Purchase of a new home

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  #31  
Old 09-18-2007, 12:04 PM
kitten kitten is offline
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Default Re: Purchase of a new home

I wonder was extreme circumstances mean. A dear friend of mine purchased a home at TV and before closing her husband had a heart attack and passed away. She of course wanted to stay closer to family but could not get her deposit of 20% back. She was told to close on the home and they would waiver the 1 year hold and she could list the home and pay a 6% commission. Just be aware of what might happen.
  #32  
Old 09-18-2007, 12:18 PM
Atlanta0744 Atlanta0744 is offline
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Default Re: Purchase of a new home

Bama, you seem to think the market is not soft at TV. Well if thats so why have they discounted many homes, eliminated settlement costs in some cases and right now are offering 10% of the purchase price in free furniture. This is just the beginning of big discounts at TV.
  #33  
Old 09-18-2007, 02:08 PM
kitscottage kitscottage is offline
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Default Re: Purchase of a new home

In CT, you put 1% of your first offering price while you negotiate. You then put in an additional 19% (to make up 20% of the agreed upon purchase price) at the time of contract signing (usually 2 weeks). This money is held in escrow until all the contingencies are met (mortgage, building insp, etc). If the buyer does not qualify for the mortgage, or if they dont like things in the building inspection, then the 20% is returned and the offer is rescinded. If all contingencies are met and the buyers back out for no reason (buyers remorse) prior to closing, they stand to lose that money.
  #34  
Old 09-18-2007, 02:22 PM
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Default Re: Purchase of a new home

If buyers don't like the monetary commitment aspects of buying a new home in TV, there are always resale homes! We bought through MLS with $5,000 down, remainder on close in 60 days, plus conditions on Termite Inspection and Building Inspection. All went smoothly, it was a walk in the park! ;D
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  #35  
Old 09-18-2007, 05:47 PM
pili pili is offline
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Default Re: Purchase of a new home

I'm with Chuck and his comment. I realize how all of you TV residents love the place, however, 20% down in 7 days knowing that you may lose itif you cannot go with it, is bad business. I have never heard of "no inspection" before closing. So from everything I've read so far, if we want to buy in TV, we better look at pre-owned homes so we can have the closing terms that everyone goes by. You put down earnest money, house goes through inspections, you give your 20% or more at closing time. I'm not about to take $60,000 or more out of savings/investments (and lose interest that can be earned at the bank or mutual fund) with the stipulation if something happens and we have to back down we lose it. Losing $2500 is one thing...20% of price of home is another. Seems to me the developer is all about making money and not very ethical in my opinion.

Pili
  #36  
Old 09-18-2007, 05:57 PM
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Default Re: Purchase of a new home

Bobbie,

Sound like your sales person wants you to incur another debt and pay more interest on it. Get an equity line of credit so you can put down the "non refundable" 20%? That's nuts. Why would anyone in their right mind take a line of credit to put down money? Folks sell their homes and use the proceeds to buy another home. I guess if you have tons of money coming up with 20% before you sell your home is not a big deal. However, from everything I've read all of us are decent, hard working people, who have worked hard for our money and are looking forward to retiring in a nice place. Why should such a burden be put on people who want to buy at TV? Buying at TV is not like buying anyplace else? I find that very risky and dubious. That developer must be some crafty person to come up with this deal and have others go for it.
  #37  
Old 09-18-2007, 06:40 PM
darbyduff darbyduff is offline
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Default Re: Purchase of a new home

I guess the bottom line is - If you fear the 20% then buy from any of the pre-owned owners. Then once you live in TV for a while and want to purchase a new home you can go ahead and do so. Right now we have paid TV $80,000 for our home and haven't closed yet. (Next Wednesday) Yup, it's a risk but so is a lot of things in our life. We waited for 2 years to be able to purchase in TV. Our house sold in Colorado so we have to have a home somewhere.

Things are only "soft" in TV because, even though there are plenty of people who want to purchase in TV, they are having a hard time selling their home else where. The developer sold 40 homes in July and 42 homes in August. That doesn't sound soft to me. (That was with all the incentives)
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  #38  
Old 09-18-2007, 08:40 PM
bamafan bamafan is offline
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Default Re: Purchase of a new home

Atlanta, I'm not saying the market is not soft, but it is not as soft as other places. To tell you the truth I think TV got caught with to many homes. They had been used to selling in the neighborhood of 500 homes a month. Not any more. Now it is around 50 a month. Thats still a lot of homes. That coupled with the fact that they are probably trying to keep their builders busy has given them problems to work through. Thus some of the deals we are seeing. The question is for how long?

