10% down right away, but $42k in discounts out the window if 30 day closing is late.
 

Has this happened to anyone? Seems like a lot of money on the line and if the bank misses the quick close date, I lose my $42k in discounts. Does this really happen or do they try to work with you?

They are strict on closing dates ...If you use Citizens they will not miss the date ---

Citizens is easy to work with --but you can get better rates if you shop ====They get you with the 30 day closing clause..

Good Luck

The Villages will not budge or give you a break with anything in their contract.
If there is only one word in a sentence you do not like, -- well, that's just too bad.
It is true that if you go one day over the specified closing date, you lose.
Their attitude is take it or leave it and if you leave it, someone else will fill your shoes.
Their attitude leaves much to be desired but they don't care!

We closed 23 hours late. Just the penalty was $647 for one day late. We did not use citizens.

The Villages Has No Conscience
 

I know The Villages is strict about all their contract for sale forms, but have not known anyone who had to close late for one reason or another.

I find the $647 you had to pay to be outrageous, disgusting and oozing greed!
One day?
It isn't as though you were doing something on purpose.
It's obvious your lender or title company was the reason for the delay.

I would have been seething. :swear: Sorry this happened to you.

Cost us over $800 because we used a new york bank. Closing agent clueless on how to process our closing even though our new york bank walked her through the process.

Why? A contract was signed, and they agreed to the terms. I'll bet if the developer was late you would expect them to live up to them.

I used Quicken loans and we closed on time. But it was brought to my attention that there was a $250 fine for each day that we closed late. What bothered me was they told us this after all the paperwork was signed and submitted. I know. It's my fault for not reading every word of every page that we signed. But, I have to ask, how many of you actually do that?

It was also troubling that if you got turned down for the loan, you lost your deposit. My sister is one of the top real estate brokers in New England and she has never heard of either of these two conditions. She said that the only late fines she ever heard of were on the builder or a contractor for not finishing work on time. If she sells a house and the buyer doesn't get the loan, they just cancel the deal and refund the money.

If I move again, it will be into a pre-owned house. I would never buy from The Villages again.

We closed in March, 2014 - used Citizens - interest rate was at least competitive, title insurance seemed high, BUT it was an easy, smooth process.

Comparatively, I recently needed a chunk of money to do finish investment project, LTV less that 30%. Went to local (previously really easy) bank and also checked others out. Since we are retired and have no pensions ("no income") and are living off SS and retirement accounts, it was a NIGHTMARE. I quickly learned that assets are hardly considered by most banks, since their "not really income".

With that said, if I ever need another mortgage in TV, I would only use Citizens since they understand "retired". As previously stated, easy, smooth without the usual last minute surprise of "oh, we need one more thing".

Going through the TV lot hunting phase my TV Sales agent (also a lawyer) went thru the contract. Yes it’s one sided. Yes it favors the developer. Yes there is no sympathy for late closing. The deal is a take it or leave it deal. If you are late to close it’s $300/day to you. If they are late to close, yes it has happened, they get to put you in a motel and buy you one meal per day. Fair, of course not, but that’s the way it is. His land, his rules.

If you’re not doing a cash deal, make sure your lender knows how important the schedule is.

I understand from another rampant poster on this forum that they prefer to live in TV "because" "they" (I guess meaning "we") can afford to pay cash. :rolleyes:

I was initially working with Villages folks - glad that I changed gears. (please dont infer that this is in anyway a dig on the Morse family, rather that of the attitude of some VERY obnoxious sales people)

I closed in Feb 2014. Citizens rate was equal to the best quote I could get elsewhere. They did charge 1/2 point as I financed 90%. Paid to 50% a month later when my northern property sold and they immediately dropped the PMI. McLin Burnsed did not require me to purchase title insurance. Between the bank and McLin, they were four days late closing. I was calling and pestering them as I was concerned about the "30 Day" rule. No one mentioned it. As long as they are getting all the business, they really were easy to deal with.

What if it's 2 days ? That starts becoming a problem. The terms are spelled out. Sign the papers, you agree to the terms.
I wouldn't call it greed. If I was selling my house and I said 30 days, I want my money in 30 days.

This isn't you, and "they" are not a private seller so - you are not comparing apples to apples. It is not like "their" new mortgage on "their" new house is dependent on "their" money being available on day 30. They are selling primarily new (vacant) homes to their first owners...no fire drill needed.

I wonder of the extra fee's are in any way added to a commission at what ever percentage of the gross profit they get.....

Usually the discounts are 4%, so if your discount is $42K then you must be building a really nice house.

When we bought here we started with a local mortgage broker that was recommended by our Villages Realtor. We had one week before I was heading back to my hometown, and two weeks before I was heading out of the country for a trip. I urged the mortgage broker to have all the paper work done before I headed home, no such luck. Then kept reminding them I was heading out of town. When I was leaving the country in 36 hours, and got a package of papers from the broker with more questions and wrong information than right information I headed to my local Wells Fargo, where I have accounts. They finished the paperwork in one day, and finalized the mortgage for a better rate in less than 3 weeks, allowing me to close on time.

Go with a banker you trust. If that banker is in your hometown, rather than here in the Villages, that will work out, probably better.

Greed By Any Other Name . . .
 

