Talk of The Villages Florida - My friend's experience trying to buy a new home here

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- - My friend's experience trying to buy a new home here (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/my-friends-experience-trying-buy-new-home-here-161101/)

Quote:

Originally Posted by Dr Winston O Boogie jr (Post 1110239)

Yes, like most people in these types of transactions, I trust the people that are handing me the papers and telling me what they are and what I am signing.

Did you read every word of every document when you bought your house? Maybe you did, but that would make you a very rare bird. The contract signing would take hours and hours if everyone did and the closing might have to be held over the period of several days.

But I assume that a few people do.

I had read about this on this forum many times and heard it from people who are our friends who lived here. We didn't have a loan, but knew that if we changed the contract on the new house we had commissioned to build , that each change would cost us $250. The process runs like a machine.

No. It isn't like your sisters real estate experience or any of ours either and many of us have bought/built many times. This is the fastest growing area in the United States and one if not the most sought after retirement community in the world.

NO one sells this many homes in a month. ANYWHERE. Just another unbelievable until you witness experience for people.

Quote:

Originally Posted by villagerfrog (Post 1107402)

I wanted to share my friend's story and see if others experienced the same thing. They were down last week for the sole purpose of finding and purchasing a home here. They looked at both owned and new and settled for a new home in Labelle. They were pre-approved for a mortgage through Chase. When it came to sign the paperwork, the Villages would not budge on the 30 day closing date. In addition (I looked at the contract also), if closing did not occur within 30 days (for any reason outside of the developer's control), then the discount on the home would be voided and they would have to pay the higher price. Chase wanted 45 days to ensure they could process the mortgage. So my friend went to Citizen's thinking that well, it's a developer owned entity, that must be the preferred way to go. He said that they were very professional but could not guarantee 30 days either for a mortgage. He said that there had been instances where either paperwork got delayed or something else (out of there control) by which they were not able to complete the processing.

So to make a long story short, they didn't buy.. they were concerned that if they could not get a mortgage within 30 days and if the discount was not continued, then they'd end up paying an additional $11k.

They went home disillusioned about their experience and have a bad taste about the Villages corporate entity. I tried to reassure them. We are on our second home now (all pre-owned) and had nothing but positive experiences in the buying / selling process. I guess that's the difference between dealing with an individual seller vs a corporation.

Anyhow, I'm just sharing.

When we arrived I compared other finance options vs. The bank offers here and found them comparable so rather than going thru the hassle of a possible extra expense I used their system and it worked out great. I have never looked back and Citizens bank has handled everything great.

Maybe not getting the money in time and losing the house was a sign from above that one should not have bought the house.

I do not like this constant chant of "didn't you read the contract?" No one has time to read a long cong contract in the seconds you are given to read it.

Same with all the Deed Restrictions. Now, where we moved from a couple of years ago, Maryland, the HOA rules have to be given to the buyer in advance and they have the right to terminate the purchase contract, get all their money back if they object to anything.

People do not learn all the rules until they break one.