Straight from the “what were they thinking?” files:
The Arizona Republic reports that “Boxes containing loan applications, Social Security numbers and bank account information for residents of a Gilbert neighborhood were discovered in a ransacked model home abandoned by a bankrupt developer”.
That builder would be Randall Martin Homes. The subdivision is Higley Park in Gilbert near Higley and Ray roads.
Randall Martin walked away from the subdivision in February, leaving 172 lots to be foreclosed. The HOA, faced with unpaid assessments, is hurting for cash. Empty lots are choked with weeds and trash. John Wake penned a great piece about Randall Martin’s “walk out” back in February.
Sadly, this isn’t the only subdivision facing these problems. Yet other new subdivisions are continuing to be built out. Buyers interested in purchasing a new home would be well advised to understand the financial position of their builder.
What amazes me the most in this story is that the builder apparently just walked away, leaving behind boxes full of peoples personal information. Bankruptcy doesn’t forgive responsibility. Maybe, just maybe, Randall Martin Homes “who gives a crap about our clients” attitude is as much to blame for their failure as the real estate market conditions.