Explosive news from Orlando: unexploded bombs found on Lennar housing site
How did Lennar build homes on a former military base without the live ordnance first being cleared? That’s the subject of a CNN report about a neighborhood in Orlando that was built on the former Pinecastle Jeep Range.
And as questions swirl about who knew what and when, a bigger question is coming into focus: who will the homeowners be able to hold accountable, now that their homes have been built? Is it the Army Corps of Engineers, the developer?
The report notes that “multiple lawsuits have been filed, accusing builders of gross negligence and seeking unspecified monetary damage.”
NIMBY nightmare: top ten things you don’t want to find in your backyard.
So, is this “real estate fraud” as one commentator on the CNN online edition claims?
And is it true that the government would have to step in and help the banks if all these property owners refused to pay their mortgages, claiming that the contract to buy the property was fraudulent, due to non-disclosure?
Either way, here is an interesting comment that should give prospective home owners pause:
” The twisted thing about real estate is you owe the bank not the developer. The bank pays the developer, and the home-owner is left with 30 years of house payments on a piece of property not safe to live on and lower in value than they paid for it. “