Homeowner: Builder didn't uphold price protection guarantee
SEATTLE -- Peter Benson bought his home at the top of the housing boom and thought he had protection from a bust.
His home came with a guarantee that ensured him a rebate if the builder sold the same model for less.
But Benson later found out his definition of "the same house" may be different from that of the builder.
"I bought the house because they guaranteed me that I'd be protected in the value of it, and they are not holding up their end of the bargain," he said.
Just around the corner from Bensen's home in Seattle's Holly Park home, another home, built about a year later, sold for a lot less.
"(The house) sold for $100,000 less than I paid for my house, and I was supposed to be protected from that from Bennett Homes," said Bensen.
Bensen expected the builder to reimburse him $50,000, but he says Bennett Homes told him the guarantee doesn't apply because the homes are not exactly the same.
When KOMO News asked about those differences, Bennett Homes released a written statement that said:
"....while these new properties look very similar to Mr. Benson's home, our standard inclusions, our materials, and our building practices are completely different and less expensive, allowing us to reposition the community."
Bennett Homes says the guarantee clearly states the home must be equal in every way. But Benson says the disclaimers make his guarantee worthless.
"Hearing all those stories at the beginning of the housing crash about everybody upside down in their house, I'm like, 'Good thing I'm not one of those people.' But apparently, now I am one of those people," he said.
Bennett Homes no longer offers the price guarantee. The company says it pulled the program after it only attracted a few sales.
His home came with a guarantee that ensured him a rebate if the builder sold the same model for less.
But Benson later found out his definition of "the same house" may be different from that of the builder.
"I bought the house because they guaranteed me that I'd be protected in the value of it, and they are not holding up their end of the bargain," he said.
Just around the corner from Bensen's home in Seattle's Holly Park home, another home, built about a year later, sold for a lot less.
"(The house) sold for $100,000 less than I paid for my house, and I was supposed to be protected from that from Bennett Homes," said Bensen.
Bensen expected the builder to reimburse him $50,000, but he says Bennett Homes told him the guarantee doesn't apply because the homes are not exactly the same.
When KOMO News asked about those differences, Bennett Homes released a written statement that said:
"....while these new properties look very similar to Mr. Benson's home, our standard inclusions, our materials, and our building practices are completely different and less expensive, allowing us to reposition the community."
Bennett Homes says the guarantee clearly states the home must be equal in every way. But Benson says the disclaimers make his guarantee worthless.
"Hearing all those stories at the beginning of the housing crash about everybody upside down in their house, I'm like, 'Good thing I'm not one of those people.' But apparently, now I am one of those people," he said.
Bennett Homes no longer offers the price guarantee. The company says it pulled the program after it only attracted a few sales.