Trying to close on new construction
 

Hello, looking for a little info to see if anyone has experienced this. Bought my mother a home in TV and moving her from California. Unfortunately with all the home buying going on it took my lender more time to get the loan out to the title company and went past the closing date assigned by TV. Not ever buying a home in this state I didn’t know what to expect for a proper time frame. I’m realizing it takes longer here for all parties to get together on things to close. Anyway my question is has anyone gone over and had to pay extra for each day not closed and how much? Are they negotiable? I’m just trying to get some figure or have some kind of idea and no one can tell me until final figures come out. Has anyone else had this happen. Never heard of such a thing.

Thanks in advance

:rolleyes:

I believe your contract signed with The Villages indicates if buyer delays settlement the cost is so much per day and it also indicates how much the seller pays per if caused by the seller being late. I don't believe it will be negotiable but I certainly would try. I understand The Villages is missing some dates because of late deliveries of materials so they may be understanding and work out a fair result.

When we bought I think it was $500 a day. We went through Citizens First and I was on the phone or emailing them daily to be sure it was done on time. After all the pushing I did I think we had about 6 hours to spare. We closed through the mail and all worked out. Many banks take 60 days to close but there is a short list that can work with the 30 day requirement.

Our contract states if we miss closing we pay a $250 per day penalty, interest, utilities and yard maintenance. If The Villages misses the closing they provide us a place to live, provide the main meal of the day and store our household goods.

We knew, as all people do when they sign to build here, the exact date and time of closing. They have so many closings that there is a penalty if you do not close on the exact date and that goes for if your home is finished before the closing date. That is how it works here in The Villages. Consider yourself owing money for not getting your loan to coincide.

That seems to be confined to purchases form The Villages rather than through MLS.

NEW construction title

Ahh, ok, didn't read that..sorry

One day delay, $485. Penalty

This is the very reason you should never buy from the Villages. Use an outside realtor.

Some people just don’t bother to read. “Trying to close on NEW CONSTRUCTION”

Why not call the bank and ask them?

Response
 

You cannot purchase new construction in The Villages through a realtor. All new construction is sold through the VLS.

Being a former sales rep your cost will be directly reflected by the carrying costs for the home and a penalty of the prime interest rate plus 1.5% as determined by citizens first bank of the remaining unpaid balance of the home. Depending on how long it takes your mortgage company to close the loan it could be anywhere from a couple hundred to a couple thousand dollars. This is assuming it’s new construction and not a pre owned home.

No not true. The same thing would happen with MLS

Title companies are slammed..with new buyers from around this country, cash buys are taking 39 days if, work is completed.
...next its hard to keep peiple working or even find workers in all areas... why because the government Pay's them plenty to sit at home and collect $$$$... California is probably worse.. relax or stay there.

late closing
 

Don't use Chase either; drag their feet.

New construction is also having issues with appliance packages... warehouses are slim..factory's.. employees..materials etc..
Sign of the times..no longer 2020

Most of us stop reading once we find the answer we are looking for.

New and resale are lack of employee related issues.. look around

If you went through Citizens First Bank of The Villages, you would have closed on time. Maybe even another local bank. But if you went through an out of state bank, that's where your problem came from.

Read what you sign
 

Read what you Sign, Understand what you Read.
Do you pay interest on a loan? This is a commitment to buy. If you're late/bank is late closing, you owe them daily funds to cover their losses. Most homes include a provision for the loss. As a seller, if you fail to move out on time, there's a daily penalty. Same for a buyer. Read what you Sign, Understand what you Read.

We also moved from Ca. We had a 30 day escrow and had to pick out a day to close. We paid $200 because our Ca. couldn't close in 30 days. We paid extra for 7 days. The Ca, closed early so we changed the escrow date and had to paid a change fee. It was cheaper to do that than pay for a hotel with a cat. No they would not change the fees.

Due to illness, we were 3 days late for our closing having had to travel from NY. Yes, we were charged a 3 day penalty. No, they are not flexible.

Closing in TV
 

Your realtor should have informed you that closing on a new home in TV is a hard date. Going past the date will cost you per day until you close. I worked for a national builder and it was the same policy for every home in every state. If your lender could not commit to getting your loan done by the assigned date, they should have told you that so you could make other arrangements. Lots of people use Citizens First for that very reason.

Hello, looking for a little info to see if anyone has experienced this. Bought my mother a home in TV and moving her from California. Unfortunately with all the home buying going on it took my lender more time to get the loan out to the title company and went past the closing date assigned by TV. Not ever buying a home in this state I didn’t know what to expect for a proper time frame. I’m realizing it takes longer here for all parties to get together on things to close. Anyway my question is has anyone gone over and had to pay extra for each day not closed and how much? Are they negotiable? I’m just trying to get some figure or have some kind of idea and no one can tell me until final figures come out. Has anyone else had this happen. Never heard of such a thing.

Thanks in advance[/QUOTE]

I started the process of selling and buying a 6th home in villages while in Thailand, I am closing on the date I expected with no problem, this will be my 15th home or condo ,mortgage brokers will tell you and I agree that if you produce all the documents in a timely manner most closings no matter how hot the market will close on time

Your realtor should have asked for an extension if mortgage was not completed at the time of closing!!

I am in my second home in TV. I told the realtor that i wanted to buy the home. I was haveing a soft drink at Johnny Rockets. My phone rang and within 20 minutes of quesrions i was granted the loan and had a date for closeing.

I just experience a similar situation you have described. My closing got pushed 38 days I closed on March 31st. The Villages charged me an additional $2,850 ($75 per day) as an additional cost at the closing. However, if you are buying a home that is discounted, the penaly is $500 per day. If you are only talking about a 2 or 3 day push, they will not enforce the per day charge.
The Villages will not negotiate. The Villages conduct so many closing, they are if you get lower price and other people are aware, this causes problems for them. They are very consistent and disciplined with their pricing policies.
Good Luck.

NO one gets an extension. You are given the date and time of closing on the day you sign to build a house. Period. Amen. If you do not get YOUR ducks in line, than you will face a fine. They have things extremely well planned out. If you do not want to do it their way, than find another place. It is worth it to live here and they are an amazing group of people; the Morses. There are a dozen standing in line behind you if you don't want to face that fact that there are rules and restrictions.

When we originally bought in 2009 we had a year to build. We returned March 2010 and completed the purchase agreement. Our closing date was June. We were living in TX, we told our sales rep we were going to finance using a VA loan. They never told use TV did not accept VA loans on new home purchases. It was 30 days from closing when we were informed of this, we had no choice but to request a loan using Citizens. Everything was done over the phone or online. Because of the time constraint they “rushed” the loan process HOWEVER they did not get all the paperwork to the closing company in TX on time. We closed a week late but didn’t pay any penalties as it was because they didn’t inform us I a timely manner that they would not accept VA loan. If they try to charge you I’d fight it.

We closed in February, w/Citizens First. It seemed that every Friday, at 4:00, they'd ask for more paperwork, that we couldn't get them until 2-3 days into the next week.

Our realtor kept telling us "they've never missed a closing date", and damned if she wasn't right. Our final approve came 10 days before closing. Seems they only work on a "first in, first out" system. They wait on your mortgage until they're done with the one received before you on the list... IMHO, not the best way to keep your customers happy...

Not saying it wasn't stressful and aggravating, but they did get the job done...