home first, and follow that dream. We be Village People. And Proud to say so. Now if you do not want to pay the 20% down there are preowned homes with more traditional contracts and arrangements. Go for it. If you think that buying somewhere else with more traditional purchase agreements is for you Go for it.. Buuuuut, if you visit The Villages just once you will realize that if you want to be here, and you will, then you gotta go with their program, which is not bad. Its called commitment. Are you committed? I did not like paying the 20% anymore than anyone else, but it was necessary to accomplish my families goals. I would have rather kept my money in my account making me money, but I was committed, just as thousands of others. Darbyduff just went through it, as others will in the coming weeks. Yes emergencies do happen and the by product is you have preowned homes on the market that "are barely lived in" and "have never been lived in" thus the owners must sell them. That is a sad part of life.

[nanci2539]

Bama and others. I understand what you're saying and we are sold on TV but the one nagging thing that bothers me is the down payment (20%) is not refundable. I don't mean in matters that you changed your mind, I'm referring to circumstances that are out of your control.

I'm sure thouands of people who live in TV didn't have an issue with this or they wouldn't be there. I'm wondering if anyone gave their deposit and then ended up losing it all because of some unforeseen situation that made it impossible for them to go through with the passing.

[Avista]

Nanci, We discussed this with our Villages Sales Rep. We had the same concerns as you.
He informed us that although The Villages had the right to keep your money, under extreme circumstances the money has been refunded. We had by this time known our sales rep a long time and trusted him. We did go ahead with the 20% and are very happy we did.

[kitten]

I wonder was extreme circumstances mean. A dear friend of mine purchased a home at TV and before closing her husband had a heart attack and passed away. She of course wanted to stay closer to family but could not get her deposit of 20% back. She was told to close on the home and they would waiver the 1 year hold and she could list the home and pay a 6% commission. Just be aware of what might happen.

[Atlanta0744]

Bama, you seem to think the market is not soft at TV. Well if that’s so why have they discounted many homes, eliminated settlement costs in some cases and right now are offering 10% of the purchase price in free furniture. This is just the beginning of big discounts at TV.

[kitscottage]

In CT, you put 1% of your first offering price while you negotiate. You then put in an additional 19% (to make up 20% of the agreed upon purchase price) at the time of contract signing (usually 2 weeks). This money is held in escrow until all the contingencies are met (mortgage, building insp, etc). If the buyer does not qualify for the mortgage, or if they don’t like things in the building inspection, then the 20% is returned and the offer is rescinded. If all contingencies are met and the buyers back out for no reason (buyer’s remorse) prior to closing, they stand to lose that money.

[Barefoot]

If buyers don't like the monetary commitment aspects of buying a new home in TV, there are always resale homes! We bought through MLS with $5,000 down, remainder on close in 60 days, plus conditions on Termite Inspection and Building Inspection. All went smoothly, it was a walk in the park! ;D

[pili]

I'm with Chuck and his comment. I realize how all of you TV residents love the place, however, 20% down in 7 days knowing that you may lose itif you cannot go with it, is bad business. I have never heard of "no inspection" before closing. So from everything I've read so far, if we want to buy in TV, we better look at pre-owned homes so we can have the closing terms that everyone goes by. You put down earnest money, house goes through inspections, you give your 20% or more at closing time. I'm not about to take $60,000 or more out of savings/investments (and lose interest that can be earned at the bank or mutual fund) with the stipulation if something happens and we have to back down we lose it. Losing $2500 is one thing...20% of price of home is another. Seems to me the developer is all about making money and not very ethical in my opinion.

Pili

[pili]

Bobbie,

Sound like your sales person wants you to incur another debt and pay more interest on it. Get an equity line of credit so you can put down the "non refundable" 20%? That's nuts. Why would anyone in their right mind take a line of credit to put down money? Folks sell their homes and use the proceeds to buy another home. I guess if you have tons of money coming up with 20% before you sell your home is not a big deal. However, from everything I've read all of us are decent, hard working people, who have worked hard for our money and are looking forward to retiring in a nice place. Why should such a burden be put on people who want to buy at TV? Buying at TV is not like buying anyplace else? I find that very risky and dubious. That developer must be some crafty person to come up with this deal and have others go for it.

