iaudit and SteveZ, you both have made very good points in the above two posts. Thanks for your input.

Good question. It may be a gray area but a licensed agent or broker probably should as they are required to disclose anything that could effect the value of the property with few exceptions.

I can't speak for developer's employees who sell only developer"s property. I believe they are not required to be licensed.

As a Florida licensed real estate broker I would interpret the law as requiring me to disclose this problem. If I didn't I would be afraid it could come back and bite me.

I continue to monitor this situation with great interest, as I'm a serious TV wannabe. I don't recall anyone mentioning their elected congressman as a possible avenue of information, or possibly, resolution. It seems to me that the elected representative of over 70,000 residents would have a major vested interest in resolving this issue in favor of his/her constituents. I can't contact that office, as I'm not a resident. But it seems to me that some of you current residents could. I promise you that you would not be ignored . . . .

The role of the POA if things go badly
 

SteveZ:

You are on the mark regarding the POA. The central points that I have been trying to make in my posts on this issue are:

1. As SteveZ and other posters have said, we don't know yet how this matter is going to be concluded. However, if the present IRS position prevails, the result will apparently cost the VCCDD, which owns most of our physical amenities and provides our amenity services, a huge amount of money. At this stage, the amount cannot be precisely quantified, but it will almost certainly be huge.

2. Since the VCCDD cannot: (a) unless it files for bankruptcy and voids its contracts, increase our amenity fees beyond the CPI, or (b) tax any property outside its boundaries and the properties inside its boundaries are owned by the Developer (whose nominees run the District),
where does the money come from to continue our amenities? Janet Tutt did not address that basic question in her latest Daily Sun article.

3. The best shot that the residents have for making sure that the answer to that basic question is one we want to hear is to be organized so that we can speak and act together. Since the The Villages Homeowners' Association has consistently refused to represent the residents' interests when they conflict with the Developer's, the only organization that we have to do that is the Property Owners' Association.

4. For that reason (in addition to its other activities), the POA, which currently needs both members and money, needs to be supported with our time, actions, and contributions. By the way, as a part-year resident, I am not an officer or director of the POA and I am not speaking on behalf of that organization. My support for the POA comes from a belief that, if things go south in this matter, the POA is clearly the best instrument that the we residents have for protecting our interests.

This IRS effort was started during the Bush administration...so I don't think it's political at all.

Reply to Saratogaman
 

You are right. As I have said in a previous post, this audit is part of a nationwide IRS program to crackdown on perceived abuses in the issuance of municipal bonds. That program has been going on for a few years now. The speculations, in some posts to this site, that the present situation with the VCCDD is the result of politics or an IRS agent gone wild (although the tone of his latest letter did strike me as somewhat unprofessional) are off the mark.

Bond, etc.
 

I notice that homes in the Lake County section are advertised (by other Realtors, not The Villages' own) as "No Bond." So, what are the implications for a Lake County TV resident in this IRS matter?

Anyone have any idea?

Thanks.

Ain't no use a worryin' if the endin' will be bad.........
 

I really don't have any ideas. But this is what I suspect. The Morses can afford some very good lawyers and it has been stated on here in another thread who they are and how good in this field. The litigation could outlast most of us.:shrug:

Lawyers-- who pays?
 

Graciegirl, sorry, but the bad news is: It ain't the Morses paying for the lawyers to fight the IRS. It is the VCCDD. Perhaps you could suggest to the Morses that they foot the bill?

geezer,

The 'no bond' in Lake county homes pertains to the infrastructure bond associated with the construction of the home. These did not come into being until the last 10 years (or so).

The IRS investigation only pertains to the amenity/recreation bonds which apply to all residents of the Villages and are paid off via our amenity fees which all residents pay.

I still read the lawyers names and backgrounds and they were purportedly excellent in their field.

Isn't going to help anything or anybody by worrying. Life is too short. We can't do anything about it. Knowing what I know now, I would buy here again in a heartbeat!

Morse family reassurance
 

Graciegirl, I too wish people wouldn't worry about this matter.

It sure would make a lot of us feel better if the Morse family would issue a public statement to the effect that:

No matter what the outcome of the IRS controversy, the Morse family members, personally will protect their family legacy and guarantee the continuation of the amenities.

I definitely don't think there is a positive relationship between the POA and the developer, only with the VHA and the developer. It all goes back to the developer trying to renege on free cable for the early residents of the villages.

That would be foolish inlight of the negotiations that are just beginning.

I really tried to ignore this frustrating thread topic but, like Al Pacino once said, "every time I try to get out....they pull me back in."

It occurs to me that much of the information we are barraged with is actually disinformation in the form of half truths, rumors, agenda driven purported facts, facts out of context, columnist efforts to fan discontent among mostly content people, and a dizzying assortment of "what ifs".

For balance I have decided to initiate another disinformation campaign for optimists

what if the developer's lawyers and or bond counsels secured a letter from the IRS acknowledging the propriety and legality of the bonds in question years ago at the initial issue

what if you have a clause in your home purchase contract that holds you harmless and the the developer responsible for any damage by future challenges to the bonding mechanism.

what if the IRS has an extremely weak case and to avoid embarrassment they are anxious for an early settlement

what if someone realizes that The Villages is de facto, a municipality with legal sub-divisions called by a different name as a result of court and legislatively authorized government experimentation in-progress and accordingly, qualifies for the bond status in issue

what if someone applies common sense and realizes that TV and other Florida communities as well as similar new out of state developments are sanctioned experiments that need to go through a metamorphosis to reach their potential in serving the needs of people looking for something progressive and different in the way we are governed.

what if somebody realizes we are not a cult compound but a legally authorized form of government.

Such fertile ground for more input. Feel free to put your own feel good "what ifs" in place. Glass half empty mindsets and Villages antagonists, of course can start or continue your own negative disinformation. Cabo leads optimists in rousing chorus of , "The Sun Will Come Out Tomorrow".