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Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
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I was trolling around and popped on the ATL Centex website. It clearly says if you are not going to be the primary resident in a Centext ATL we will NOT sell to you. I smiled, although it might be a little late for that (or may be not). Has anyone seen anything similar for other local or national builders in NC. Are there investors buying several lots for the purpose of a resale (I'm thinking not really but have no hard evidence). I know this was a BIG problem in AZ and really created problems for people who wanted to actually buy and live in the home (a novel idea).
We just went in to contract to build a house in Indian Trail, and in our contract (or maybe it's the homeowners association rules, I don't recall exactly) it says you cannot rent out the house for 2 years after you buy it. I guess they don't want investors using the houses as rental property.
I was trolling around and popped on the ATL Centex website. It clearly says if you are not going to be the primary resident in a Centext ATL we will NOT sell to you. I smiled, although it might be a little late for that (or may be not). Has anyone seen anything similar for other local or national builders in NC. Are there investors buying several lots for the purpose of a resale (I'm thinking not really but have no hard evidence). I know this was a BIG problem in AZ and really created problems for people who wanted to actually buy and live in the home (a novel idea).
HUR-RAH! I think that's a great idea and long past due. I searched both the Centex Atlanta site and their main site and couldn't find that though, Mike. Could you p.m. it to me? If I know what to look under, I can check some other builders sites. I already checked K Hov's main site and their Triad area site but didn't see anything to that effect. On a related note, a coupla years ago, a luxury northern VA homebuilder put it in their contracts that their homebuyers had to live in the home for a minimum of a year before putting it up for sale. The owner didn't think that *flipping* or that new resale homes were good for the communities (which weren't even built out yet) didn't want it going on, and IMO, ( just speculation on my part) probably didn't think it was good for the company's bottom line.
Believe it or not some of the builders are still hanging on here in AZ with that same policy. A lot have given up due to the market though and sell to anyone willing to buy. They also have the policy in place where you can't flip, you have to stay in the home anywhere from 1 year to 2 years and if you sell before then, I know Standard Pacific has a lein on your property for 50,000. If you have a hardship you could get out of the contract with proof.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,520,391 times
Reputation: 2118
Quote:
Originally Posted by Cassie
HUR-RAH! I think that's a great idea and long past due. I searched both the Centex Atlanta site and their main site and couldn't find that though, Mike. Could you p.m. it to me? If I know what to look under, I can check some other builders sites. I already checked K Hov's main site and their Triad area site but didn't see anything to that effect. On a related note, a coupla years ago, a luxury northern VA homebuilder put it in their contracts that their homebuyers had to live in the home for a minimum of a year before putting it up for sale. The owner didn't think that *flipping* or that new resale homes were good for the communities (which weren't even built out yet) didn't want it going on, and IMO, ( just speculation on my part) probably didn't think it was good for the company's bottom line.
Regards,
Cassie
Hi Cassie, agree 100% with you. I will PM you shortly!
I think it is good for a new neighborhood not to sell to investors. It always amazes me while there maybe only 5-6 new homes built and already there is a for rent sign in the entrance. It can turn a neighborhood quick IMO. I think it should only pertain to the first homebuyer though as some people need out of a home quick and an investor can sometimes help save someones credit.
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