Selling before 1 year

Selling before 1 year

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  #11  
Old 05-25-2015, 01:04 AM
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rosygail rosygail is offline
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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!

  #12  
Old 05-25-2015, 05:18 AM
mulligan mulligan is offline
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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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  #13  
Old 05-25-2015, 06:34 AM
Flyinglady Flyinglady is offline
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As I understand it, you can sell just not with a profit, I don't think there is any "penalty"
  #14  
Old 05-25-2015, 09:00 AM
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blueash blueash is offline
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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.
  #15  
Old 05-25-2015, 09:25 AM
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graciegirl graciegirl is online now
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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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  #16  
Old 05-25-2015, 09:33 AM
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asianthree asianthree is offline
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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
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  #17  
Old 05-25-2015, 09:45 AM
golf2140 golf2140 is offline
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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.
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  #18  
Old 05-25-2015, 12:07 PM
gomsiepop gomsiepop is offline
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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.
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  #19  
Old 05-25-2015, 12:32 PM
tommy steam tommy steam is offline
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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, 01:04 PM
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Lyle Gant Lyle Gant is offline
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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.
What you friend on totv siad IS TRUE, however if you have a hardship, they will wave it..but will not put it in writing.
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Last edited by Lyle Gant; 05-25-2015 at 03:04 PM.
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