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.