Selling before 1 year

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  #1  
Old 05-24-2015, 06:50 PM
Veronica Veronica is offline
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Default Selling before 1 year

I signed something with the villages that said i could not sell my home before i owned it for one year. What is the penalty if i sell it before the year is up.
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Old 05-24-2015, 07:14 PM
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twoplanekid twoplanekid is offline
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It is my understand that all of the proceeds of the sale of a new home within one year of closing in excess of what you originally paid the Developer must be returned to the developer. The intent is to discourage speculators.
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Old 05-24-2015, 07:14 PM
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You are able to sell before the year is up any and all profit will be collected buy the VILLAGES no way around it. They will go after it.
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Old 05-24-2015, 07:20 PM
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Look at your paperwork, I vaguely remember a penalty when we purchased, this was related to people who were buying the houses on speculation. As I recall you cannot make a profit on the sale. Now having stated that I know there was another thread on this and the general consensus was that it probably could not be enforced.....
Hope this helps.
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Old 05-24-2015, 07:31 PM
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I don't know the answer to that question, but I do know that if you sell your residence before living in it for two years, you cannot exclude the capital gains on your tax return.
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Old 05-24-2015, 08:08 PM
Bjeanj Bjeanj is offline
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Read whatever you signed. If there is a penalty, it will state what it is.
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Old 05-24-2015, 08:19 PM
Erijo Erijo is offline
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I think if you sell for anymore money over your purchase price, the profit has to go back to the villages. I am new here, but to the best of my recollection this is the "penalty".
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Old 05-24-2015, 08:24 PM
JGVillages JGVillages is offline
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Should be spelled out in what you signed???
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Old 05-24-2015, 08:25 PM
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Quote:
Originally Posted by Veronica View Post
I signed something with the villages that said i could not sell my home before i owned it for one year. What is the penalty if i sell it before the year is up.

We all signed that. If I recall, you will split the profit with TV.
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Old 05-25-2015, 12:17 AM
mixsonci mixsonci is offline
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I believe the rule is, you can sell it anytime you want, however, if you sell it within the first year, you cannot make a profit on it. You must sell it for the same price you paid for it
  #11  
Old 05-25-2015, 01:04 AM
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I think what we signed said we could not make a profit from the sale for 1 year. If we sold in the 1st year the villages would get the profit!?!

Not 100% sure but this is what I remember!
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Old 05-25-2015, 05:18 AM
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If yhou sell before the year is up, any profit goes to the developer. This was put in place to discourage "flippers".
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Old 05-25-2015, 06:34 AM
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As I understand it, you can sell just not with a profit, I don't think there is any "penalty"
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Old 05-25-2015, 09:00 AM
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I didn't buy new so I don't have any paperwork with the restrictions. I'd be interested if someone would post the language in the contract. There would be a significant difference between a profit and selling for more than one paid. There is no profit if you made capital improvements, paid a realtor, paid off a bond, closing costs etc. all of which could result in a higher selling price but actually losing money on your home.
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Old 05-25-2015, 09:25 AM
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Quote:
Originally Posted by mixsonci View Post
I believe the rule is, you can sell it anytime you want, however, if you sell it within the first year, you cannot make a profit on it. You must sell it for the same price you paid for it
You can sell it for MORE. I don't think you have to pay the whole amount OVER to The Villages, but there is a penalty...or folks would come in and buy lots of houses and resell them and make a business of it. It was to discourage blatant flipping and protect the developer AND us..
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