$7500 Deposit...Will The Villages REALLY Keep It If...
 

Need help from those much more experienced than I on these matters...

We currently have a $7500 to hold a Premier Lot. Just found out that due to my husband not moving out there (he is a San Diego Police Officer and has about 6 more months to work before he can retire), that we may not be able to obtain financing (even as a 2nd home and with PERFECT credit scores, good assets, etc.).

Of course, our sales rep is telling us that the $7500 will be lost if we do not move it to another lot or standing inventory home (cannot use it for a resale).

My question to those who might know, or who have had similar experiences, WILL THE VILLAGES REALLY KEEP MY MONEY if I cannot get financing (yes... I am 100% aware that this is what the contract says...that's why I am asking what 'really' happens.

In my mind, no home has been started, so the developer really isn't damaged. The lot is the least expensive Premier Home lot, so it should be resold in no time at all. Where are the damages?

Thanks for any and all feedback. We are more than devastated over this news!

The positive side (and the ONLY positive side) is that we will probably end up paying cash for a smaller Designer Home and just work hard to build up the retirement nest egg, once again.

Thanks so much .... We are so excited to join you all shortly!

Angie

Have you discussed this with your sales rep? He/she should be able to answer your question. If their answer does not satisfy you then take it to the next level.

I hope it works out in your favor.

I agree. Talk more with your sales rep. but in the long run, the developer has the final say IF they were to help you out based on extenuating circumstances you may have run into along the way. Bottom line though is a contract is a contract. You signed it based on what is in it. In today's world that does not seem to mean much. However, it never hurts to ask and go to the person that can MAKE a decision.
Read lots of these posts about covenants and other documents and you will see many don't like what they signed or believe it applies to them.
Good luck to you and hope you are able to work things out.

The developer has been known to keep the deposit in the past. From what I've heard, they don't give the deposit back regardless of circumstances. Hope things have changed and you can get yours back.

Hmmmmmmmmmmmmmmm

Angie, sent you an e-mail with some recommendations on how to make this work.

I have heard on this forum that the developers have held a deposit for as long as five years until things changed and people could build. They won't hold your LOT, but you can build later if you want on another lot.



I hope this is settled in such a way as not to hurt you.

The fact that you can't get financing from Citizens has no bearing on this. There are other lenders. It is your responsibilty to get financing. They will shift your deposit to another lot.

But maybe I don't understand.

Yes... I have had a very, very long conversation w/ my sales rep and told her that our situation has taken a tough turn. Also told her that the service (or lack thereof!) from Citizen's First and a specific lender there, (who never returns phone calls or emails!) has been tragic and not in keeping with the 'customer first' attitude that seems to be the motto of TV. (sorry for the venting, but if he had done his job properly, I would NOT be in this position!).

Thanks for the replies and I hope that someone has something that will help us out. $7500 is a lot to lose when the builder will NOT be damaged...not at all. The lot was off the market for about 6 weeks, and is the ONLY interior lot left in this particular section (227/Pinellas).

Thanks again!!!
Angie

Read this thread.
 

https://www.talkofthevillages.com/fo...what-if-35467/

and this one too.

https://www.talkofthevillages.com/fo.../refund-44149/

and this one?

https://www.talkofthevillages.com/fo...-lender-70311/

You would think if TV is selling like hotcakes they wouldn't penalize you by keeping the deposit if they can resell the lot iot in a reaonable amount of time. I would think that would speak volumes as far as their moral compass. I know it's a business, but when it is as successful as this I think sometimes a happy customer is worth more than the lousy $7500. Don't you???

I assume your offer/contract was conditional on obtaining financing? If so, TV should return your deposit.

As far as I know, NONE of TVs new home contracts are contingent on anything. Anyone signing the contract should read it and know what they are signing. With that said, we read, signed and bought here.

NOPE... No Villages contract has ANY contingencies built in, for the buyers. I know, I know...this place is as close to Heaven on Earth as any of us can hope for, but boy oh boy, this is putting a LOT of stress into the situation.

I know it will all work out, but it's the 'working it out' part that is NO fun.

Thanks again, for all the helpful comments/feedback. We so appreciate it!

Angie

I'm not sure I fully understand the situation. Are you saying that you are willing and able to have a home built before you retire, you applied for a mortgage and they turned you down because you are not retired yet??
I believe there are many people currently owning homes in TV that have financed and are still working, traveling back and forth enjoying their future haven.

Really? The developer’s moral compass is suppose to reserve a lot for weeks or months, turning away other perspective buyers who may be interested, and then, for whatever personal reason, return the deposit and then start over?

Don’t get me wrong, I feel for Angie...and Angie I truly hope you can work this out.

But can you imagine how many times similar scenarios play out every day, every week, and every month in TV?

Folks on TOTV say “bring your checkbook”, and we all LOL and agree. But the cold, hard truth is...if you don’t have the cash, or if you aren't sure that you can secure financing...then don’t write that check.