Pat “The Patman” T.
Increase price of house after submitting loan
They will delay the home buying experience on purpose so that you end up paying more for your house. I spoke to other homebuyers and they are not happy with their lot lottery system. Basically, if you want a house at their new community you need to enter into a lot drawing. It don’t matter when you signed up, if your name don’t get picked in their drawing then you have to wait until the next drawing. Sometimes, the newcomers can get picked while people who have waited weeks don’t get picked in the drawing. Here’s where you will end up paying more for your home! When you are picked for a lot, you will have to pay the house at what it cost in the current market and what ever they increased their lot premium to be. Even if you saw a house 3 days ago for 354K, and they do a drawing that day which the house increased to 365K, you will have to pay an increase of the lot premium plus the increase of the base price! Even if you saw the house lower days, weeks or months ago! In my own experience this is exactly what happen. My wife and I wanted a house at 354K. We did the loan application with their KB home lender. 3 days later we were approved and was asked to join the drawing. The sales agent then sends out a new price sheet. To our disappointment and surprise we saw that it went up by $10,000 and lot premium went up by $2,000. I asked them how can they do this to us! It’s unfair! They said it is what it is, we either stay on the list or get off the list. What they are doing should be illegal. If we saw the house at that price and submitted an application to get the house at that price, why increase the price all of a sudden after all that was said and done!? Totally unfair. Way to crush our hopes and dreams of owning a home! Their slogan is “Built on relationship.” But guess what, they destroyed this relationship. I will no longer purchase any KB home in the future, not my family, not my friends, not anyone I care about will ever get deceived and hurt by their unusual business tactics. Search online and on Reddit, you will hear people have complained about it. Some decide not to do anything because it’s not worth the trouble. Well, I’ll go to any trouble so save someone from the trouble I had to deal with and the emotional impact it have caused us. This goes beyond just turning a blind eye to their deceptive cruel business method, playing with homebuyers like it’s a game for them. Really? A lot lottery!? No more KB home.