• Report: #379243

Complaint Review: KB Homes - Countrywide

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  • Submitted: Wednesday, October 08, 2008
  • Last Posting: Wednesday, October 08, 2008
  • Reported By: — Mesa Arizona
KB Homes - Countrywide
Mesa Arizona 85209 U.S.A.

Countrywide - KBHomes - Cash Buyers lose money when buying in artifically inflated, frauded market Mesa Arizona


1Author 4Consumer 0Employee/Owner

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I am an older single mother,Substitute Teacher. I moved here in 2004 after selling my home and possesions in Florida to be near my older daughters so they could watch their sisters if I became ill which i was hospitalized twice since then. In Jan. 2007 I was ready to purchase home. I took money for retirement to pay cash in case I became unable to work. Home prices were high so I bought a 2 bedroom townhome in Muirfield Village for 150,000. Now a year later prices are 115,000 and going lower. I can't walk away from my devlaued property which has become mostly renters, never kept up properly and many owners leaving their overpriced homes. In today's market with truer prices I could have purchased a home in a better neighborhood and without high HOA Fees which are over $135.00 a month.
Where is my cash? They go after petty theives but all these other big time crooks walk away with working class people's money. I have a duaghter in college and a 12 year that needs to go. Losing that money to crooks is a big impact on my family.

Why do these big times theives walk away while petty theives serve time in prison like for possesing marijuana which in no way do I condone? I don't get it. And where is my families money? Please contact me if you want ot do a class action lawsuit for honest people that paid cash in a fraudulent over-valued market. Also a Townhome Community has turned into a rental.

Lorraine p
Mesa, Arizona
U.S.A.

This report was posted on Ripoff Report on 10/8/2008 5:46:46 AM and is a permanent record located here: http://www.ripoffreport.com/politicians/kb-homes-countrywide/countrywide-kbhomes-cash-b-a23qf.htm.

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1Author 4Consumer 0Employee/Owner
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#1 Consumer Comment

No rip off, just bad investment.

AUTHOR: Inspector - Tobyhanna (U.S.A.)

SUBMITTED: Wednesday, October 08, 2008

Sorry, but the blame is on you, not the seller. Sometimes you win when investing in property and sometimes you lose. You cannot sue your broker for selling you stock that devalued. You have no case and if you really were a teacher, you would know that.
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#2 Consumer Suggestion

It's happened to a lot of people....

AUTHOR: Cristina - Bristow (U.S.A.)

SUBMITTED: Wednesday, October 08, 2008

It happened to me, but no one is to blame but ourselves.
I (and I alone) purchased a single family home in northern va area in July 2008 for $560,000. Now, it is a little over a year later and it is worth approximately $400,000. I lost $160,000!! That is more then my down payment (which was $140,000), but it is my fault.

So, what do we do? Hey, it seems like you own a house and can pay the mortgage...stay in it then.
The prices will go back up sometime....
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#3 Consumer Suggestion

This is just silly.

AUTHOR: Flynrider - Phoeix (U.S.A.)

SUBMITTED: Wednesday, October 08, 2008

Your complaint is that your home has gone down in value since you bought it? Welcome back. You must have been hiding in a cave for the last year or so. I challenge you to find someone whose home has not decreased in value over that period. How is this a ripoff? You're complaining about renters? Consider yourself lucky. Most neighborhoods in this town would be better off with renters than the weed infested, bank owned, empty forclosure homes we have now.

Time for a reality check. Count your blessings that you paid cash and still have a place to live.
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#4 Consumer Comment

Yeah But....

AUTHOR: Cory - San Antonio (U.S.A.)

SUBMITTED: Wednesday, October 08, 2008

I'll bet you made a frickin' killing when you sold your home and possesions to some sucker in FL at the top of THAT market and I don't hear you complaining about the top dollar you got then. I'll bet that sucker has lost even more. Your townhouse has declinced appox 23% in value. The real estate in FL is down appox 50% in some areas, so you may be ahead. IF you had stayed in FL, the value of your house WOULD have declined anyway AND you wouldn't have gotten any equity out of it AT the top of the market. So count your lucky stars. By the way, what did you pay for the house in FL and what did you sell it for?
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