[gomoho]

You missed my point - all REALTORS or sales agents in TV act as "transaction agents" with no fiduciary responsibility unless established in writing. If they act as a buyer's agent and want to show you a property their firm has listed you have to change over to "transaction agent" because dual agency is not legal in Florida.
I agree they are supposed to be forthright and honest, but that is a far cry from a fiduciary arrangement.

[graciegirl]

I hope that Tracey MooreRN who sold her villa and is trying to buy a Lantana, a new Lantana will come back on and tell us what happened.

I hope it works out for her.

[TraceyMooreRN]

Villa closes this Tuesday, and I will scrape up another 15k...from where I am not sure--maybe a "gift". Just stinks all the way around. I am just a number in the pool of buyers. They certainly don't need "my" purchase.
However- if the Realtor had been forthcoming when writing the contract- or even a freaking checklist- Like "we can't use FHA to close new construction"--then I would NOT have sold my villa and would not be scraping up more $$$ that I was expecting.
I will do my best--if you see a lady on the corner near a sales center with a sign reading "BEWARE TV WON'T ALLOW YOU TO CLOSE VA/FHA ON NEW CONSTRUCTION" Just beep your horn--cause it is ME!!! Feel free to drop a few pennies n the bucket too...lol

[rjm1cc]

Originally Posted by TraceyMooreRN

Villa closes this Tuesday, and I will scrape up another 15k...from where I am not sure--maybe a "gift". Just stinks all the way around. I am just a number in the pool of buyers. They certainly don't need "my" purchase.
However- if the Realtor had been forthcoming when writing the contract- or even a freaking checklist- Like "we can't use FHA to close new construction"--then I would NOT have sold my villa and would not be scraping up more $$$ that I was expecting.
I will do my best--if you see a lady on the corner near a sales center with a sign reading "BEWARE TV WON'T ALLOW YOU TO CLOSE VA/FHA ON NEW CONSTRUCTION" Just beep your horn--cause it is ME!!! Feel free to drop a few pennies n the bucket too...lol

At least you are giving those that follows a warning. Remember the Realtor represents the person who pays him, not the other party. If you paid the Realtor to find the home and told him your source of financing I would ask him to resolve the problem and certainly would not pay him if he did not perform. If the Realtor was selling the property to you I think you are out of luck. You needed to hire your own representative or represent yourself. I have seen purchase contracts in other communities that say no VA and FHA financing but in those communities they required that mortgages could not exceed 80% of the purchase price and thus they could not use VA or FHA.

[KayakerNC]

Originally Posted by TraceyMooreRN

Villa closes this Tuesday, and I will scrape up another 15k...from where I am not sure--maybe a "gift".

Be very, very careful about cash gifts. After the housing bubble burst, there are some very restrictive regulations on down-payment money.
Basically, the banks want to make sure that you’re not getting a second loan against the property that they’re going to put a mortgage on.

[Cantwaittoarrive]

Originally Posted by rjm1cc

At least you are giving those that follows a warning. Remember the Realtor represents the person who pays him, not the other party. If you paid the Realtor to find the home and told him your source of financing I would ask him to resolve the problem and certainly would not pay him if he did not perform. If the Realtor was selling the property to you I think you are out of luck. You needed to hire your own representative or represent yourself. I have seen purchase contracts in other communities that say no VA and FHA financing but in those communities they required that mortgages could not exceed 80% of the purchase price and thus they could not use VA or FHA.

You don't have the option of "hiring" a realtor of your own when buying a new house from TV

[TraceyMooreRN]

Need a Real Estate Attorney at this point. I can now close either way- only difference, with failure to notify me that they won't accept my FHA loan until less than 2 weeks to close..I need another 15,000 to close. Refusing to assist with closing saying "we just aren't going to do this". If they had disclosed this information--I would not be in this situation...Homeless tomorrow- new owners of villa have agreed to let us stay till 20th. Closing on new house the 12th? Or am I??? Frustrated!!!

[gomoho]

Wow - so sorry to hear TV sales people are being so hard nosed. Seems like they should be trying to do something to assist you since their sales person failed to give you the correct information. Hope it all works out for you and doesn't leave you soured on TV lifestyle.

[JB in TV]

We sat down to sign our contract to buy a spec home late in November 2012. At that time, we were made quite aware of the "one sided" wording of the contract, and the "take it or leave it" attitude of the developer. In fact, we got up and walked out, with the sales person and manangers blessing...so we could digest what we were reading in the contract. It was made very clear to us that they didn't care how we paid for the house, just that once we signed, we had to close when they said we were closing, or we would pay dearly for any variations. Earlier, it was HIGHLY suggested by the sales lady that we contact their mortgage company before signing the contract...as there were NO contingencies at all in the contract.

Bottom line for us, was we went back to our temporary housing, and read the contract start to finish, and decided (since we had been "pre-qualified" by Citizens Mortgage) to sign and buy. Wife and I have much real estate experience (both professionally and personally). We have been party to many new home contracts. Frankly, most new home builders have very one sided contracts, but this one was the worst.

What it boils down to, after this rather long post, is: read and understand everything you intend to sign. The sales people here are very nice, become friends, are very helpful, etc. but work only for the developer.

To the OP...I doubt they mislead you, but how would they know you intended to use an FHA loan unless you had mentioned it? Who is your lender? Had they ever dealt with The Villages new homes before?

