Buying a Discounted new house in TV
 

If you are buying a discounted new house in The Villages you need to be very careful when signing documents that you understand and read every word before signing anything; even if it means an hour of quiet time in their office to get through multiple pages of small print. You should also be aware that there is no law in Florida that permits you to withdraw a signed document after a cooling off period.
We have found ourselves in a situation that has not been resolved (and could be resolved without any cost to TV) because we did not read the fine print and weren't properly advised of the financial implications and certain restrictions in the documents.
Read and understand ANYTHING you sign and you won't find yourself in the stressful situation that we now find ourselves in. What should have been a joyful experience has turned out otherwise.

Are you saying if you knew what you know now you would not have signed?
Or do you have buyers remorse and now understand what it takes or not to get out of a home buyers contract?

For me for example, when it comes to real estate....and because there are no two states laws alike....I use an attorney and always ask the magic question....is there any reason I SHOULD NOT sign these papers?

you clearly need to understand what you are getting into when you indicate you want to buy a village house. Once you say yes to a house the process goes from laid back to high gear and you will be committed to everything you sign. I'm saying this only so you don't under estimate what will happen once you say yes to a house and once you sign what the villages position will be. We bought 2 houses and didn't have any issues but were surprised by how fast the villages wanted papers signed, down payments and how little flexibility there was in closing (which was quick when we bought). We regret nothing and love it here.

Sounds as if your REA did not give full disclosure, or you were asleep at the contract signing.

I would think that most of us would know by now that signing a real estate contract is a binding agreement.

When we were VERY young and in the process of looking for our 1st house to buy, we had an agent who (in looking back now) seemed bent on us signing a contract. I remember the house...I didn't really like it and didn't understand (quite) what "making an offer" meant. I think the guy used some words that were blurred in content. Anyway, I did have to presence of mind to ask questions AND was told that the contract would be binding. WHEW!!! So glad I asked those questions as in the end, we didn't work with that agent again and our first house was just what we needed and were looking for.

When we purchased here everything was explained pretty clearly but we still asked questions too. The process went quickly (which we appreciated) and smoothly as well. We've never regretted anything in the 6 years since.

All the more reason for full disclosure not a rush job

an REA is a salesperson...if you count on them and not a lawyer the fault, unfortunately, is yours...:sad:

can you be a little more specific as to the issue you ran into. Not asking for any privacy info, just an idea of what was not as apparent as you would have liked.

If you are from certain states (we are from NY) there is a right of recision. The first home we went into contract on we had 7 days to rescind and decided this was not the house for us. Your real estate agent should know which states have this clause.

Compos Mentis

of sound mind???

I would have put off signing until the house I now own in TV had been sold.

We are Snowbirds from Canada so our rescinding periods would not apply in the US.

Let's just say we were mis-informed, mis-led or whatever you want to call it which amounts to not divulging critical information to us. Part of the problem being we wanted to sell the house we now own in TV before purchasing a new house in TV.

In other words you wanted a contingency clause in your contract to purchase and there was none?

If your home in The Villages is priced right it should sell quickly. If the same sales person is handling both side of the transaction perhaps he could get an extended closing date on the new home.

The NYS right of recission only applies to NEW homes, not resales....I think.

You can get an extension for a price.

We just moved into our second home in The Villages. Bought this one before our other was listed. I was not comfortable, but our house did sell quickly

I have learned that a polite real estate agent will smile if you ask about a contingency clause tied to you first house selling.:icon_wink: A rude one breaks out in a belly laugh.:a040: Mine was polite.

Good luck resolving your problem. Once it's behind you, all will be good.

So sorry to hear of the situation you are in. I do hope all works out for the best!

Yes, after you sign you have 30 days to close, you can extend this by paying $40 a day. Although the 5% incentive was very attractive we elected to wait and sell ours before buying. Feb incentive is now 4%.

Are you saying that you were "tricked" into buying a new house? I have read and reread all posts here and I am having a difficult time understanding the situation. Why didn't you sell, or at least get your current home In Contract with a buyer before you even looked at another home? And as you stated, Why didn't you hire an attorney to review your purchase agreement? That is a must anywhere, not just in The Villages.
You seem to be playing the woe is me card claiming to be a victim of the evil developer. Yes, the developer and agents are interested in selling homes. That's what they do. But I don't believe for a second that they have to resort to underhanded tactics to do so. We are all responsible for our investments and purchases. And if we do something we regret, buy something we shouldn't have, or act irrationally (which we have all done a time or two), suck it up, find a solution and take responsibility for yourself.

caveat emptor

i feel for you.....I know how hard it can be with two mortgages.

