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TAKE THE POLL: Rivermist resident claims buy-back offer unfair; dream collapsed
The hotel stay is running out for people who were forced out of their homes in the Hills of Rivermist subdivision. Some say they are about to be homeless on Easter, held hostage by Pulte-Centex. Several homeowners feel the building company offered them an unfair price for their homes. In 2008 Sherwin Tolentino bought his dream house in the Rivermist subdivision. But just a year-and-a-half later, a major retaining wall collapsed and the property was deemed unsafe by the city. See KENS For Latest Poll Results
TAKE THE POLL: Rivermist resident claims buy-back offer unfair; dream collapsed
by Stacia Willson / KENS 5
April 1, 2010
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KENS 5 Stacia Willson Reports
The hotel stay is running out for people who were forced out of their homes in the Hills of Rivermist subdivision. |
Given the recent developments at the Hills of Rivermist, would you purchase a home from Pulte-Centex? See KENS For Latest Poll Results
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Yes, I would consider purchasing a home from Pulte-Centex
17%(27)
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No, I would never consider buying a home from Pulte-Centex
83% (128) | Some say they are about to be homeless on Easter, held hostage by Pulte-Centex.
Several homeowners feel the building company offered them an unfair price for their homes.
In 2008 Sherwin Tolentino bought his dream house in the Rivermist subdivision. But just a year-and-a-half later, a major retaining wall collapsed and the property was deemed unsafe by the city.
Tolentino received an email from Pulte-Centex stating he had until April 5 to accept the company's buyback offer of $222,000, which is the same amount Tolentino originally paid for the home.
The company said take the deal, or they will no longer foot the hotel bill.
  
Tolentino says if he takes the Pulte-Centex offer, he wouldn't even break even.
He was also told if he refused to sell, Pulte-Centex would no longer pay for his temporary housing.
The proposal from Pulte-Centex offers no additional compensation for Tolentino. Workers are trying to repair the wall, but Tolentino says his dream of a better life for his family has already crumbled before his eyes.
Pulte-Centex employees say they believe the buy-back offer to Tolentino is a fair one. They say most of his neighbors have already settled with similar offers.
But just before the wall collapsed, Tolentino had his home appraised. They put the value at almost $250,000.
http://www.kens5.com/news/local/Rivemist-resident-claim-buy-back-offer-unfair-dream-collapsed--89730952.html
See KENS For Latest Poll Results
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