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Author Topic: KB Homes, KBOne inc. breach of contract and fraud  (Read 1789 times)
Rick
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« on: October 27, 2006, 11:53:39 am »

We signed a contract with KB Homes for a model home at Summerlin Village in Arizona. The model was actually owned by KBOne inc. which is some entitiy of Dynex Capital in Virginia. We signed the contract and gave our 'money order' down payment on Oct 7. A week after signing the contract, our sales rep called me and told me KBOne inc. signed contract and scheduled a final walk through.
Another week and a half goes by and then I get another phone call from our rep saying that KBOne inc. hasn't signed the contract and is backing out of the deal.
The contract states that it can be binded by an authorized rep from KB Homes which it was. Now they are falling back on a part of the contract that states that a signature by KB Homes doesn't mean the offer is necessarily accepted.
The truth is that these contracts are normally approved by KB Homes and the transactions always go through. In this case because of what happened to the housing market someone at Dynex Capital decided 3 weeks after approving the sale of the KB Home that they didn't want to go through with the sale.
This KBOne inc. entity is a bunch of crap, and if a company wants to form an entity to screw over the government, and manipulate their stock price that's one thing, but to use it to steal my family's Christmas is cowardly and pathetic.
Does anyone in business have class or dignity anymore?
There were 2 other families that KB Homes did the same thing to.
Please email me if you are one of those other families at maxandluke30@yahoo.com or anybody else that can offer help or advice.

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rose&brian
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« Reply #1 on: February 08, 2007, 11:21:31 am »

We had a simular experiance. We started building a home w/KB on March 4th of 06, and it still isn't done.Since it was taking so long and there were nothing but problems, In Dec we transfered lots to a Model home in subdivision Preserves @ Santarra in Buckeye after being told we would be able to move in asap since the house was a quick move in. We signed the purchase agreement on Dec 23rd and were told that the contracts had to be sent to KB one for approval and it wouldn't be more than 3 weeks tops and they're never rejected. After 5 weeks of waiting and calling every other day, we told our KB sales rep that we were getting fed up. This was our 1st house and we just got married, had a baby and need our house. He called us back that day and let us know that the contracts had been rejected a few weeks earlier, because KB one is owned by GMAC, and GMAC is merdging w/another Co. that decided to have all the model homes reappraised. We were then told that the house was now being sold for 27 thousand dollars more than what we signed for and would we still like to purchase it. We were told for 5 weeks that no one new what was going on with our contracts and that they would be returned any day. No one at KBone supposedly new about any of this. We could have been looking for another house all that time. So now after almost a year
after starting the home building and buying process we are back at square one and looking at houses again still in our same apt. We have cancelled everything with KBhomes and recieved all our money back. KBhomes is the worst home builder and KBone is a joke. I am sorry that they are doing this to multiple people.
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Janet Ahmad
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« Reply #2 on: February 08, 2007, 12:18:16 pm »

You are not alone.
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When it happens to you, it doesn't really matter how many good houses are out there, now does it?
Janet Ahmad
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« Reply #3 on: February 08, 2007, 12:27:53 pm »

You are not alone. Please read Home Buyer Resources before entering into another contract to buy another home.  I would certainly like to hear from the other familes.
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When it happens to you, it doesn't really matter how many good houses are out there, now does it?
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