[Erika]

Would you be so kind as to explain the restrictions in the sales contract that were not properly explained?

[golf2140]

We bought our second home knowing full well that if our first house had not sold we would be the proud owner of two homes until the first sold. No double talk from sales

[Bonanza]

Originally Posted by graciegirl

I would think that most of us would know by now that signing a real estate contract is a binding agreement.

Gracie: ANY type of contract is binding unless there is some type of disclosure written in.

Real estate contracts are all different, and that is particularly true of The Villages' contract. It is like no other and can be very daunting and confusing. Most buyers are not that seasoned and it's a whole new experience for them. We all would like to believe that a contract protects us but that is not always the case. In many cases, it protects the seller much more than the buyer. Such is the case with The Villages' contract. Even if you read it carefully, it is confusing.

It is the job of an agent to sit down with their buyer and explain everything in the contract, from soup to nuts. It is my understanding that is not always the case here, unfortunately.

It's very sad that the OP is having a problem. I would love to know what the issue is but he may not be able to say. Regardless, I wish him good luck and hope he can work things out.

[Bonanza]

Originally Posted by cmj1210

If you are from certain states (we are from NY) there is a right of recision. The first home we went into contract on we had 7 days to rescind and decided this was not the house for us. Your real estate agent should know which states have this clause.

In Florida you only have a right of recision with condominiums.

[Bonanza]

Originally Posted by Challenger

Once again there are insinuations that the developer or their agents have acted unethically. The agent is not responsible for verbally reading the entire contract to buyers. There is no "fine print" it is all there. If you are not experienced in buying real estate-Read.
I never knew until beginning to follow TOTV that so many 55+ people were so naive. The OPs advice to read a contract is good. the inuendo is not good

Insinuations or not, when it is an agent that writes a real estate contract, the onus is on him/her to go over that contract in toto with the buyer. It most certainly is the responsibility of the agent to do that! It is part of the job.

Most buyers are not naive. However, many buyers here have only purchased a home once before and that once before may have been 40 years ago. Times have changed and who would remember that far back anyway? Just because you read a Villages' contract doesn't mean you understand everything. And the innuendo of which you speak might just very well be true.

[RickeyD]

Originally Posted by Bonanza

In Florida you only have a right of recision with condominiums.

Your statement is untrue. Many states including NewYork protect their residents from the unsavory practices of out of state real estate transactions. New York residents that purchase ANY new real estate whether it be developed or raw land have a seven day right of recision. Florida recognizes this right and requires sellers to abide. How do I know this ? We exercised this right two times before we finally went to contract with the developer on a new house.

[rhood]

A friend just had a buyer back out of a sales contract on a preowned home here in The Villages. Just said they changed their mind.

[bonrich]

Originally Posted by Polar Bear

A bit off topic, but it was touched upon...

Has anybody used a "bridge loan" to facilitate a buy-home-first-then-sell-existing-home-after? No guarantees of course how quickly your home will sell, but the bridge loan is supposed to help you temporarily own two homes while you wait for your home to sell. It would surely be nice to leisurely shop for a house, act quickly when you find the right one, then sell your existing home even if it took a little while. It would certainly beat having to buy quickly after selling, or renting for a while or any similar scenario.

Yes, we used a bridge loan when we sold our first home and built our second home. Closing on the first was delayed about a week, so the bridge loan was used to cover that period. Ended up paying just interest for those days used before the sale and purchase was completed.

[graciegirl]

Most of us are seasoned buyers of real estate. We have moved several times and bought and sold properties over the course of our lives. My point is that signing a contract is never a baby game.

Bonanza, did you buy a new home here? We were satisfied with how things were handled and with all procedures. I saw no thing inferior than when we used a realtor with an R as an agent.

My point is that when you sign a real estate contract you should know that you just can't decide a few days later, ooooops I think I want to change my mind. It isn't like exchanging a pair of socks at Belks.

There is a real issue and hard feelings with many Realtors here in this area that the developer does not let them sell new houses. TOO BAD. If I were the developer I wouldn't either. The developer has a business model that works and they don't have to give anything away.

We have bought two new homes here and had no problem at all and we have built many new homes over the course of our lives and watched our daughter build two new homes and helped guide her and her husband..

We found that the process here was amazing. When you contract on a home to be built they told you the day and hour of your closing, now that they aren't building to suit they still tell you the day and hour of your closing. They don't do VA or FHA on new homes. You have to have the money or can borrow the money or you can't buy a new home here. I have no problem with that. We aren't children anymore.

I absolutely think that this is a flawless process to buy a home here and no one is trying to hoodwink you. THEY DON'T HAVE TO. They have a product that many, many people want.

[JoMar]

Just curious.....what is different in the T's and C's for a discounted property and a non discounted property?

[cmj1210]

Originally Posted by RickeyD

Your statement is untrue. Many states including NewYork protect their residents from the unsavory practices of out of state real estate transactions. New York residents that purchase ANY new real estate whether it be developed or raw land have a seven day right of recision. Florida recognizes this right and requires sellers to abide. How do I know this ? We exercised this right two times before we finally went to contract with the developer on a new house.

Agreed, we have also exercised this right being our residence is in NY. When we sat with the agent he told us there are a few more states that also do this. When we rescinded on the first home we knew we had 7 days and my agent kept telling us we could do the contract and think about it. He had no problem with us rescinding more than once. I am sure this happens often.

[downeaster]

Originally Posted by JoMar

Just curious.....what is different in the T's and C's for a discounted property and a non discounted property?

Good question. I bought a spec home from the Developer that was "discounted". The discount was based on the premium charged for an oversize lot and that was 50% of the premium. The only condition I noted in the contract that differed from the norm was a condition relative to the closing date and time. Were we not able to close on a specified date and time the discount would not apply. Inasmuch as the closing was scheduled for 9:00AM on a Monday we chose to get here the night prior.

At the time I was a licensed real estate broker (not Realtor) and did not expect nor demand much explanation from the Developer's sales person.

As a former broker I have attended many closings. None went any where near as smooth, efficient and stress free as that one.

[Vladimir]

Originally Posted by graciegirl

We waited until we were HOMELESS. But thank heavens we were taught to save our money and to proceed cautiously and not blame other people for our decisions.

Fiscally conservative Gracie.

We too waited until our house sold before buying a new house in TV. There are no guarantees that your home will sell and I would rather have the cash in hand first. We rented for 3 months before moving into our newly built house. Don't blame the developer - your decision, your responsibility.

[kstew43]

Originally Posted by rhood

A friend just had a buyer back out of a sales contract on a preowned home here in The Villages. Just said they changed their mind.

that only works if the seller agrees to it.......otherwise the buyers would be out the deposit they gave in escrow.....

in other words, you placed a offer with a 5k deposit.. to show good faith.......the sellers accepted your offer...took there home off the market and made new home plans...and then you change your mind....kiss your 5k goof faith deposit goodbye....

[kstew43]

another thing....and I do consider myself a educated, smart.....???? person.....but back then, even I got caught up in the villages rhetoric......fun fun fun...

so when it came to reading and understanding all the contracts, all I could think of is the golf, the dancing and the clubs......who cared about the contracts......salesman told me all I needed to hear....where do I sign.....hurry already, i cant wait....and I was lost....

but that was my first time....now.....don't rush me.....

This is about how it should of went....

salesman......but I can only hold the house for 3 hours.....

me........i am gonna read everything....

salesman.....just so you know, 3 hours is a short time and others are waiting for this home....

me.....so what..... if I loose it, I loose it

salesman.....but the prices are going up everyday

me....I AM GOING TO READ EVERYTHING.....so slow your role..and stop rushing me....