Due diligences and location must be done before you by any home
 

[QUOTE=Toymeister;2072480]As a seller who had a deal go sideways I would not take a deposit of more than 7,000.

It's not because I am generous or a fool. It's because the distribution of a deposit, (typically held by a title company), if in dispute can be decided in small claims.

I bet you thought a title company would sort this out and you would be wrong. The title company will not nor will they do anything at all to help or guide you through this process. For this aspect of the transaction the title company exists only to enrich themselves through fees. Look through the
For the seller and buyer's protection, keep this in the realm of the small claims court which will not cost you significant legal fees[/QUOTE ] look on the
Talk of the villages Webb and you would be amassed at what you will find about location negativity and other quality of life issues..

Don’t know why you think a cash closing is risky. No argument with wanting more earnest money.

If you're doing For Sale By Owner I would recommend Advantage Title on 466 across the street from Laural Manor. They have been terrific to work with. If you sell yourself you have the 5-6% commission. Homes priced fairly sell quickly.

I believe the Realty company would keep half UP TO their fees. So assuming 3% they would get $43,500 not half. That is a typical contract.

We purchased in September closed Oct 30th.$10,000 deposit all cash offer. Home was sold as is but we still got an inspection with the right to change our mind upon completion. Home was solid, been here since Dec village of Glenbrook

Purchase offer. accepted January 2021, settled February 2021, w/a mortgage. Contract included $10K earnest money...

Closing pending on adequate inspection (seller repaired the few problems, per FL law)...

I would never accept an offer with a VA loan again. We did this once in GA - the buyers were great folks, but the VA appraiser was a real winner. He came in and appraised our home at less value than when we had bought it 10 years earlier. His appraisal was $30K less than 3 others we had done. We had added a pool, a finished wrap around porch, and a finished family room and bathroom in our lower level - all of which he checked off as "no added value" on his form.

He nearly tanked the deal for the buyers as I wasn't willing to sell for the price he tried to set. They ended up using my appraiser to get their loan, and I found out after that the appraiser had told them he was trying to get them a better deal.

Add to that the hoops and specific additions a VA loan requires - never again. I love the military, but the VA loan process is highly flawed.

Again, I have read all replies with much appreciation. $10,000 contingent on a home inspection including irrigation issues is a good starting point, but allowing for some flexibility to negotiate. I like the suggestion of driving by at different times of day to scope out (maybe even meeting) neighbors.

I am grateful to the many replies on TOTV about other things to consider like noise from pickle ball, railroad, highway, golf course maintenance, etc. Equally helpful have been recommendations about maintenance, repairs, traffic circles, transportation, landscaping, home improvement, restaurants and many other issues.

This forum is a source of daily enjoyment for its humor and knowledge- making even a first visit feel like a homecoming. Thanks to you all!!

I did the same as you, and deposited $15,000... also, they would not stop showing the house, My only contingencies were the sale of my house which was closing in 2 weeks confirmed and a walk through (since it was bought sight unseen)... they continued to tell me they had people interested in buying the house and said if I removed the "walk through" and sale of my house, for contingencies they would take it off the market. I told them, although the sale is 2 weeks away (my agent even called them to confirm) If they died unexpectedly , could get hit by a car etc, the sale would fall through and I would loose my $15,000 deposit, and in no way would I NOT do a walk through. Also, got the house appraised before buying and told them I would only pay appraisal price. No more no less, the house appraised 8,000 LESS and they were furious at me, oh, well, they had to lower the price... something to think about. Enjoy the Villages, its the best thing I ever did.
Oh ya, ck for homes with BOND paid in full. These are in older communities... so worth established residences.

As a seller, there is no way that I would accept an offer where an appraiser can determine the price of the house.

I would be surprised if a seller would agree to an appraiser set price in the current market, unless they were getting desperate due to a lack of offers. Appraising is not an exact science.

I could not disagree more strongly.

I used them on a FSBO which went south and they were useless in assistance for distribution of the deposit on the deal which the buyer repudiated (backed out). I sued the would be buyer and Advantage title. Yes, I won.


Taking a title company to court is the ultimate measure of a difficult to work with firm.

[QUOTE=joelfmi;2072905]Well, since this is directed at me, so far, in this thread, I am the only one with actual actionable information on recovering a good faith deposit. Indeed, I recovered my deposit here, in TV.

I certainly hope that is useful.

Heck, even the guy who states he was a realtor and knows all about contract law and stated 'return the deposit" on a sideways deal, is so bizarrely wrong.

I'll take my four decades as a Contracting Officer against a realtors one day overview on contract law any day. A buyer who 'backs out' of a deal is repudiating the contract; the deposit is certainly recoverable by the seller. Provided there was no conditional offer i.e. I will buy your home if XXX.

This has probably been answered, but in case it hasn't. Look up Ira Miller on YT. He makes his email & phone # available there.

NO, it is not the standard contract. BOTH The Properties of The Villages and the Realtors Association of Lake and Sumter Counties standard contract allow the listing firm to take 50% of the earnest money for a offer where the purchased backs out, for their own enrichment.

Leave it to a contracting guy to actually read the contract.