Purchase of a new home

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  #1  
Old 09-16-2007, 09:08 AM
Renee Renee is offline
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Default Purchase of a new home

When I was at TV last year the salesperson showed me new homes. I was told if I liked one it could be held for 3 hours only. TV required a 20% non-refundable deposit period. I asked if it could be purchased subject to obtaining a mortgage and the answer was no. No matter what the deposit was non-refundable. I have great credit but that made me a little uncomfortable, I was wondering if it was still that way. The developers way or no way.
Thanks Renee
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Old 09-16-2007, 09:26 AM
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Default Re: Purchase of a new home

Thats the way it was in TV when I visited. Other developments outside TV sold homes the normal way. Id like to hear from some people that recently purchased a home about this 20% non refundable deposit and to see if anything has changed.
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Old 09-16-2007, 11:30 AM
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Default Re: Purchase of a new home

Its me again. Still waiting to hear from some Villages and their experience with the 20% down non-refundable policy etc. I hope you all didnt have to sign a non-disclosure statement forbidden you from saying any thing negative about TV (LOL) Come on people talk to me.
Renee
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Old 09-16-2007, 12:51 PM
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Default Re: Purchase of a new home

Renee, Are you sure it's not $2,500.00 down?
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Old 09-16-2007, 03:07 PM
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Default Re: Purchase of a new home

I think you haven't had any replies about the 20% non-refundable deposit because we're all :dontknow: It would be nutty to lock yourself into something like that, no-one would do it; especially if you needed to make your puchase conditional on obtaining a mortgage. We looked at new homes in March 2007 and were never told about any 20% deposit. I think if you talk to another Sales Rep they will give you correct info. Especially now when they seem to be offering huge incentives to encourage people to buy new homes.
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Old 09-16-2007, 03:11 PM
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Default Re: Purchase of a new home

When we purchased our home end of July we had to pay a non refundable deposit of $2500. We then had 7 days to pay the balance of 20% less the $2500. No contingencies.
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Old 09-16-2007, 03:26 PM
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Default Re: Purchase of a new home

Renee, We purchased in Nov. 2005, so of course it's possible that things have changed since but it's unlikely! When we expressed interest in buying, we put our name on a waiting list, and gave the sales rep a $2500 check to hold. (In hindsight We could have used a credit card for this payment.) That $2500 was considered "earnest" money. Once we committed to a particular home, we had ten days to come up with a 10 percent downpayment, which had all of the normal contingency clauses. The closing was scheduled for 30 days later. TV was completely honest and truthful about all disclosures, however exorbitant-- but we had the normal scepticism. I'd be very surprised that a rogue sales agent would jeopardize his and TV's reputation. They don't need to be deceitful or aggressive and high sales pressure, the place sells itself. ---George
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Old 09-16-2007, 03:45 PM
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Default Re: Purchase of a new home


Huh? I'm totally confused. I'm familiar with "earnest money" when you sign a contract, however, I have never heard of having 10 days to come up with 10% or 20% (is that the down payment?). The two houses we have owned we put down a contract with earnest money. The down payment was not due until we closed. How can TV expect people to pay 10 or 20% in 7 days? I hope I'm misunderstanding this forum, otherwise, my interest in TV has lowered big time.


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Old 09-16-2007, 04:30 PM
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Default Re: Purchase of a new home

Ok this is what I was told. Yes you put down $2500 when you sign. Yes you have 7 days to send in the balance of 20%. But I also know I was told the 20% they are holding is non refundable and they accept NO contingencies. The salesperson explained buying a new home in TV is not like the real world.
Renee
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Old 09-16-2007, 05:09 PM
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Default Re: Purchase of a new home

I believe:

The $2,500 is earnest money and non-refundable - a normal and expected practice

I would never pay 10% or 20% in 7 or 10 days that was non-Refundable to nobody EVER.
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Old 09-16-2007, 05:15 PM
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Default Re: Purchase of a new home

When we purchased in July 2005 it was a sellers market and the developer gave people 15 minutes to decide if they wanted a place or not. You also had to give them $2500 the same day. We did not have to have the 20% until the closing date and that would depend on if you were taking a mortgage or paying cash.

Later in 2005 the market started to stall and now the developer is offering some amazing deals to people who are buying NEW designer and premier homes. Haven't heard about any deals on ranch, courtyard or patio homes.

