Wow, I just read an article in the Ft. Myers News Press about a local builder who is removing windows, doors, appliances, etc from brand new homes being built in Cape Coral.
The builder is stating that they are removing the items to prevent them from being stolen while the owners are not happy with it.
As the market continues to shift here in Cape Coral many investors who built new homes cannot afford them.
Some were planning to move down, while MOST were expecting to sell for a profit. Well the ones who were expecting to sell for a profit have now realized that in many cases they own thousands, even a hundred thousand more than current market value. Some can afford to rent the property out and continue to make mortgage payments, others cannot. Those who cannot are facing foreclosure.
Should the builder be removing items from the home? Who does the property belong to; the borrower, the bank or the builder? I guess it would depend upon where they are in the building process but in most cases the borrower took out a construction loan in the beginning so they are technically the owner, even though they haven't closed on the house yet. But the builder has gotten paid from the bank in draws for their work already.
You can read more about this online at the NewsPress.
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