Originally Posted by Big O (Post 1313854)

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.

Originally Posted by Dr Winston O Boogie jr (Post 1313880)

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.

Originally Posted by Mrs. Robinson (Post 1314110)

Yes, a contract was signed, however, I guarantee if the closing was delayed because of a Villages glitch, they wouldn't pay you, and you won't find that written into the contract!

There is something about being held by the you-know-whats that just doesn't sit well with most people. Pure unadulterated greed.

Originally Posted by Dr Winston O Boogie jr (Post 1313880)

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.

Originally Posted by Dr Winston O Boogie jr (Post 1313880)

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.

Originally Posted by charmed59 (Post 1314100)

When we bought here we started with a local mortgage broker that was recommended by our Villages Realtor. We had one week before I was heading back to my hometown, and two weeks before I was heading out of the country for a trip. I urged the mortgage broker to have all the paper work done before I headed home, no such luck. Then kept reminding them I was heading out of town. When I was leaving the country in 36 hours, and got a package of papers from the broker with more questions and wrong information than right information I headed to my local Wells Fargo, where I have accounts. They finished the paperwork in one day, and finalized the mortgage for a better rate in less than 3 weeks, allowing me to close on time.

Go with a banker you trust. If that banker is in your hometown, rather than here in the Villages, that will work out, probably better.

Originally Posted by Bonny (Post 1313946)

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.

Originally Posted by outlaw (Post 1314222)

I understand "time is of the essence".

Originally Posted by outlaw (Post 1314222)

I have bought and sold at least 20 homes/rentals in my life. I understand "time is of the essence". NEVER in any of my closings was there a penalty assessed for a couple of days delay of closing; even a week delay. In my experience, the vast majority of the time, these delays are not the fault of the buyer or seller, but another player in the closing. You can keep rationalizing the developer's use of less than upstanding business tactics, but deep down, I think you know the truth.

Originally Posted by Retiring (Post 1314284)

Outlaw were you late with your TV closing and they let it go without penalty? Unless the developer has changed in the last few months, they WILL charge you a penalty for being late ONE day. If their practices have changed that would be a plus in their column.

I also know of the developer being late to close by almost a full week. They had a problem with one of the builders stopping all work Christmas week, which they did not plan for on their master schedule so it was not finished on the day it was promised to the buyer. Developer did live up to his end of the penalty. They provided a motel room and one meal per day.

Originally Posted by outlaw (Post 1314313)

Did not buy through the developer. Was pointing out that charging a penalty for being a couple days late closing is very rare in the home RE industry. IMO, it is just another way for the developer to coerce the buyer to use all developer businesses to close; bank, attorney, etc. Let's see; developer late in closing, a room and a meal. Buyer late in closing; $300-$647 per day! That sounds about right....

Originally Posted by dewilson58 (Post 1314318)

Again, an agreement between buyer and seller. I didn't use their bank or attorney.

If you are late on your credit card or on your mortgage.....there is a penalty. Pay early, you get nothing. Fair is not always equal. You always have a choice.....don't do it if you think you are being coerced.

Originally Posted by outlaw (Post 1314313)

Did not buy through the developer. Was pointing out that charging a penalty for being a couple days late closing is very rare in the home RE industry. IMO, it is just another way for the developer to coerce the buyer to use all developer businesses to close; bank, attorney, etc. Let's see; developer late in closing, a room and a meal. Buyer late in closing; $300-$647 per day! That sounds about right....