KB Homes. BPP Holdings, All Home Builders Failure to disclose known defects, consumer fraud, deception Many Nationwide...
Ever wonder what becomes of those homes a builder is forced to buy back due to serious defects? Copy and paste the URL below into your browser and read this article:
Most defective homes are NOT bought back, but sometimes a home owner does manage to force a builder to buy one back if it's bad enough. This is known as rescission of the sale. KB Homes used another company owned by them, BPP, to sell the defective homes to a second set of buyers, without disclosing the defects of course. Builders do not typically FIX these homes before reselling but they may patch it up cosmetically so it can be sold for full market value.
You or your realtor can find out from county records most times, what the history of a house is through property sales... Though the records don't reveal complaints to the builder, they do reveal if a builder bought it back. It may not show as the original builder but will be some sort of corporation or LLC, etc.investors sometimes buy defective homes cheap and also resell them without making repairs or disclosing defects. Many states protect such sellers from disclsosure laws because they didn't live in the house. But it is hardly possible that they didn't know about the defects.
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