[perrjojo]

Originally Posted by dillywho

They are right. Until the no-sale clause was put in, several people bought/built multiple houses and then turned them for a profit in less than a year. That was totally counter-productive for the developer. Makes perfect sense to not set up competition with yourself.

That is true but speculators are the reason so many condos sat vacant and foreclosed in South Florida. It not only protects the developers investment but ours as well.

[Xavier]

Originally Posted by BuddhaBoy

I am an old timer here in the Villages and am shocked to learn what my daughter is going through trying to buy a new house in Brownwood.

A $2,500 non-refundable deposit.

10% of the house purchase price due within 7 days, which is non-refundable if her mortgage doesn't get approved.

And, she can't sell within a year and earn any profit on it - any profit would all go back to the developer.

Shame on them. The father would have never done this to us old timers! I knew they'd get greedy after he died.

Anyone else find these clauses immoral?

When we bought here, over five years ago, we got preapproved before any of the contracts were signed. It took almost no time at all. The rate of the mortgage is locked in within 30 days of the closing. If I remember correctly, we could have locked it in prior to the 30 days. The $2,500.00 non-refundable deposit holds the property. Things go quickly here and I see that as a protection for the buyer. If something happened and that property was withdrawn because something went wrong on your end, I'm positive that same $2,500.00 would be applied to another purchase within a reasonable amount of time. The Developer doesn't go around trying to make enemies. He certainly would not benefit by doing so. Unfortunately, the days of the simple handshake deals are long gone. I believe if you talk to a good sales person in the Villages Sales Office or a manager they would be more than happy to walk you through the rationale for each of their requirements. You'd find that both sides are protected. By the way, we have done many, many closing on homes and businesses and I've never been through such a professional experience as the one I had here. Good luck to your daughter and I welcome her to The Villages.

Xavier

[perrjojo]

I find it interesting that the developer builds a product that 100,000 people wanted to buy and more still coming to buy and then they are called GREEDY.

[folkh]

Originally Posted by vlm790

Thank you Gracie! Heaven forbid someone make money and be successful. I always thought that was the American dream. I applaud the developer on every aspect of his business success.

Well said Gracie!!!!!!

[dbussone]

Originally Posted by buggyone

Thank you, Gracie. You stated that perfectly.

Amen to that.

[Xavier]

Originally Posted by BuddhaBoy

I am an old timer here in the Villages and am shocked to learn what my daughter is going through trying to buy a new house in Brownwood.

A $2,500 non-refundable deposit.

10% of the house purchase price due within 7 days, which is non-refundable if her mortgage doesn't get approved.

And, she can't sell within a year and earn any profit on it - any profit would all go back to the developer.

Shame on them. The father would have never done this to us old timers! I knew they'd get greedy after he died.

Anyone else find these clauses immoral?

Oh, by the way, I don't believe there are going to be any houses in Brownwood.

Xavier

[Challenger]

Originally Posted by BuddhaBoy

I am an old timer here in the Villages and am shocked to learn what my daughter is going through trying to buy a new house in Brownwood.

A $2,500 non-refundable deposit.

10% of the house purchase price due within 7 days, which is non-refundable if her mortgage doesn't get approved.

And, she can't sell within a year and earn any profit on it - any profit would all go back to the developer.

Shame on them. The father would have never done this to us old timers! I knew they'd get greedy after he died.

Anyone else find these clauses immoral?

These kinds of restrictions are common in fast selling developments. Aimed at preventing speculators who can create some very problematic issues

[Bogie Shooter]

Funny we havn't heard anymore from the OP?

[Challenger]

Originally Posted by graciegirl

Not at all!

Well said

[buggyone]

Mortgage pre-approval is the best thing to have, of course. Didn't most lenders used to ask for 20 percent down to make sure you could afford the house? Then they were taking less and less down and that is what happened to the housing industry in around 2006?

Yes, it does sound as if the OP might have been a troll just looking to stir the pot.

[OBXNana]

We closed in Feb. We had our preview in Oct. When we left the preview we had a blank contract in hand and knew EXACTLY what the terms would be. We knew if we wanted to finance we had to have that in place prior to writing a contract. Everything is clearly spelled out and there are no surprises. The initial amount put on the credit card is refunded prior to having to pay the balance in full avoiding any finance charges. The 10% goes toward the down payment. Nothing you pay upfront is lost unless you don't do your homework before signing the contract.

As many stated, why buy if you don't like the terms?

[TheVillageChicken]

Immoral? Naw.
Cutthroat? Maybe, but it keeps the tire kickers out.

[OldManTime]

I have been here for 14 years, have visited every nook and cranny in the Villages, and it is beyond belief what the Morse family is getting for these homes, but remember why they able to do it is because boomers will pay the price they ask for, and will continue to raise prices and restrictions a bit at a time. The day they stop buying, prices will drop.

[Xavier]

Originally Posted by OldManTime

I have been here for 14 years, have visited every nook and cranny in the Villages, and it is beyond belief what the Morse family is getting for these homes, but remember why they able to do it is because boomers will pay the price they ask for, and will continue to raise prices and restrictions a bit at a time. The day they stop buying, prices will drop.

... and when they stop building homes, preowned home prices to take a significant hike. Feels good to me.

Xavier

[Beechie]

Originally Posted by OldManTime

I have been here for 14 years, have visited every nook and cranny in the Villages, and it is beyond belief what the Morse family is getting for these homes, but remember why they able to do it is because boomers will pay the price they ask for, and will continue to raise prices and restrictions a bit at a time. The day they stop buying, prices will drop.

Supply and demand comes to mind. Is your assertion that baby boomers are financially secure but can be led like sheep?