[darbyduff]

I guess the bottom line is - If you fear the 20% then buy from any of the pre-owned owners. Then once you live in TV for a while and want to purchase a new home you can go ahead and do so. Right now we have paid TV $80,000 for our home and haven't closed yet. (Next Wednesday) Yup, it's a risk but so is a lot of things in our life. We waited for 2 years to be able to purchase in TV. Our house sold in Colorado so we have to have a home somewhere.

Things are only "soft" in TV because, even though there are plenty of people who want to purchase in TV, they are having a hard time selling their home else where. The developer sold 40 homes in July and 42 homes in August. That doesn't sound soft to me. (That was with all the incentives)

[bamafan]

Atlanta, I'm not saying the market is not soft, but it is not as soft as other places. To tell you the truth I think TV got caught with to many homes. They had been used to selling in the neighborhood of 500 homes a month. Not any more. Now it is around 50 a month. Thats still a lot of homes. That coupled with the fact that they are probably trying to keep their builders busy has given them problems to work through. Thus some of the deals we are seeing. The question is for how long?

I think the problem with the 20% down, is that a lot of people want to move to TV They come, they see, they are overwhelmed, and they impulse buy. They get home and start thinking what have I done.

Bobbie, we looked at a lot of communities in central Florida before deciding on TV. We had some who told us "Go ahead and sign on the dotted line and we will make your payments for a year"' Well what if my house had not sold then I would be holding the bag. As my wife said WE close one chapter of the book before we open another. If I were you I would close the sale of my home ie: chapter before I opened another.

[The Great Fumar]

Inspect your home all you want and they will repair anything you don't like ......but on the 7th day be ready to put up your down payment....
In other words be prepared to buy if your put down your $2500.00..
So visit TV and if its your thing then go home and sell and then come down and buy a house,and golf cart,big screen tv,new furniture ,new computer,fountain for the yard, new golf clubs w/ bag to match your cart, head covers and umbrella to match your side curtains and new sign for you light post with your name on it....are you starting to get the picture......Its hard to believe its worth it , but it is..........

xxooxo one broke fumar

[chuckinca]

Fumar:

If you think you're broke, imagine being in a position of bringing in $150 Mil a month, every month, for a long long time, and things tighten up and you are only bringing in $15 Mil a month - things might get a bit shakey!

And do you think monthly bills were paid in 30 days, or maybe they might get a little greedy and see how far they can put off the little guy vendors and contractors so they could earn some interest for a month or so extra (or pay out some huge bonus') with the little guys money. Now instead of paying off the large part of $150 Mil a month they owe say $450 Mil and the slow down comes and they only get income of $15 Mil to cover the $450 Mil!
BROKE

Been there, but not on such a large scale.

[bobbie]

I’m not saying TV is not a great concept. But what I don’t understand is why they want to make it virtually impossible to get your 20% back or even require that much especially since most closing are within 30 day’s. Also the homes are already built, I can see the 20% down if you are having a custom home built to your specs. Are they afraid that once you go home and the excitement of a stay at TV has worn off in a week or two you would change your mind? We all know you get a lot less house for the money at TV and most are happy for the trade off knowing that there is no other place like it. I’ve compared homes at other active adult communities and so have many of you so you know that’s an accurate statement. Maybe if TV started selling the conventional way their sales would increase, at least for now.

[nanci2539]

I think for us who want to buy in TV; coming up with a 20% down payment within seven days is tough unless you go into savings; investments; bridge loans, etc and these are all extra steps.

When I put my home up for sale (soon), the proceeds from this home will go towards a TV home. It takes 60-90 days to pass here. What this means for me is I have to find someplace to live because I won't have the money until I pass papers on my present home. This incurs more expense for us and it's very inconvenient especially when you have pets and furniture to move. I have to rent someplace and store furniture.

I'm amazed that so many people who have purchased new homes in TV were able to come up with thousands and thousands of dollars for a down payment in 7 days. Did everyone just have $40K plus money hanging around and few had to wait until they received the proceeds from their home?

It's not confusing to me, I understand totally what is required but it amazes me that folks were able to do this independently and not wait for the proceeds to the home they sold!

[Bella]

Nanci2539...

AMEN :agree:

You took the words right out of my mouth!!!

[nanci2539]

Thanks Bella - I thought it was just me! We are not "poor" and certainly have a nice retirement but this money is tied up in funds and is there for our actual retirement, not for buying a home. That's why we have this big 13 room home here to sell! The proceeds from this home should be generous enough that we should be able to afford a nice designer home but to come up with $80K plus before we even pass papers is a stretch. And more importantly, if we wait until we get the proceeds from this home, where do we go??? I don't want to rent or stay in a hotel with cats while I'm looking for a home in TV and then have to wait an additional 30 days to pass.

