Wednesday, September 30, 2009

The Saga Continues....

So, this morning I contacted my realtor and expressed my concerns about the financial stability of my builder. Or lack thereof.
She assured me that things were fine and that she would email over a letter from builders's bank stating as much. She said that what had happened was that builders's financing had been with one bank and their loans had then been sold to a bank in Australia (in the past year) who then called the loans due. Still not sitting well with me at this point. She said the owner had secured financing thru another bank - okay that's a bit better, but I'd read about a bunch of liens on the properties with the builder from contractors and wanted to make sure that those had been resolved as well. After everything that had happened with Regency Homes in Iowa and Benchmark in Omaha, I'm definitely concerned. The complex/area that I made that offer at has four units that are currently under construction (I've never seen any work being done on those units - basically it appears to be the outside is done, don't know about the inside) and then a LARGE open lot where another 40 or so units will go.

So, I asked for documentation that everything was good with their bank and my location. I've currently received a letter about another complex in town, but not my complex. My realtor called earlier tonight and said that there wasn't one for my complex and asked if it would make me feel better about this because the other realtor would get one if needed. I said I wanted one. My offer has expired. So that's where things are at this point.

This is fun.

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