Yes, a contract was signed, however, I guarantee if the closing was delayed because of a Villages glitch, they wouldn't pay you, and you won't find that written into the contract!

There is something about being held by the you-know-whats that just doesn't sit well with most people. Pure unadulterated greed.

My Way or the Highway.
 

An excellent post, Dr. Boogie.

I find some real estate things within TV to not be 100% above board, even if it is prewritten into the contract.
There are things done here which are completely unacceptable in the world of general real estate.
I question the legality of some of these things.
Things are the way they are because everyone simply accepts the way things are.
No one has ever "tested" them or so much as made a ripple and I doubt if anyone has used legal counsel against them.

My contract with TV did state TV would pay if they delay.

A lot of whining about a mutually agreed upon contract.

Wow.

That's what the developer knows. Most people never get through the whole contract. Rarely do people read a RE listing contract they sign, too.

I'll put in my two cents. 5 years ago my wife and I put a $7,500 deposit on a lot south of 466A, in hopes we could begin building within the year time limit. Due to elderly parents to take care of, we could not begin the build, nor could we move. We lost the deposit, which we were fully aware could happen. Fast forward to 2014, when we were able to move to Florida and begin our search for a new home here in The Villages. During the search for a new home, I casually mentioned the lost deposit to our Villages Sales Agent. One phone call from him, and we received a $7,500 credit! This was a total and pleasant surprise. I cannot stress enough how happy I was with our agent. Having dealt with two Villages Sales Agents, both gave us absolutely NO pressure to buy, and showed us both new and used homes.

Good advice. When we were shopping for mortgages we found that citizens was higher than many of the other institutions we looked at. I don't care if it is just a half a percent, I feel that the Morses are already making money on the house they sold me and I'm not going to give them that extra half a percent on the mortgage payments as well. Yes, the Morses family holds a controlling interest in citizens bank.

I have bought and sold at least 20 homes/rentals in my life. I understand "time is of the essence". NEVER in any of my closings was there a penalty assessed for a couple of days delay of closing; even a week delay. In my experience, the vast majority of the time, these delays are not the fault of the buyer or seller, but another player in the closing. You can keep rationalizing the developer's use of less than upstanding business tactics, but deep down, I think you know the truth.

Not at all to bash the "Developer", but - on their side, on new construction time is NOT of the essence. This is not like a chain of owners who count on a closing to get their down payment on their new home.

I have seen chains go four and five properties deep with "contingencies" of closings and down payments.

The fact is that TV is selling new (vacant) homes that are nothing more than red ink on the balance sheet. No one is in the property waiting on a contingency to move into their next property.

Contracts are just that, and I guess "Buyer Beware" - but, I agree with you that it seems just a bit shady.

I think it would be hard to get a mortgage in 30 days. Especially if you are retired and do not have a track record of several years income to support your payments. I would go cash and then get the mortgage. Don't forget you might have bond payments too.

Outlaw were you late with your TV closing and they let it go without penalty? Unless the developer has changed in the last few months, they WILL charge you a penalty for being late ONE day. If their practices have changed that would be a plus in their column.

I also know of the developer being late to close by almost a full week. They had a problem with one of the builders stopping all work Christmas week, which they did not plan for on their master schedule so it was not finished on the day it was promised to the buyer. Developer did live up to his end of the penalty. They provided a motel room and one meal per day.

Did not buy through the developer. Was pointing out that charging a penalty for being a couple days late closing is very rare in the home RE industry. IMO, it is just another way for the developer to coerce the buyer to use all developer businesses to close; bank, attorney, etc. Let's see; developer late in closing, a room and a meal. Buyer late in closing; $300-$647 per day! That sounds about right....

Again, an agreement between buyer and seller. I didn't use their bank or attorney.

If you are late on your credit card or on your mortgage.....there is a penalty. Pay early, you get nothing. Fair is not always equal. You always have a choice.....don't do it if you think you are being coerced.

Very well put.

It is rare and it’s not fair in any sense of the word. This falls into the category of “it is what it is.” Any prospective buyer reading this thread is put on notice. When you’re given a closing date consider it engraved in stone. Get your financing nailed down early or pay cash.

You Need to be Prepared.
 

Closing within a 30-day period is a piece of cake and very commonplace. Being retired has nothing to do with it. The key is to go with a tried and true lender or mortgage broker and to be prepared with all the required items.

If you are unsure about the procedure, get prequalified before you even begin the buying process. Ask about the all the items you will have to show so you will have everything ready to go.

Bonny: LitespeedRider gave a very intelligent and logical response to your "I want my money in 30 days!"

Oh, if life was so simple but unfortunately, it isn't as cut and dry as you would like it to be.
Most sides of the equation will make concessions to make the deal work!

I doubt very much if the extra fees are added to the agent's commission.
No, I'm sure it goes right into the Morse's pocket.
As a matter of fact, I'd make book on that!

So I thought they would take back ALL of the $42k discount. Am I reading that wrong? Is it just a per day charge?

Thank you for the compliment Mrs. Robinson.

Am I the only one who gets a visual every time I see Mrs. Robinson post a comment???


:22yikes:

Rumor has it that TV is chock full of "Dirty old men" :icon_twisted:

Heh, heh, heh. :1rotfl:

I was told you lose the discount and there is a penalty on top of that. We went with Citizens and then re-fied 2 years later.