[Bob04090]

The VLS brokers are sales agents not a real estate broker. The VLS contracts are written so there is no way of backing out. The inspection period is not defined in a VLS contract as the case with an MLS contract. Meaning if you don't like the findings of the inspection, you can't withdraw your offer as the case with MLS contracts. Any issues that are found in the inspection have to be fixed by the seller up to 1.5% of the purchase price. So, I would highly recommend you read the VLS contract in detail and add any contingencies to protect yourself.

[retiredguy123]

Originally Posted by Lisanp@aol.com

I was a licensed Realtor for over 15 years up north. The agents of The Villages are not Realtors (members of NAR) and the “practices” here would not be found in most other places of the country. A mortgage contingency (which is pretty standard practice on a resale and should be considered by a resale seller as a likely contingency of sale) will protect you from a property not being able to be insured, but not from you not liking the insurance premium. A mortgage contingency will also help to protect you should the property not appraise for the sale price (but not as well as an appraisal contingency outside of the mortgage contingency). Once you have a property address it should be fairly easy to get a insurance quotes for coverage before you sign the contract on the home. Where I am from, inspections are done before contract signing so that is never a contract contingency, only a contingency at offer. The house is continued to be shown while you schedule and do the inspections so you could pay for an inspection and then lose the house to a higher offer before you sign the contract. If I was selling here, I would never accept an inspection or insurance contingency in the contract and would tell the buyer to address it before you sign.

My only issue is that, if the seller requires the buyer to address inspection and insurance contingencies before signing the sales contract, it gives the buyer more time to change their mind about buying. Buyer's remourse is often a key factor in a real estate sale. I think a lot of real estate agents would rather collect the earnest money and get a signed sales contract as soon as possible, even if there are some contingencies.

[Topspinmo]

As seller I would only negotiate after inspection, cosmetic items IMO are nonnegotiable. As buyer when I look at house I make estimates cost what I think should be brought up to standards and base my offer on that. I also will not upgrade just to satisfy the realtor cause most all house I seen sold in my area the buyer going to tear out what they don’t like and upgrade to what they want anyway. Example neighbor spent 35K plus to close in screen in porch, another 10K for counter tops/paint. The new owner torn it out and redone close enclosed lani another 40K plus bricking it in along with counter tops and paint.

IMO if make all theses demands IMO not worth dealing with them. Resale not new and you shouldn’t expect it to be in new cosmetic condition.

[Topspinmo]

Originally Posted by retiredguy123

My only issue is that, if the seller requires the buyer to address inspection and insurance contingencies before signing the sales contract, it gives the buyer more time to change their mind about buying. Buyer's remourse is often a key factor in a real estate sale. I think a lot of real estate agents would rather collect the earnest money and get a signed sales contract as soon as possible, even if there are some contingencies.

IMO I would take less than 5K earnest non refundable money due the fact they could back out on last day and I would be stuck after I boxed everything and moved out.

[retiredguy123]

Originally Posted by Topspinmo

IMO I would take less than 5K earnest non refundable money due the fact they could back out on last day and I would be stuck after I boxed everything and moved out.

I agree, but non-refundable earnest money may not be legal in Florida. Also, the typical listing contract states that any earnest money that is not refunded is split 50/50 with the listing broker.

[BrianL99]

Originally Posted by Lisanp@aol.com

I was a licensed Realtor for over 15 years up north. The agents of The Villages are not Realtors (members of NAR) and the “practices” here would not be found in most other places of the country. ....

If I was selling here, I would never accept an inspection or insurance contingency in the contract and would tell the buyer to address it before you sign.

In case you haven't noticed, Florida doesn't use an "Offer followed by P&S" process, as most of the world uses.

[Catalina36]

When purchasing a preowned home you can request any type of contigency
as long as the seller agrees. The contigency is between the seller and buyer not the broker.

[Topspinmo]

Originally Posted by Catalina36

When purchasing a preowned home you can request any type of contigency
as long as the seller agrees. The contigency is between the seller and buyer not the broker.

Agree realtor should only get paid if house sells. What I would be paying them for.

[Pugchief]

Originally Posted by BrianL99

You can put whatever contingencies you want, into an offer for a home. You can make an offer that's contingent on the sun coming out on closing day. It's up to the Seller to agree or not to agree.

Keep in mind, you'll probably get pushback from your real estate agent. Brokers around TV are the most unsophisticated and amateurish brokers I've ever seen ... they're very easily confused and they're favorite saying seems to be; "that's not how we do it here".

I could be wrong, but it is my impression that they are quite the opposite of confused, and tell you what they want you to think is ironclad, whether it is or not.

[BrianL99]

Originally Posted by Pugchief

I could be wrong, but it is my impression that they are quite the opposite of confused, and tell you what they want you to think is ironclad, whether it is or not.

That may be the case, too.

The broker I used to buy a pre-owned home, risked the deal by being an obstinate idiot. I went to the Listing Broker & got my broker out of the equation (other than collecting her commission, of course).