I just put a deposit down on a new KB Home/Martha Stewart community in
Cary, NC.

Now I'm reading horrible things about KB homes. And naturally, I'm very
worried. VERY.

I've owned a townhouse when I lived in CA. I have never owned a new
home. I'm currently renting in NC and have for the past few years.

Should I pull out?

Is KB really that horrible?

I can't afford to make a mistake and go with a bad builder... it seems
like all builders have numerous complaints against them.

How does one really know?

I suppose I can cancel my check before it gets cashed and cancel.

What to do?

Update:

Upon further reflection, mixed with angst and panic, I decided to
pull-out and wait and do more research and take my TIME. I'm clearly
not ready to make a purchase.

I just called the KB office (it's after midnight now) and left an
urgent message, asking them to pull my paperwork and NOT send it on to
corporate or deposit/cash my check. I signed the paperwork at 6:30pm
this evening (well, last evening since it's now after midnight). The
transfer of funds to my checking account wouldn't be occurring until
Friday anyway, which I had advised them at the time I wrote the check.
To make doubly sure, I also just cancelled the electronic transfer of
funds just in case they try to cash the check.

I realize I am now in 'default' of a signed contract; hopefully the
elapsed time of approximately 6 hours from contract sign to my
recission will allow me to exit this hasty purchase decision without
financial liability. KB will not be in posession of the $2,500 deposit
since the check will not clear (and I am alerting them to this again
tomorrow when their office is open).

And since no work has commenced on this house, nor has the paperwork
even been transmitted yet to their corporate office, I'm *hoping* the
sales agent will accommodate me in my cancellation. I can't be the
only person who has ever backed-out of a purchase contract mere hours
after signing... right?

Has anyone here done a similar thing on a new home purchase? Is KB
going to go after me for the deposit now? I would think it would be
more effort to extract a deposit than it would be worth at this point,
especially since no 'harm' has occurred and I'm pulling out mere hours
after signing. Opinions?

Lesson learned. Hasty purchase decisions are never a good idea.

"Chai" wrote in message
ups.com...
I just put a deposit down on a new KB Home/Martha Stewart community in
Cary, NC.

Now I'm reading horrible things about KB homes. And naturally, I'm very
worried. VERY.

I've owned a townhouse when I lived in CA. I have never owned a new
home. I'm currently renting in NC and have for the past few years.

Should I pull out?

Is KB really that horrible?

I can't afford to make a mistake and go with a bad builder... it seems
like all builders have numerous complaints against them.

How does one really know?

I suppose I can cancel my check before it gets cashed and cancel.

What to do?

Check and see if the "72 hour law" applies where you are.
lucy

Where would I find this information? I'm doing google searches and not
coming up with any information whether such a law exists in North
Carolina or not.

There are more considerations than thinking a house might fall down
(which no, I don't believe that, but structural defects, mold, and
other issues are not uncommon). One's legal recourse is extremely
limited when working with a major home builder -- one is bound by
arbitration/mediation. This is a HUGE deal and personal investment. I
believe this requires more careful thought and consideration. There is
no rush where I HAVE TO purchase right now. Yes perhaps I have classic
buyer's remorse...or perhaps more than that.

This is a community that will be 650 homes. The rollout will be over 2
years. I have some issues with my ability to resell the house (while
new homes are still being built) if I lose my job. And yes, losing my
job is a possibility as I work in a very volatile industry in a dept
that *could be* cut. I would be S.O.L. if I was in a home that
stretched my financial abilities and then I lost my job and then
couldn't easily sell because buyers have the option of building their
own BRAND NEW home. These, I believe, are valid concerns.

In article .com, Chai says...

There are more considerations than thinking a house might fall down
(which no, I don't believe that, but structural defects, mold, and
other issues are not uncommon). One's legal recourse is extremely
limited when working with a major home builder -- one is bound by
arbitration/mediation. This is a HUGE deal and personal investment. I
believe this requires more careful thought and consideration. There is
no rush where I HAVE TO purchase right now. Yes perhaps I have classic
buyer's remorse...or perhaps more than that.

This is a community that will be 650 homes. The rollout will be over 2
years. I have some issues with my ability to resell the house (while
new homes are still being built) if I lose my job. And yes, losing my
job is a possibility as I work in a very volatile industry in a dept
that *could be* cut. I would be S.O.L. if I was in a home that
stretched my financial abilities and then I lost my job and then
couldn't easily sell because buyers have the option of building their
own BRAND NEW home. These, I believe, are valid concerns.


