• Report: #733926

Complaint Review: D.R. Horton

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  • Submitted: Fri, May 27, 2011
  • Updated: Fri, May 27, 2011

  • Reported By: Quentin — Colorado USA
D.R. Horton
301 Commerce St. Fort Worth, Texas United States of America

D.R. Horton DR Horton Buy a Home Watch it's Value Collapse Due to Bad Ethics at DR Horton Fort Worth, Texas

*Consumer Comment: Flooding the Market with Poor Quality Homes

*General Comment: It's only worth what someone will pay for it

*Consumer Comment: You and Almost Everyone Else

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Massive loss of home value! These guys who run this home building business deceive home buyers, period,
don't buy a DR Horton home until you research what's happening in
Pradera Colorado (Parker Colorado). See this: http://www.facebook.com/pages/Protect-Pradera-Property-Values/161055117279333

If you buy a home from them they will then later build homes 1/2 the value on the next street killing your home value, it's terrible business practice and just avoid it, dont buy their homes period! So many complaints all over the internet, it's astonishing they are still in business, wondering when the next class action lawsuit will pop up.

Avoid these folks IMO.

This report was posted on Ripoff Report on 05/27/2011 08:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/DR-Horton/Fort-Worth-Texas-80111/DR-Horton-DR-Horton-Buy-a-Home-Watch-its-Value-Collapse-Due-to-Bad-Ethics-at-DR-Horton-733926. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Flooding the Market with Poor Quality Homes

AUTHOR: Patrick - (USA)

Donald Horton knows how to create value..... only for himself. 
NOT quality-
My D R Horton home in Henderson Nevada had bait and switch materials, and corners cut from electrical to framing.  The windows were low end and not those shown in the model home.  Rough framing was cut so short that the home began to rack (become trapezoidal) in 14 months.  The Henderson building department had to threaten to take away their contractors' license to get them to make repairs including painting areas which were not observable at distances greater than 6 feet from the floor, broken roof trusses in the attic, and refastening floating roof trusses at the center of the home. 
Predatory Lending-
The reason why values plummet is partly because of the cheap materials.  Another reason is that DHI Mortgage, Horton's fully owned affiliated lender, originates predatory loans that consumers cant afford.  After consumers put down substantial deposits, their promised low interest rates jump and become un-affordable.  DHIM will get you to sign contracts by claiming that you will have a 4.5% 30 year.  Then they break the bad news that you will instead get a 6.5% that resets in two years.  Guess what- if you back out they keep all your deposits!  That home goes into foreclosure like the twelve down the block and then your subdivision becomes a ghost town.  Happened to me and my neighbors.
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#2 General Comment

It's only worth what someone will pay for it

AUTHOR: voiceofreason - (United States of America)

Is your home worth less because cheaper homes are being built around it, or are they being built and priced cheap because your home and the others around you dropped in value? If they can't sell a house in your price range, then they can't build one. They can only build and sell what the market will bear. A lesson on buying in a subdivision where so much is still undeveloped. Now if the new houses violate standards spelled out in the covenants, that's a different story.
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#3 Consumer Comment

You and Almost Everyone Else

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

DR Horton and the few builders who are still around are all dong it. 27% of the homeowners in the U.S. are upsidedown, in otherwords they owe more then their houses are worth. In Clark Co. it's 71%.  825,000 households are currently in foreclousure and it"s gonna get worse. Thank barney frank and his husband at fannie mae and all the rest. Look it up. My brother lives in one of the best subdivisions in town. Homes that were 2 mill are now worth 1.1 mill. He bought a home 2 years ago that was listed for $925,000 for $725,000. Now it's worth $625,000. Me on the other hand live out in the country. My house and land is down a couple of thousand over the last 3 years after doubling the couple of years before that. All these city folks, all trying to move out of the city away from those city subdivisions that are crashing in value. Go figure.
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