Be Careful Not to Slander
Nationally, there are a record number of builders going broke and looking to the U.S. bankruptcy court for protection from creditors.
The Arizona Department of Real Estate is now posting information on builders who are in bankruptcy or are having financial difficulties so consumers can make informed decisions and take steps to
protect
A Phoenix area brokers meeting ....
warned agents who pass along this information to prospective buyers interested in any of the referenced developments.
"Financial difficulties" is a very subjective phrase and we don't want to say anything that could be construed as stigmatizing the development or perceived as slander against the developer.
Agents should be very careful not to give any opinions regarding these buildersor developments - they may pass on this ADRE information and advise the buyers to talk to the builder about their financial stability and to check them out themselves.
Be careful, what you say.
Your job is to provide the information and resources to your clients.
Advise your clients to do their own due diligence and make their own decisions based upon that information.
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