News - Rancho Murieta residents left on shaky ground - sacbee.com: "Dozens of Rancho Murieta homeowners have been left with cracked walls and listing foundations after local builder Reynen & Bardis said it can no longer afford to fix their defective houses."
More victims of the housing slowdown. Their homes were built on expansive clay soil, which undermines the foundation. The builder is trying to sell other homes in the neighborhood, for less than the previous buyers owe, so affected owners can't sell. Potential buyers may not be able to get a mortgage for a home with foundation problems. And this is a case where the builder seems to have some good intentions - they tried to fix many of the homes, and bought many of the homes back. But they ran out of money before they fixed them all.
There are pictures, too.
It's gettin' downright dangerous to buy a Sacramento home these days.
Friday, February 22, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment