Mistake of Pulte is causing community home values to decrease, with binding arbitration signed, are there any legal remedies?

Asked almost 5 years ago - San Antonio, TX

Pulte Centex built a retaining wall without city permit and that collapsed causing a landslide in our rivermist San Antonio, neighborhood. Following this, the home values of 800 families (all purchased home from the same builder) dropped significantly. Neighborhood is excellent, home owners are not a fault, the city has declared that pulte violated city codes by constructing retaining walls without permit. With law makers supported binding arbitration in effect, Pulte (the violater) will escape from providing any reasonable relief to home owners affected by their violation. Is there any solution for 800 family, victims of "pulte violation" from being protected against from further victimization by realtors unmindful of reality slashing prices of homes to nothing but to value of the land?

Attorney answers (2)

  1. Teri A. Walter

    Contributor Level 19

    Answered . Your question is a bit unclear, but it sounds like you want to sue the builder for a drop in home values,which you attribute to the problem with the retaining wall.

    Unfortunately, houses in virtually all parts of the country have lost value over the last couple of years, some areas more than others. So, unless the landslide destroyed all those the homes, I suspect that it would be difficult to prove that an entire neighborhood of homes had their value reduced to the land value because of a retaining wall being built without a permit.

    As for the realtors, their job is to sell property - if it doesn't sell, they make no commissions. Therefore they are motivated to find the price at which a property will sell, even if it means lowering the price below what the owner thinks it's worth. The owners that sold for the reduced price agreed to that price, in order to sell the property. There is no way to stop willing buyers and sellers - or their realtors - from doing a transaction they all want, even if it means that the market will know that your house isn't worth what it once was.

  2. Edgardo Rafael Baez

    Contributor Level 18

    Answered . There are associations that handle this type of problems, and in fact, one of them is handling it for the residents of the community. You may want to ask around. Good luck and God bless you.

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