[hunt9791]

Decided to purchase a Villa this past weekend and after reading the contract from the TV Contracts Department was shocked! Called my agent and he confirmed that no changes are allowed. Wow can't even put in a contingency for a homeowners inspection. No bail-out clause if you don't qualify for a mortgage and 20% of the purchase price is required in the Villages Escrow account 10 days after signing!! If it doesn't close due to the buyers default all monies are forfeited. Any helpful comments for prospective buyers?

[jadebox]

I believe our first contract was like that. The closing went smoothly with no delays or problems. Scary but everything went fine. There is a one year warranty on the house.

[Lil Dancer]

Our agent inspected it before closing for us and had some (small ) things taken care of. Anything else was easily handled after closing, under warranty. Can you get pre-approved for a mortgage? If so, that shouldn't be a problem for you.

[Rokinronda]

I don't want to scare you or upset you but we lost $5,000 on a Villages contract 4 years ago. (DO NOT SIGN A CONTRACT YOU ARE QUESTIONING!!)The buyers of our home up north backed out a week after we put a deposit on a home here, (we returned their deposit of course). It was the right thing to do. We could not get a mortgage because of our financial obligations. We tried!! We were given 30 days from the day we "signed". We had asked for a contigency just in case our buyers defaulted and were told it was not necessary. Don't worry about it, she said. We tried for an extension and were told no. Our agent couldn't understand why we didn't go to family and friends for the cash. (like they were wealthy! GEEZ!) Our Villages agent said "oh well, live and learn". The $5,000 in escrow went to the sellers and there was nothing we could do about it! I could have understood if an amount equal to a months rent, because they may have lost a potential buyer in that week we thought we were buying, but all of the $5,000? Florida law. When our home sold less than 2 months later, we were ready to purchase. The Villages agent wanted another $5,000 deposit and would not credit our original $5,000 deposit toward the purchase of the same home. I am thankful it was not 20%!! WE SAID NO WAY!! We had offered full price, why would we pay more?? We decided to look at resale MLS listings and found a much nicer home for a little more money with a wonderful agent. The Villages listed home did not sell for 5 months. HAH! I am hoping you are not in such a tight prediciment as we were. We are much happier with what we ended up buying. (many things happen for a reason) If the villages agent or the owners/investors read this post I hope they realize what a horrible ordeal it was for us and that I believe that what goes around comes back at you tenfold. $5,000 is an awful lot of money to us!! Agent: stop sending us your advertisements, do you really think we would ever use your services? $5,000 richer investor/owner, you will have to answer to a greater power someday. We wish you the best!

[Rokinronda]

If you are not happy with the contract, don't sign it! It should be a mutually agreed upon document! I am sure I am an exception (above post), but I certainly did "Live and Learn". Is it a new or resale CYV? New you are warrantied. Resale you are not and should be entitled to an unbiased inspection. Are you 100% sure the finances are there? Just be sure before you sign! I would hate to see anyone go through what we did.

[jimt49]

Rokinronda

Thanks for the info. This is something I will be sure to check when signing my contract. The information exchange in this forum is unbelievable.

Thanks again

JimT

[KEN H]

We lost $2500.00 on what I say is deceptive business practices. We were having a house built and were told by our agent the price was between $224,000 and $227,000 and had a 3 day right to refusal which we signed on a Saturday. They didn't get us the price until Wednesday after the 3 days and after we were out of state and it was $7000.00 more then they said. Since we were over the 3 day right to refuse they would't give us our money back. Our agent also said if there was a problem the money would stay in an escrow account until we could buy. I also ask if we would get interest on that money and he assured us that we would. Well surprise surprise when thay sent a letter telling us if they didn't get a signed letter back to them in 30 days we would lose our money and if they did get the letter if we didn't buy within 6 months we would lose our money. These people constantly lied and I will do everything in my power to tell everyone on the internet. Please do not give the Villages money or you to will lose.

[KathieI]

I didn't lose money cause I backed out of deal. After owning many houses over the past 30 years (all in L.A.), I found TV protocols and practices very ridiculous and illogical. My realtor wanted my entire dp BEFORE I even agreed to final sale price with seller. Duh!

So I backed out and now the house is still up for sale. However, TV realtors just don't care so no skin off their backs.

Agree Ken, they were too swift to close the deal and were trying to do many things quickly and without written agreements. Sending faxes to me that I couldn't even read and asking me to sign them. Did they think I just fell off a turnip wagon??

[chelsea24]

Hi, we did exactly the same thing LiL Dancer did. We got our mortgaged pre-approved and had an independent inspector before closing and everything went well. And the warranty department is on the money! You call for anything at all and it is fixed immediately. I've been very impressed with that. They call right back, they will be there when they say they will be there and on time! That's unheard of in Chicago. LOL

[billethkid]

We would all like to have the take it or leave it conditions TV has outlined for contracting a house. But most can not. Why? We just don't have the supply and demand they do.

As was stated above, if the contract TV's or any others is not to your liking, don't sign. Just like new car fever, new houses can be worse as it affects good judgement.

There really are no secrets if you first of all read the contact all of it including the fine print (many do not!!). Second ask questions before you sign and if you don't get an answer you like....ask for the next one up in the chain of command...lastly, never settle for what the selling agent says can or can not do. They will argue you can not go up the chain, but if you insist....I mean REALLY INSIST you will go up.

If you think it is illogical now, wait till the boom level comes back and there are 3 buyers standing behind you.

Supply and demand. Kinda like the price of gas, eh!!

BTK

[mmclover]

If buying from VLS listing is so difficult, why do so many list with them. Is there a benefit to listing with VLS? I am hoping to do some shopping within the next two months and am thinking it would be better to buy from MLS or FSBO.

[hdken]

Repeat after me....

The agent is not your friend...

The agent is not your friend...

The agent is not your friend...

Afraid to ask, but were you repersented by your own counsel in any of these transactions?

[bestmickey]

Originally Posted by chelsea24

Hi, we did exactly the same thing LiL Dancer did. We got our mortgaged pre-approved and had an independent inspector before closing and everything went well. And the warranty department is on the money! You call for anything at all and it is fixed immediately. I've been very impressed with that. They call right back, they will be there when they say they will be there and on time! That's unheard of in Chicago. LOL

Chels...do I understand correctly...you were able to have a newly built home inspected before you closed?

[hunt9791]

Well thanks for all the thoughts and advice very timely....I signed and faxed the contract back this morning for a new CYV....they even tell you to sign the Comcast agreement as part of the package? Well I left that one blank, will decide later. Called their mortgage bank [Citizens First] and spoke with a very nice person and she gave me all the numbers. I asked her if they were competitive with other banks and she followed the normal Villages process: spoke about their great service and how other companies might not have funds and paperwork in place to close on time! Asked again and said I would check around....she then allowed that you might find a better deal. But they do write mortgages for 80% of the homes purchased. So I'll check around and decide shortly. Then spoke to their insurance company and they are working up a quote. Also was offered flood insurance? Didn't know TV was in a class C flood zone!! Do have a new canoe, so I can paddle to LSL for the live entertainment..who would you use for Mortgage and Insurance?

[Sidney Lanier]

Congratulations and the best of luck in your new home!!!