Some builders struggling - buyers need to be careful!

I learned today from the Arizona Department of Real Estate that yet another builder is having financial problems. The notice reads as follows:

“1.       The Department has been notified that Randall Martin Homes’ subdivision lot holdings are going into foreclosure.  According to Randall Bury, owner of Randall Martin Homes, the company is “walking away” from its holdings in Marley Park, Roosevelt Park,  Valley at Dobson Crossing (aka Portello at Dobson Crossing) and Higley Park.  It is anticipated that the lien holder(s) will assume ownership. 

No complaints have been filed regarding Randall Martin Homes; however, we believe that it is important to alert Consumers and Industry of the company’s intentions. ADRE is proactively taking steps to ensure consumer protection.  Should consumers have questions or concerns, please contact Cindy Ferrin, Manager-Development Services at cferrin@azre.gov.”

It is so important that buyers purchasing new homes be aware of the status of builders in this market. Several builders are struggling, and problems can be felt along the way by the buyers of those homes. I subscribe to the email alert from the Arizona Department of Real Estate in order to be aware of problems in our industry.

This entry was posted on 27. February 2008 at 07:44 and is filed under Buyers, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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