New Home Purchase restrictions
 

I am an old timer here in the Villages and am shocked to learn what my daughter is going through trying to buy a new house in Brownwood.

A $2,500 non-refundable deposit.

10% of the house purchase price due within 7 days, which is non-refundable if her mortgage doesn't get approved.

And, she can't sell within a year and earn any profit on it - any profit would all go back to the developer.

Shame on them. The father would have never done this to us old timers! I knew they'd get greedy after he died.

Anyone else find these clauses immoral?

Where ever you purchase a house you have to come up with 10% when you sign a purchase & sale agreement. One needs to get pre-approved first before making a purchase if that is a concern. There is no need for a home inspection as TV gives a home warrantee. The no profit for 1st year is to discourage speculators coming in, I believe. I don't see TV doing anything out of the ordinary for home sales. JMO

Not at all!

And I suspect you have another agenda.

Gary Morse and his children took over this beautiful place and grew it in just the last fifteen or so years. These kinds of decisions have made it a financially healthy venture and were ultimately good for all of us. They became successful because they were hands on, and responsive to the wants and needs of the people who came and bought here. NO one is forcing anyone to buy here.

So if you or your daughter feel that this is not a good deal, there are all kinds of places being sold everywhere.

I know that Harold Schwartz was a charismatic and friendly hand shaker but his son Gary must have inherited his mother's brains and business acumen. He took his dad's good start and made it to a piece of history. No where in the world exists a place as perfect as this for older adults to spend their victory lap years.

I am sick of people using the word GREEDY when it just means that a business is making a profit instead of a loss.

Thank you, Gracie. You stated that perfectly.

:ho:

Hmmm...How Come You Don't Know??
 

First of all, I'm foursquare behind Gracie's post.

But if you're an old-timer here, didn't you sign up under the same rules? I did, as well as about 100,000 other residents.

But then again, maybe you don't really live here, otherwise you'd know that.

:BigApplause::BigApplause:
Thank you Gracie! Heaven forbid someone make money and be successful. I always thought that was the American dream. I applaud the developer on every aspect of his business success.

My wife and I just bought a new house and I was not bothered by the Terms and Conditions.

There was no restriction on selling your home for a profit until 2004 when they were building south of 466. In 2000, they required $5000 down payment and 20% was due when you ordered your house. As I recall, once you picked out your lot, there was a very limited time until you had to order your house.

You don't have to be such an old timer to see how the terms have changed over the years and will continue to change based on market conditions.

An old timer and his first post. Go figure.
Something smells fishy.....

:agree::bigbow:

We were told of these conditions before we signed on the dotted line. If we didn't like them, we were free to walk away and look elsewhere. Fortunately, we didn't have a problem with any of them and everything went very smoothly. If your daughter has a problem with the terms, then maybe buying new isn't for her. She should, perhaps, look into purchasing a previously owned home, where the terms might be more to her (your?) liking.

The $2500 deposit is (and was) refundable. It was taken out of my visa originally and then they credited it back when I paid the 10% down. I had to show my mortgage lender that it was credited back to my credit card.

Always good advice...if you don't like the terms of the contract, walk away.

Good call by developer
 

They are right. Until the no-sale clause was put in, several people bought/built multiple houses and then turned them for a profit in less than a year. That was totally counter-productive for the developer. Makes perfect sense to not set up competition with yourself.