FYI for everyone building a new home!!! (real estate, foreclosure)

[Brewboy]

FYI for anyone that is thinking of building a home in this area, NEVER EVER sign an arbitration agreement!! EVER! That is about the worst mistake you will ever make if you do. If a builder or realtor says they require you to sign one when building, you get out of your seat and walk away.

[tiffani]

Really? Did you have a bad experience with one?

[pickleswanson]

Originally Posted by Brewboy

FYI for anyone that is thinking of building a home in this area, NEVER EVER sign an arbitration agreement!! EVER! That is about the worst mistake you will ever make if you do. If a builder or realtor says they require you to sign one when building, you get out of your seat and walk away.

I know they can be dangerous but so can any legal document if not used properly. This usually occurs when innocent people are badly informed. Is this what happened to you? Being heavily involved with real estate myself I really hate to hear of anyone having problems. My first buying experience wasn't exactly positve either. I know you can't say too many specifics on here but please feel free to email or private msg me any time. I know several real estate attorneys that may be able to assit you. Depending on who performed the infraction and in what location will greatly depend on what atty I would recommend. Many of which; you may be interested to know; would not charge unless the case is won. I never thought anything like that would be neccessary for me; but I was extremely glad this type of service was available when I was on the verge of losing everything because of a real estate flaw.
Hope things improve for you and you can find a way past this.
Good luck.

[Brewboy]

Nope, this did not happen to me! In fact, I know to never buy a home that is going to force you to sign an arbitration agreement. I was just throwing this out there for people that are looking to build homes right now because the market is so bad builders are really being hurt buy this and I am seeing many many builders folding up shop when they have built homes and then they cannot complete any and all work that needs to be done after close. Therefore when this arbitration comes into play, it is very very difficult to sue a builder with this clause in place. I am saying this to protect any and all on this forum that is looking to build a new home!! DO NOT SIGN an arbitration clause. It could cost you not only your home, but your hard earned money if you do loose your case against a builder.

[Enclave at Milton Park]

Why would want to go to litigation and hold up the process of moving or building, while making Attorney's rich in the process?

[scgraham]

Originally Posted by Brewboy

FYI for anyone that is thinking of building a home in this area, NEVER EVER sign an arbitration agreement!! EVER! That is about the worst mistake you will ever make if you do. If a builder or realtor says they require you to sign one when building, you get out of your seat and walk away.

The purpose it to reduce litigation costs for everybody, not just builders. You don't have to sign it, but you won't be buying a new home either. This is similar to not agreeing to non-judicial foreclosure. If you don't agree, you don't get the loan. If mandatory arbitration clauses are removed from builder contracts, new home prices would jump substantially. The builders would simply pass these costs along to all consumers. Tort reform is greatly needed in all areas.