Selling before 1 year

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #16  
Old 05-25-2015, 09:33 AM
asianthree's Avatar
asianthree asianthree is offline
Sage
Join Date: May 2011
Location: Pennacamp, Fernandinia Frog and a Snowflake
Posts: 6,635
Thanks: 13
Thanked 382 Times in 172 Posts
Default

You can sell before the year is up, but the profit of the price you paid for the house goes to the villages closing costs lessen and other things lessen the profit
__________________
Do not worry about things you can not change
  #17  
Old 05-25-2015, 09:45 AM
golf2140 golf2140 is offline
Platinum member
Join Date: May 2009
Location: Bonita
Posts: 1,862
Thanks: 0
Thanked 12 Times in 5 Posts
Default

That policy was started years ago. Folks would buy a number of homes duing the hay days then turn around a sell them at a profit.
__________________
Villager from 2000 until they take me out in a small box!!!
  #18  
Old 05-25-2015, 12:07 PM
gomsiepop gomsiepop is offline
Senior Member
Join Date: Jul 2011
Posts: 337
Thanks: 12
Thanked 30 Times in 10 Posts
Default

If a homeowner sells within the first year and makes a profit that amount of profit goes to The Villages, unless you purchase another home in The Villages. If that happens that rule doesn't apply. The one thing you should check out is if someone sells within one year, makes a profit on the sale and purchases another home that is a lower price than the sale of the previous home I'm not sure if the rule applies.
__________________
It is a positive attitude towards life that makes dreams come true
  #19  
Old 05-25-2015, 12:32 PM
tommy steam tommy steam is offline
Gold member
Join Date: Dec 2011
Location: New York, Georgia , Arizona, Vietnam 66 67
Posts: 1,369
Thanks: 0
Thanked 3 Times in 3 Posts
Default

If you sell before a year and the home sells at a profit, the villages will get the profit over the original sale price. Call your broker and ask .
  #20  
Old 05-25-2015, 01:29 PM
gerryann's Avatar
gerryann gerryann is offline
Platinum member
Join Date: Nov 2009
Posts: 1,927
Thanks: 0
Thanked 4 Times in 4 Posts
Default

Quote:
Originally Posted by dbussone View Post
We all signed that. If I recall, you will split the profit with TV.
Nope. TV gets all of the profit.

Quote:
Originally Posted by TheVillageChicken View Post
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.
There are so many exclusions to that. I have sold many homes before the 2 year limit. Some are....illness, retirement, divorce, closer to work, etc, etc.
  #21  
Old 05-25-2015, 02:48 PM
Barefoot's Avatar
Barefoot Barefoot is offline
Sage
Join Date: Jul 2007
Location: Winters in TV, Summers in Canada.
Posts: 17,583
Thanks: 911
Thanked 141 Times in 97 Posts
Default

Quote:
Originally Posted by Erijo View Post
I think if you sell for anymore money over your purchase price, the profit has to go back to the villages.
I believe it is your profit LESS real estate expenses incurred.
However if you had a medical emergency or a compelling reason to sell,
I think The Villages may make an exception.
__________________
Barefoot At Last
No act of kindness, no matter how small, is ever wasted.
Saving one dog will not change the world, but surely for that one dog, the world will change forever.
  #22  
Old 05-25-2015, 04:00 PM
Barefoot's Avatar
Barefoot Barefoot is offline
Sage
Join Date: Jul 2007
Location: Winters in TV, Summers in Canada.
Posts: 17,583
Thanks: 911
Thanked 141 Times in 97 Posts
Default

Quote:
Originally Posted by Erijo View Post
I think if you sell for anymore money over your purchase price, the profit has to go back to the villages.
I think that real estate expenses can be deducted from the profit.
And if you have a medical or other compelling reason to sell, I've heard The Villages can be compassionate.
__________________
Barefoot At Last
No act of kindness, no matter how small, is ever wasted.
Saving one dog will not change the world, but surely for that one dog, the world will change forever.
  #23  
Old 05-25-2015, 04:07 PM
John_W's Avatar
John_W John_W is offline
Sage
Join Date: Jan 2011
Location: Tamarind Grove
Posts: 5,109
Thanks: 555
Thanked 881 Times in 444 Posts
Default

By profit, they also mean you can tack on improvements to the cost of the home. Let's say you paid $200K for your home. You add landscaping, driveway coating, window treatments, etc for a grand total of $20K. That means anything more than $220K would be profit, not $200K, also don't forget to deduct real estate commission from your profit. That now takes you up to about $233K before you realize any profit.
Closed Thread

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 10:19 PM.