Raleigh Residential Real Estate – Important Information for Raleigh, NC home buyers – Beazer Homes is closing its mortgage unit and exiting 5 markets

Raleigh Residential Real Estate – Important Information for Raleigh, NC home buyers – Beazer Homes is closing its mortgage unit and exiting 5 markets

Market Watch reported today that Beazer Homes is quitting the mortgage-origination business and that the embattled builder is closing its mortgage unit, exiting several housing markets.

While they are not currently planning on leaving the Raleigh, NC area, they are quitting the home building business in Charlotte, NC. It plans to complete all homes that it is currently building in those five cities and will determine how to dispose of its land holdings in those markets.

In addition, Market Watch reported,” The builder said it found evidence that workers in its mortgage business violated Housing and Urban Development regulations. Its probe also uncovered evidence of other accounting irregularities that will lead to expected restatements. It has negotiated waivers of default from its lenders due to its failure to report financial results on time.” Read the article: Beazer Homes

This is disturbing news, but represents the challenges faces by new construction home buyers that do not have the assistance of an experienced real estate agent.  It is important that home buyers understand that Builders & Developers have agents on site who represent the Builders & Developers and many times these representatives are not licensed real estate agents. Builder representatives by definition represent the seller or developer. As a real estate professional we recommend that every buyer have their own professional representation when purchasing any real estate property. 

Check out The Poling Team Realtor® Services for New Construction Home Buyers by clicking here: Services for New Construction Home Buyers