Home Builders Alert (real estate, new home, commission)

[Captain Bill]

Here is an emal alert that I just received from the ADRE. Anyone contemplating buying a new home may want to review the information on the AZRE.gov site.


Consumer Alert
August 18, 2008

Most Arizona homebuilders continue to meet their obligations to customers however; there are some who are currently facing challenges in meeting their commitments to consumers.

“Homebuyers and their real estate agents have the right to know if a builder is in financial trouble and what the status of their earnest money or home completion is. The Department of Real Estate can help provide this information and give assistance to consumers in need,” stated Sam Wercinski, Arizona’s Real Estate Commissioner.

The Department is now posting information on builders (broken link)who are in bankruptcy or are having financial difficulties so consumers can make informed decisions and take steps to protect themselves. A list of known builders is available on the Department’s website: www.azre.govConsumers should also reference the Commissioner’s Advisory No. 2on the website's home page which provides guidance for homebuyers, real estate agents and others impacted by a builder ceasing operations.

Sam Wercinski
Arizona’s Real Estate Commissioner

[azkylady2]

I am sure this information will help a lot of people avoid a bad decision. Interesting read as well.