I think the problem with the 20% down, is that a lot of people want to move to TV They come, they see, they are overwhelmed, and they impulse buy. They get home and start thinking what have I done.

Bobbie, we looked at a lot of communities in central Florida before deciding on TV. We had some who told us "Go ahead and sign on the dotted line and we will make your payments for a year"' Well what if my house had not sold then I would be holding the bag. As my wife said WE close one chapter of the book before we open another. If I were you I would close the sale of my home ie: chapter before I opened another.
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  #39  
Old 09-18-2007, 09:39 PM
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Default Re: Purchase of a new home

Inspect your home all you want and they will repair anything you don't like ......but on the 7th day be ready to put up your down payment....
In other words be prepared to buy if your put down your $2500.00..
So visit TV and if its your thing then go home and sell and then come down and buy a house,and golf cart,big screen tv,new furniture ,new computer,fountain for the yard, new golf clubs w/ bag to match your cart, head covers and umbrella to match your side curtains and new sign for you light post with your name on it....are you starting to get the picture......Its hard to believe its worth it , but it is..........

xxooxo one broke fumar
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  #40  
Old 09-18-2007, 11:03 PM
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Default Re: Purchase of a new home

Fumar:

If you think you're broke, imagine being in a position of bringing in $150 Mil a month, every month, for a long long time, and things tighten up and you are only bringing in $15 Mil a month - things might get a bit shakey!

And do you think monthly bills were paid in 30 days, or maybe they might get a little greedy and see how far they can put off the little guy vendors and contractors so they could earn some interest for a month or so extra (or pay out some huge bonus') with the little guys money. Now instead of paying off the large part of $150 Mil a month they owe say $450 Mil and the slow down comes and they only get income of $15 Mil to cover the $450 Mil!
BROKE

Been there, but not on such a large scale.
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  #41  
Old 09-19-2007, 07:36 AM
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Default Re: Purchase of a new home

Im not saying TV is not a great concept. But what I dont understand is why they want to make it virtually impossible to get your 20% back or even require that much especially since most closing are within 30 days. Also the homes are already built, I can see the 20% down if you are having a custom home built to your specs. Are they afraid that once you go home and the excitement of a stay at TV has worn off in a week or two you would change your mind? We all know you get a lot less house for the money at TV and most are happy for the trade off knowing that there is no other place like it. Ive compared homes at other active adult communities and so have many of you so you know thats an accurate statement. Maybe if TV started selling the conventional way their sales would increase, at least for now.
  #42  
Old 09-19-2007, 09:02 AM
nanci2539 nanci2539 is offline
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Default Re: Purchase of a new home

I think for us who want to buy in TV; coming up with a 20% down payment within seven days is tough unless you go into savings; investments; bridge loans, etc and these are all extra steps.

When I put my home up for sale (soon), the proceeds from this home will go towards a TV home. It takes 60-90 days to pass here. What this means for me is I have to find someplace to live because I won't have the money until I pass papers on my present home. This incurs more expense for us and it's very inconvenient especially when you have pets and furniture to move. I have to rent someplace and store furniture.

I'm amazed that so many people who have purchased new homes in TV were able to come up with thousands and thousands of dollars for a down payment in 7 days. Did everyone just have $40K plus money hanging around and few had to wait until they received the proceeds from their home?

It's not confusing to me, I understand totally what is required but it amazes me that folks were able to do this independently and not wait for the proceeds to the home they sold!
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  #43  
Old 09-19-2007, 11:14 AM
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Default Re: Purchase of a new home

Nanci2539...

AMEN

You took the words right out of my mouth!!!
  #44  
Old 09-19-2007, 11:20 AM
nanci2539 nanci2539 is offline
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Default Re: Purchase of a new home

Thanks Bella - I thought it was just me! We are not "poor" and certainly have a nice retirement but this money is tied up in funds and is there for our actual retirement, not for buying a home. That's why we have this big 13 room home here to sell! The proceeds from this home should be generous enough that we should be able to afford a nice designer home but to come up with $80K plus before we even pass papers is a stretch. And more importantly, if we wait until we get the proceeds from this home, where do we go??? I don't want to rent or stay in a hotel with cats while I'm looking for a home in TV and then have to wait an additional 30 days to pass.

Like I said, it just amazes me that others don't or have not found this difficult!
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  #45  
Old 09-19-2007, 11:46 AM
Bella Bella is offline
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Default Re: Purchase of a new home

I am so glad someone out there said what we have been thinking...
We have been going 'round and 'round about this for months now trying to figure out an answer....
I guess like you said...sell, store, find a temporary place to live, buy, move...$$$$
It is ludicrous, but it seems the only way to do it unless you buy from an outside realtor...
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