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.