Many buyers complaining to HUD that they were pushed into mortgages with higher rates, fees, and closing cost than those readily obtainable in their local real estate marketplace when purchasing a home from a new home builder. This complain is surfacing more & more as new home builders, try to entice buyers to purchase. In one case outlined by HUD enforcement officials. Builders are allegedly forcing buyers to work with their affiliates or lose out on the incentive and discounts that they are offering.
Builders have coined a phase "required use" which is per HUD being abused. This is creating a situation where buyers believe that they must use an affiliated or recommended service provider "to avoid an an economic disincentive or penalty".
Builders are within there rights to deny buyers undue modifications to a home that they are interested in purchasing IE: re-configuring rooms, adding or eliminating additional electrical etc. If the buyer does request and the builder agrees a cost can be involved.
Comments(0)