[TraceyMooreRN]

Yep--oh, they did offer I try financing with Citzen's First. Who- turned me down. But- Suntrust Mortgage is a go--FHA 3.25 locked in with 65,000 down and cash to close. Or 3.74 Conventional with 80,250 down and cash to close.
I just dont understand why they can't assist. I mean- I can close FHA and they are letting me- after I have a signed contract. I am just a "number" of many thousands of customers. I do have a loud voice..either way I am buying this Lantana--and my voice will be heard

[TraceyMooreRN]

Originally Posted by JB in TV

We sat down to sign our contract to buy a spec home late in November 2012. At that time, we were made quite aware of the "one sided" wording of the contract, and the "take it or leave it" attitude of the developer. In fact, we got up and walked out, with the sales person and manangers blessing...so we could digest what we were reading in the contract. It was made very clear to us that they didn't care how we paid for the house, just that once we signed, we had to close when they said we were closing, or we would pay dearly for any variations. Earlier, it was HIGHLY suggested by the sales lady that we contact their mortgage company before signing the contract...as there were NO contingencies at all in the contract.

Bottom line for us, was we went back to our temporary housing, and read the contract start to finish, and decided (since we had been "pre-qualified" by Citizens Mortgage) to sign and buy. Wife and I have much real estate experience (both professionally and personally). We have been party to many new home contracts. Frankly, most new home builders have very one sided contracts, but this one was the worst.

What it boils down to, after this rather long post, is: read and understand everything you intend to sign. The sales people here are very nice, become friends, are very helpful, etc. but work only for the developer.

To the OP...I doubt they mislead you, but how would they know you intended to use an FHA loan unless you had mentioned it? Who is your lender? Had they ever dealt with The Villages new homes before?

Well--MY lender (Suntrust) was also nice enough to MESS UP. I was prequalified with Suntrust FHA. Signed contract- and then got a call 2 days after gave contract to Suntrust. She didn't check the "Maximum allowed" limit for FHA for Sumter County. Emails exchanged- her stating her error to my realtor stating we could ONLY use FHA-due to non-occupying co-borrower and limited assets. This meant estimated cash/close went from 25,000 to 65,000
His reply--"you messed up-how are you going to help OUR customers"? Never mentioned to us IT DOESN'T MATTER--I messed up too-YOU Can't close FHA anyway--even if you scrape up the 65,000!! Since he NEVER told me that- to obtain the difference: Sold Car, Sold Race Car, Sold Villa to cash value with quick close and sold golf cart---done, 65,000 ready, Appraisal Complete--bought new furniture for house, hired movers, hired sub-contractors to do minor changes on house
THEN--another week and half later--SORRY, We have a BIG PROBLEM..can't accept FHA!!!

[GaryW]

My understanding from some real estate big wigs is that in a deeded 55 plus community, the seller can and most do the same will not accept FHA or VA financing, lot of reasons, some of which you would have to check into.. But I know VA wise TV is not a certified VA builder. FHA wise kind falls under the same cracks as VA in which the builder is more responsible for cost that they do not want no part of. This applies to all new house sold under The Villages, even the family sections.
If you want to live close to TV, then Parkwood on CR-101 will take anything. No cart path to The Villages though. Unless you are street legal and drive down CR-101.

[TraceyMooreRN]

Well- the clear difference is, during the negotiation period (ie BEFORE the seller signs contract). What about specific performance? I am set to close- and thus can't because TV won't- so "technically" they are in default.
When I advised my Realtor back around 2/15 the error the bank made on the cap of FHA maximum funding--HE advised "attempt to pull from 401K, how about a line of credit". Never did he say "OMG--You can't use FHA anyway". He only attempted to have me gather funds to make the deal work. HE KNEW the situation because of FHA cap was causing me issues with coming up with funds (the difference of 25,000 vs 65,000)...

[graciegirl]

Originally Posted by TraceyMooreRN

Well- the clear difference is, during the negotiation period (ie BEFORE the seller signs contract). What about specific performance? I am set to close- and thus can't because TV won't- so "technically" they are in default.
When I advised my Realtor back around 2/15 the error the bank made on the cap of FHA maximum funding--HE advised "attempt to pull from 401K, how about a line of credit". Never did he say "OMG--You can't use FHA anyway". He only attempted to have me gather funds to make the deal work. HE KNEW the situation because of FHA cap was causing me issues with coming up with funds (the difference of 25,000 vs 65,000)...

I quite honestly do not think you can really get an ounce of flesh from the developer in this situation or change anything.

I say that simply because they have sold thousands and thousands and thousands of homes and have probably encountered every scenario and I would have to think that they have evaluated every legal ramification in the many years they have built their business. I personally think..it is what it is, and probably would end up your word against the Rep's word, since negotiation on the sale of a new home is literally unheard of here.

A seller does NOT have to take VA.

I wasn't clear on FHA, but you say now that they are going to accept your FHA loan? Is this on a home you are contracting to build or a spec?

I think it boils down to that they have something you want to buy and they will sell it to you on their terms, and they can, and they have and they will.

[mickey100]

I'm sorry you are going thru this scenario. You are right - the people who sell real estate here are salespeople that work for the developer. They are not required to be licensed real estate agents; they do not have any allegiance to you no matter how friendly they may be. The Villages does not care about you or having a satisfied customer - their bottom line is selling as many homes as possible and making their profit.