We also did a similar thing, the salesman assured us our home would sell extremely quickly and not to worry.......Well it didn't....

We regret listening to the salesperson, but we should of known better.....

they are only out for the money and can care less about you once the deal is done....

Advise.....not good....but what we had to do after a few months on the market is to lower the price so we would loose money with the sale, but with it on the market for 8 months, we were loosing more money paying two mortgages....

Best of luck....

We waited until we were HOMELESS. But thank heavens we were taught to save our money and to proceed cautiously and not blame other people for our decisions.

Fiscally conservative Gracie.

Once again there are insinuations that the developer or their agents have acted unethically. The agent is not responsible for verbally reading the entire contract to buyers. There is no "fine print" it is all there. If you are not experienced in buying real estate-Read.
I never knew until beginning to follow TOTV that so many 55+ people were so naive. The OPs advice to read a contract is good. the inuendo is not good

Buying a Discounted new house in TV
 

A bit off topic, but it was touched upon...

Has anybody used a "bridge loan" to facilitate a buy-home-first-then-sell-existing-home-after? No guarantees of course how quickly your home will sell, but the bridge loan is supposed to help you temporarily own two homes while you wait for your home to sell. It would surely be nice to leisurely shop for a house, act quickly when you find the right one, then sell your existing home even if it took a little while. It would certainly beat having to buy quickly after selling, or renting for a while or any similar scenario.

I do not agree with your statement "they (sales agents) are only out for the money and can care less about you once the deal is done...." -
That might be true in your case, but it isn't always true.
I know many Purchasers who continue to have a personal friendship with their agents.

As far as your home sale, I obviously don't know the facts in your personal situation.
But I do know that homes that show well and are priced at market value usually sell quite quickly in The Villages.
Whereas homes that are priced above market value usually sit and sit until the price is reduced.

Would you be so kind as to explain the restrictions in the sales contract that were not properly explained?

We bought our second home knowing full well that if our first house had not sold we would be the proud owner of two homes until the first sold. No double talk from sales

The Villages' Contract for Sale is . . . Whew!
 

Your statement is untrue. Many states including NewYork protect their residents from the unsavory practices of out of state real estate transactions. New York residents that purchase ANY new real estate whether it be developed or raw land have a seven day right of recision. Florida recognizes this right and requires sellers to abide. How do I know this ? We exercised this right two times before we finally went to contract with the developer on a new house.

A friend just had a buyer back out of a sales contract on a preowned home here in The Villages. Just said they changed their mind.

Yes, we used a bridge loan when we sold our first home and built our second home. Closing on the first was delayed about a week, so the bridge loan was used to cover that period. Ended up paying just interest for those days used before the sale and purchase was completed.

Most of us are seasoned buyers of real estate. We have moved several times and bought and sold properties over the course of our lives. My point is that signing a contract is never a baby game.

Bonanza, did you buy a new home here? We were satisfied with how things were handled and with all procedures. I saw no thing inferior than when we used a realtor with an R as an agent.

My point is that when you sign a real estate contract you should know that you just can't decide a few days later, ooooops I think I want to change my mind. It isn't like exchanging a pair of socks at Belks.

There is a real issue and hard feelings with many Realtors here in this area that the developer does not let them sell new houses. TOO BAD. If I were the developer I wouldn't either. The developer has a business model that works and they don't have to give anything away.

We have bought two new homes here and had no problem at all and we have built many new homes over the course of our lives and watched our daughter build two new homes and helped guide her and her husband..

We found that the process here was amazing. When you contract on a home to be built they told you the day and hour of your closing, now that they aren't building to suit they still tell you the day and hour of your closing. They don't do VA or FHA on new homes. You have to have the money or can borrow the money or you can't buy a new home here. I have no problem with that. We aren't children anymore.

I absolutely think that this is a flawless process to buy a home here and no one is trying to hoodwink you. THEY DON'T HAVE TO. They have a product that many, many people want.

Just curious.....what is different in the T's and C's for a discounted property and a non discounted property?