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1203 Ashbury Bay- "Buy One Foundation, Get One Free" |
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“Buy one foundation, get one free” You should be aware that home builders are not held to the same standard of disclosure that applies to homeowners. When a home owner sells their house, they are required to fill out a disclosure statement that discloses and describes any defects that currently exists in the house they are aware of. The same holds true for any defects they are aware of that have been repaired or cured. This disclosure allows the buyer to make an informed decision on this major purpose. 1203 Ashbury Bay began construction on April 22, 2008. However, once the house was fully framed with a roof and siding in place, KB Home realized that the home suffered from major foundation defects. The primary issue surrounding this home was an incorrectly poured foundation that resulted in an unlevel structure. On July 30, 2008 KB Home demolished the home and removed everything except the defective foundation. The least expensive solution to this problem was to pour a few inches of concrete on top of the defective foundation, and try to create a level surface in doing so. It is impossible for any home inspector to uncover this because KB Home applied a thin coat of stucco like finish surrounding the exposed foundation to give it a pretty exterior finish. The original buyer that was building this house chose to cancel their purchase, making this another inventory home.
***4/17/09 Update – On April 10, 2009 KB lowered the price to $351,462, but one week later on April 17, 2009 raised the price to $388,962. What caused this home to increase in price $37,500 in one week? This possibly falls into the tactic mentioned above where KB has a track record to allegedly artificially inflate the asking price so the out of town buyer without a Realtor feels like they negotiated a great deal when KB discounts the price. ***5/05/09 Update - On May 4, 2009 KB lowered the asking price to $318,962 or $83 sq/ft. 13231 Sunset Rainbow – San Antonio, TX This home was purchased by Blake and Jennifer from KB Home on November 16, 2006 in the Sundance Trails subdivision in San Antonio, TX. Unfortunately, this is one of the homes built to the KB standard of construction that is currently applied to all homes throughout San Antonio. These homeowners suffered numerous structural defects, including a defective foundation. Less than two years after purchasing this home and battling KB, the homeowners won a victory by selling the home back to KB on August 27, 2008. When KB re-sells this home in the future, they are not held to the same standards of disclosure that a home owner is in terms of disclosure.
Click here to see the MLS listing published March 19, 2009 Click here to see the deed conveying title from KB Home to Blake and Jennifer on 11/16/2006 Click here to see the deed conveying title from Blake and Jennifer to KB Home on 8/27/2008 1315 Sun Candle- San Antonio, TX This home was purchased by Marion and Nana from KB Home on August 2, 2007 in the Sundance Trails subdivision in San Antonio, TX. Unfortunately, this is one of the homes built to the KB standard of construction that is currently applied to all homes throughout San Antonio. These homeowners suffered numerous structural defects. Approximately one year after purchasing this home and battling KB, the homeowners won a victory by selling the home back to KB on September 2, 2008. When KB re-sells this home in the future, they are not held to the same standards of disclosure that a home owner is in terms of disclosure. You can see on the MLS listing that there is no mention of previous structural defects, or why KB bought back this house.
Click here to see the MLS listing published March 6, 2009 Click here to see the deed conveying title from KB Home to Marion and Nana on 8/2/2007 Click here to see the deed conveying title from Marion and Nana to KB Home on 9/2/2008 |