Sure they are, but it sure sounds to me that you should have kept renting for
awhile. Evidently you'd be very nervous about buying *any* house - these
concerns apply to *any* house.

And just about *any* buyer. You're not going to be able to argue any special
case for yourself here.

Banty


--
NewsGuy.Com 30Gb $9.95 Carry Forward and On Demand Bandwidth

On 13 Apr 2006 07:58:23 -0700, Chai wrote:
There are more considerations than thinking a house might fall down
(which no, I don't believe that, but structural defects, mold, and
other issues are not uncommon). One's legal recourse is extremely
limited when working with a major home builder -- one is bound by
arbitration/mediation. This is a HUGE deal and personal investment. I
believe this requires more careful thought and consideration. There is
no rush where I HAVE TO purchase right now. Yes perhaps I have classic
buyer's remorse...or perhaps more than that.

This is a community that will be 650 homes. The rollout will be over 2
years. I have some issues with my ability to resell the house (while
new homes are still being built) if I lose my job. And yes, losing my
job is a possibility as I work in a very volatile industry in a dept
that *could be* cut. I would be S.O.L. if I was in a home that
stretched my financial abilities and then I lost my job and then
couldn't easily sell because buyers have the option of building their
own BRAND NEW home. These, I believe, are valid concerns.


Just about *ANYONE* can lose their jobs, at any time. There is nothing
unique or unusual in that.

If you're "in a home that stretched my financial abilities", then, by
definition, you bought too much house already, and the loss of a job
should be the least of your worries, unless you have consciously
used it as an investment in a hot market and were going to flip it,
anyhow.

Yes, there is risk in a house purchase. But the risk can almost
always be mitigated to a large extent by good planning, and taking
all of the meaningful factors in your personal situation into account.

As for the house construction itself - yes, if they're really
putting up 650 in one complex along in 2 years, they're not exactly
going to be doing it with the attention to detail of an old-world
craftsman. I looked at some KB homes when I was considering moving
down south a few years ago, and let's just say that I prefer things
like cabinets that are hung level and crown molding that isn't
upside down ( though, that was not such a big problem, since
they seemed to be using caulk as the only fastener... )

And when you do finally make a serious attempt at house
shopping, don't just look at new construction. There are many,
many excellent older homes that in many ways, are superior, especially
when it comes to the details that differentiate a house
that has been built with care, as opposed to a bunch of walls
slapped together in three weeks.

- Rich

On Thu, 13 Apr 2006 07:40:00 -0600, "Clark W. Griswold, Jr."
wrote:

On a per house built basis, you'll see more complaints about KB because they
build 10s of thousands of houses a year.

Uh... not really.

RATES ("per house built") IS an apples-to-apples comparison. If
you're saying that larger = sloppier, then stay away from larger
builders.

Otherwise, I'm not sure what you meant here.

On 13 Apr 2006 08:24:47 -0700, Banty wrote:

In article .com, Chai says...

There are more considerations than thinking a house might fall down
(which no, I don't believe that, but structural defects, mold, and
other issues are not uncommon). One's legal recourse is extremely
limited when working with a major home builder -- one is bound by
arbitration/mediation. This is a HUGE deal and personal investment. I
believe this requires more careful thought and consideration. There is
no rush where I HAVE TO purchase right now. Yes perhaps I have classic
buyer's remorse...or perhaps more than that.

This is a community that will be 650 homes. The rollout will be over 2
years. I have some issues with my ability to resell the house (while
new homes are still being built) if I lose my job. And yes, losing my
job is a possibility as I work in a very volatile industry in a dept
that *could be* cut. I would be S.O.L. if I was in a home that
stretched my financial abilities and then I lost my job and then
couldn't easily sell because buyers have the option of building their
own BRAND NEW home. These, I believe, are valid concerns.


Sure they are, but it sure sounds to me that you should have kept renting for
awhile. Evidently you'd be very nervous about buying *any* house - these
concerns apply to *any* house.

And just about *any* buyer. You're not going to be able to argue any special
case for yourself here.

