The Arizona Department of Real Estate is now posting a list of builders who are in bankruptcy or having financial trouble. This list will help Real Estate Licensees and the public. The list of known builders is available at the Department’s website www.AzRe.gov
According to the Arizona Department of Real Estate, most of the builders in Arizona are meeting their obligations, but there are some who are having problems meeting their commitments to consumers.
“Homebuyers and their real estate agents have the right to know if a builder is in financial trouble and what the status of their earnest money or home completion is. The Department of Real Estate can help provide this information and give assistance to consumers in need,” stated Sam Wercinski, Arizona’s Real Estate Commissioner.
Remember, if you are thinking of buying a new construction home, call your Realtor first. You have the right to buyers representation as long as you take your Realtor into the site office the first time you go. The fee for your representation is already negotiated and paid by the seller (builder) at close of escrow (recordation).
If you would like more information about the Builder Broker code, contact your Realtor as well.