Buying a Discounted new house in TV

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  #16  
Old 02-02-2015, 12:58 PM
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In other words you wanted a contingency clause in your contract to purchase and there was none?
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  #17  
Old 02-02-2015, 12:59 PM
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If your home in The Villages is priced right it should sell quickly. If the same sales person is handling both side of the transaction perhaps he could get an extended closing date on the new home.
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Old 02-02-2015, 01:05 PM
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The NYS right of recission only applies to NEW homes, not resales....I think.
  #19  
Old 02-02-2015, 01:06 PM
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Originally Posted by gomoho View Post
If your home in The Villages is priced right it should sell quickly. If the same sales person is handling both side of the transaction perhaps he could get an extended closing date on the new home.

You can get an extension for a price.
  #20  
Old 02-02-2015, 01:13 PM
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Quote:
Originally Posted by manaboutown View Post
In other words you wanted a contingency clause in your contract to purchase and there was none?
We just moved into our second home in The Villages. Bought this one before our other was listed. I was not comfortable, but our house did sell quickly

I have learned that a polite real estate agent will smile if you ask about a contingency clause tied to you first house selling. A rude one breaks out in a belly laugh. Mine was polite.

Good luck resolving your problem. Once it's behind you, all will be good.
  #21  
Old 02-02-2015, 01:16 PM
rdhdleo rdhdleo is offline
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So sorry to hear of the situation you are in. I do hope all works out for the best!
  #22  
Old 02-02-2015, 01:49 PM
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Originally Posted by RickeyD View Post
You can get an extension for a price.
Yes, after you sign you have 30 days to close, you can extend this by paying $40 a day. Although the 5% incentive was very attractive we elected to wait and sell ours before buying. Feb incentive is now 4%.
  #23  
Old 02-02-2015, 02:00 PM
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Quote:
Originally Posted by Modigliani View Post
I would have put off signing until the house I now own in TV had been sold.
Did you ask your Agent if you could make the purchase of your new home conditional on the sale of your existing home?
It's not normally permitted, but TV does seem to have a high inventory of new homes right now.

Anyway, take heart, this is the best time of the year to sell.
If your house is priced properly and shows well, it should be snapped up!
Best of Luck to you.

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  #24  
Old 02-02-2015, 02:51 PM
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Are you saying that you were "tricked" into buying a new house? I have read and reread all posts here and I am having a difficult time understanding the situation. Why didn't you sell, or at least get your current home In Contract with a buyer before you even looked at another home? And as you stated, Why didn't you hire an attorney to review your purchase agreement? That is a must anywhere, not just in The Villages.
You seem to be playing the woe is me card claiming to be a victim of the evil developer. Yes, the developer and agents are interested in selling homes. That's what they do. But I don't believe for a second that they have to resort to underhanded tactics to do so. We are all responsible for our investments and purchases. And if we do something we regret, buy something we shouldn't have, or act irrationally (which we have all done a time or two), suck it up, find a solution and take responsibility for yourself.
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Old 02-02-2015, 05:29 PM
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Quote:
Originally Posted by Rango View Post
Compos Mentis
Quote:
Originally Posted by howardandsheila View Post
of sound mind???
caveat emptor
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  #26  
Old 02-02-2015, 05:49 PM
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i feel for you.....I know how hard it can be with two mortgages.

We also did a similar thing, the salesman assured us our home would sell extremely quickly and not to worry.......Well it didn't....

We regret listening to the salesperson, but we should of known better.....

they are only out for the money and can care less about you once the deal is done....

Advise.....not good....but what we had to do after a few months on the market is to lower the price so we would loose money with the sale, but with it on the market for 8 months, we were loosing more money paying two mortgages....

Best of luck....
  #27  
Old 02-02-2015, 05:56 PM
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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.
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  #28  
Old 02-02-2015, 05:59 PM
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Quote:
Originally Posted by Modigliani View Post
If you are buying a discounted new house in The Villages you need to be very careful when signing documents that you understand and read every word before signing anything; even if it means an hour of quiet time in their office to get through multiple pages of small print. You should also be aware that there is no law in Florida that permits you to withdraw a signed document after a cooling off period.
We have found ourselves in a situation that has not been resolved (and could be resolved without any cost to TV) because we did not read the fine print and weren't properly advised of the financial implications and certain restrictions in the documents.
Read and understand ANYTHING you sign and you won't find yourself in the stressful situation that we now find ourselves in. What should have been a joyful experience has turned out otherwise.
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
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  #29  
Old 02-02-2015, 06:19 PM
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Default Buying a Discounted new house in TV

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.
  #30  
Old 02-02-2015, 06:56 PM
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Quote:
Originally Posted by kstew43 View Post
Advise.....not good....but what we had to do after a few months on the market is to lower the price so we would loose money with the sale, but with it on the market for 8 months, we were loosing more money paying two mortgages....
I do not agree with your statement "they (sales agents) are only out for the money and can care less about you once the deal is done...." -
That might be true in your case, but it isn't always true.
I know many Purchasers who continue to have a personal friendship with their agents.

As far as your home sale, I obviously don't know the facts in your personal situation.
But I do know that homes that show well and are priced at market value usually sell quite quickly in The Villages.
Whereas homes that are priced above market value usually sit and sit until the price is reduced.
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