Banty


I disagree. Four months ago--after reviewing their sales contract--I
walked away from a DR Horton new-construction home. Smaller (more
local, or regional) builders are far less likely to use the "Hooray
for me and to he** with thee" contracts that the big builders are
using.

In the case of CTX, DHI, KB, etc., you have no legal assurance that
your home will stand, and no legal recourse if/when it falls.

Take a look at the JD Power customer satisfaction survey results and
you'll likely get a fair idea who treats people well, and who treats
them poorly, when the worst happens.

If you "correlate" that with the Warranty Week information about
warranty claims paid as a % of sales, you will likely figure out who
treats their customers well in the event of problems. Low warranty
claims paid either means great homes or customer-averse policies.
Looking at the JD Power data will probably give you a clue as to
which.

Don't let your emotions be your sole guide when buying from these
larger builders. Waivers of all rights, Mandatory Binding Arbitration
clauses, and the like are NOT your friend.

Take your time. Get an attorney. Get an inspector. Don't be afraid
to walk away.

Take your time. Get an attorney. Get an inspector. Don't be afraid to walk away.

Yes, I totally agree. And I am walking away. It is not the right
decision for me to make (to buy in that community). I'm not interested
in new/slapped together homes. I want more land and I would like to
get away from HOA and CC&Rs. I owned an older (15 years) townhouse in
a smaller townhouse community in northern CA several years ago and
while that worked out just fine, it would be lovely to not have to deal
with monthly HOA dues and restrictions, etc, etc.

And yes I will absolutely avail myself of the services of a good RE
attorney to help protect my interests when I do see a property
(existing/resale) that I like and want to purchase. I want my
interests protected as much as possible and that doesn't happen when
purchasing from a (big) home builder. Of course there are always risks
involved in buying a home. Better to see the error of my ways BEFORE
it's too late.

Neil Brooks wrote:

Otherwise, I'm not sure what you meant here.

Whoops... Hands didn't type what mind was thinking. Lets try again...

When people reseach businesses, especially on senet or the web, they tend to
look at the absolute numbers of complaints and do not consider

a) That they are getting a one sided view of things (happy customers don't tend
to post near as much as ****ed off customers).

and

b) Bob the Builder, who does three new houses a year and gets one complaint is
far more problematic than KB Homes, who does 100,000 houses a year and gets 100
or even 1000 complaints.

You sound somewhat flakey for someone with the $$$ to buy a new home in
that area of the country.

"Neil Brooks" wrote in message
...

In the case of CTX, DHI, KB, etc., you have no legal assurance that
your home will stand, and no legal recourse if/when it falls.

This seems very surprising to non-Americans. NB suggests
American new home buyers do not have the protection we
do, e.g. inspected compliance with state building codes, mortgage
insurance, bonds requiring completion by builders, legislation requiring
builders to repair specific defects, etc. Or did he mean
something different?

--
Don Phillipson
Carlsbad Springs
(Ottawa, Canada)

You sound somewhat flakey for someone with the $$$ to buy a new home in that area of the country.

You're right...I do sound flaky. I'm not normally flaky at all, but
regarding this one incident I'd have to agree with you. I am usually
very cautious and careful. I will certainly be taking my time going
forward and thinking things through and utiilzing the right
professionals. I did own a townhouse several years ago in CA and it
was an older (15 year old) dwelling. Made a decent profit when I sold
it. I've been renting in a different state since and waiting until my
particular job field stabilized (and my career stabilized after the
tech bubble burst) before heading back into real estate.

If it were me I would not have bought from KB Home in the first place
because I have known about their problems for years. But had I been
the OP and discovered evidence of problems after signing a contract I'd
want out, too. KB has one of the worst reputations among tract home
builders and IMO it is well deserved. I don't put any stock in JD
Power because it's like saying, which dirty gym sock smells best, LOL!
Tract homes are notorious for being hastily slapped together with
unskilled labor. The companies can always outmaneuver you legally so
even if you're in the right, in a dispute, you can still lose. I would
never buy one again. I've owned a few, most were acceptable, but you
only have to have ONE construction defect case to get a real education
in how poorly these homes are built, and how easily the builders have
you over a barrell if there's a problem. Of all of them, KB is the
LAST I would buy from. Even when i was a naive new home buyer I was
seeing problems with them. To discover it after signing the contract
must be truly scary. Good luck, I hope you get out unscathed.