Like I said, it just amazes me that others don't or have not found this difficult!

[Bella]

I am so glad someone out there said what we have been thinking...
We have been going 'round and 'round about this for months now trying to figure out an answer....
I guess like you said...sell, store, find a temporary place to live, buy, move...$$$$
It is ludicrous, but it seems the only way to do it unless you buy from an outside realtor...

[SteveZ]

Part of any transaction is knowing (and accepting) the terms of the other party - some things can be negotiated, some things can't. For those items that can't, then planning (including absorption of any additional costs) is needed.

Coming to TV for a whirlwind visit and slapping down money on Trip #1 wasn't for us. It took a couple of trips, a lot of conversation in between trips and afterwards with the sales office, and only when the "ah-ha" place came available did we make the plunge. To us that was part of the the cost of doing the transaction, and we considered those costs as our personal "insurance" that we were really doing the right thing. In other words, it was money well spent to us!

Let me also say that we had the advantage of having lived in Central FL for a couple of decades before going north 3 years ago, so already knew the lay-of-the-land business-wise and such. That includes knowing how it is to live in Central FL - the costs, the environment, just the way things are done here. I have a hard time imagining just up-and-retiring in Central FL without any idea what it takes to live here - and it is just as different here as it is to move anywhere else in the nation. A tip of my hat to all who have done it!

One thing about TV - it's not going anywhere and there will always be turn-over of property - the median age of the population makes that a reality. So, if the developer won't accept your terms, and you won't accept the developer's, then the resale market - which is thriving and more flexible term-wise - may be the option for now. That's not a bad option as there's some great houses, and pretty good deals, always there.

[noleguy]

The answer is to get A HELOC (Home Equity Line of Credit) before you put your home on the market. Then you do have the funds to do whatever you decide upon at The Villages. No going into your retirement funds and certainly gives you more options.

[Avista]

We purchased in Feb. Closed on our old home Feb 1st and our Villages home Feb 16. When we decided on our Villages home, we got a bridge loan through citizens to carry us over to closing. It worked out without a wrinkle.

[JohnN]

like noleguy and Avista say, when the time comes, we plan to get a short term bridge loan (HELOC) to get by.

[darbyduff]

Heres another idea. We sold our home and then rented back for 1 month which gave us time to run down to TV, see the home we wanted and come back and finish packing. That gave us the money from the sale of our home to put down in TV and not have to dip into savings. We are leaving tomorrow so I have to close now and unhook the computer. When I write next, it will be from TV. FINALLY!

A BIG SHOUT TO ALL OF YOU. WISH US LUCK!!! :bigthumbsup: :bigthumbsup: :super: :super:

[bogart]

Happy and safe travels to you, husband and animals, DD.

Bye, bye Colorado, HELLO The Villages. :clap2:

Hope to meet up with you in TV when we're there for a few weeks in Oct/Nov.

[pili]

I agree with Nancy. I just don't see how so many people come up with 20% down payment in 7 days. Do all these people have that money at their disposal? We have money but it is tied up in funds and I'm not about to take it out and lose on interest to satisfy TV. Furthermore, taking out a bridge loan or home equity line of credit means paying additional interest on it for no reason. I guess I have a very difficult time accepting this. I think if TV were to do business like other builders do they would be selling more homes. They make it very difficult for folks who need to sell their home first. Like Nancy and others have mentioned I have no desire to rent a place while I wait for closing. It takes 60-90 days for closing in Illinois. If TV functioned the same way, we could buy in TV, close on our home and then close in TV in 90 days with proceeds from our house. Furthermore, if TV was building homes to specification and taking the usual time (8-9 months) there wouldn't be an issue of paying down payment in 7 days. Not only does TV force potential buyers to buy homes without any input (I cannot choose my counter tops, lights, floors, etc) but it also wants me to close in 7 days. Again, I may love TV once I spend time there. As of now, I have too many questions and there are many negatives against TV.

[Renee]

I suspect that has long as folks keep buying at TV the terms of purchasing a home won’t change. I think if they are not on there way to sell several thousand homes this year as in past years things might change in there purchasing policy or we will continue to see these great offers or both.