You are likely to hear the same from anyone who came down here in Apring and Summer of 2005. Once the market stalled the deals changed drastically.
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  #12  
Old 09-16-2007, 05:51 PM
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Default Re: Purchase of a new home

We viewed homes on one of TV's 'stay for a week for $600' deals. No pressure, and we didn't do anything during that trip. As we discussed what our retirement plans were (after getting back to Chicago area), we called, put the $2500 on credit card. We were told we needed 50k in 4 days to be sent, and our accounts were tied up for 7 days and we told them 4 days was not possible. They were fine with that, waited the 7 days, and we paid the balance at closing.

We wanted the Villa on the golf course, it was the last one in that particular Village so ... we went for it. At that time, this all occurred right towards the end of it being a seller's market. Now, our realtor sends us emails that we can get a designer/premier home and either get $s back for down payment, or not have to pay the bond... all kinds of deals going on now.

Renee--it's a buyer's market right now, so stick to your guns. Maybe you have someone that doesn't have quite as much integrity as they should have. We loved our realtor from TV, but that doesn't mean there aren't some shrewd butt-heads out there that use pressure tactics. Especially now, with the downward slump on real estate--and their big salaries spiraling down.

When we were there in July, I heard two guys talking in IZOD about them not building the Premier homes for awhile. I'm guessing this is where they get top $ and rather than build homes that remain empty, they'll stop building until the market is back in their favor. Makes sense.

Good luck!

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Old 09-16-2007, 06:19 PM
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Default Re: Purchase of a new home

Similar situation here was down on a visit to see some family and friends outside TV but stayed on the lifestyles preview pkg for a few days. As we had been to TV before we had an idea what we were looking for. Went out with a villages rep who we were dealing with looked at resales and new. Found a great designer with a reduced price. $2500. down on CC ( We both said we would not bring our check book-HA,HA) they take credit cards for Ernest monies. You then have between 5-7 days to come up with the balance of the 20% deposit. If you change your mind in that 7 day window they keep the $2500. But if you change your mind and come back later with a deal on another house you may be able to use that $2500 (prior) deposit on that home, depending on how long it was since your $2500 was put down.

You can get pre-approval from TV citizens wholesale mortgage company pretty easily.

One imagens that if you have put in the 20% you are committed to go with it. Oh and one more thing with some of these deals you need to sign as part of your contact that you cannot sell the home in less that 1yr or any profit would go back to the developer. This would include any discount on home purchased.
  #14  
Old 09-16-2007, 07:39 PM
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Default Two Points On The Discussions Above

First, someone accurately pointed out that neither TV or its sales agents need to be shady or deceitful in selling houses. The Villages does sell itself. Generally, the protocol of earnest money, downpayment and then closing is exactly the process that tens of thousands of happy Villagers followed in buying their houses. You might not like the procedures set up by the developer, but demand by people who want to live here seems to have justified such a process for a long, long time.

As far as the "non-refundability" of earnest monies deposited by buyers "up north", the laws regarding real estate transactions are not necessarily in favor of the seller, even if they appear to be. If you check with your attorney, you will likely find that if a buyer defaults on a purchase agreement, his earnest money deposit does not automatically go to the seller. The money is typically held by the selling broker in a safekeeping account. Should a buyer default on a purchase contract what that does is permit the seller to litigate against the buyer for damages associated with the defaulted contract. That is why an offer to purchase real estate is called a "contract". It's ultimate settlement must be accomplished by the application of contract law. Such a contract is not just settled automatically.

Contract litigation and eventual adjudication takes a long time. More importantly, in order to have any of the buyer's earnest money deposit awarded to the seller, the seller has to prove to a judge that they incurred losses as the result of the buyer's default. Typically, the litigation never, ever gets to the point where a judge is required to adjudicate the matter. Almost always the seller and the defaulted buyer agree on some amount of "damages" which are typically a small proportion of the earnest money deposited.

So I wouldn't necessarily get my shorts in a knot trying to compare real estate purchase procedures in TV and what might be the custom and law up north. They're often not comparable. I guess that's why they call The Villages an incomparable place to live!
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Old 09-16-2007, 09:51 PM
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Default Re: Purchase of a new home

Hi Boomergirl,
It is correct that you can't put a FSBO sign in the yard. (at least south of 466). I put mine in the front window and one in the back window so it can be seen by golfers. The signs are inside the windows.
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