The Arizona Department of Real Estate has announced that they have posted a list of builders which are experiencing financial trouble on their website. It lists the builder/developer and the community/development they are building. If you are considering buying a property in a new development, you should check this list first. You do not want to give a down payment to a builder without an understanding of their financial ability to complete the home for you.
ADRE also recommends that you read Commissioner’s Advisory Number 2 which gives information to home buyers and others that will be impacted by a builder discontinuing operations.
Please note that most home builders are meeting their obligations to their buyer’s. ADRE provides this information as a service to Arizona’s home buyers.
You should also know that you can have a real estate agent represent you when you purchase a home from a builder. However, that agent must go with you the first time you visit the community. An agent can help you understand the contract and to negotiate the home purchase with the builder.