AUSTIN, Texas -- A group of homeowners from the San Antonio neighborhood where a sinkhole is ripping apart the ground were in Austin Wednesday letting lawmakers know about their problem.
They say their home values have dropped drastically over the past few days since the sinkhole formed.
“It was somewhat of an upscale area -- now it's not. It’s not going to be ever the same again. We're very disappointed that no one paid attention to what they were selling when they were selling these homes and everything else around there,” said Terry Lisherness, homeowner.
Lisherness and others are worried they'll be stuck with the property.
Currently, new home sales come with contracts that include binding arbitration. Lisherness, and others in the neighborhood, are required to sign that contract when they purchased their house.
The contract leaves them with little options when a defect with the property arises. Instead of going through the normal court system to have it resolved, homeowners only have the option of an arbitration hearing.
Proponents for homeowners say it puts them at a disadvantage because there's no option to appeal.
It can leave homeowners stuck with a property that's dropped in value. It's why Lisherness and others signed up to speak at the hearing Wednesday morning.
“Who's going to be favored in that arbitration? Not me. That's the way I see it. Moreover, they're going to have a chance to repair any damages that are done. You're still stuck with a house that's way undervalued you'll never get your money back even if your house is structurally sound as they're going to say or put it. You're stuck. There's a stigma on that neighborhood now for years to come,” said Brian Ramirez, homeowner.
Homeowners, proponents for homeowners and representatives for home builders are in attendance. They are taking turns at the podium to discuss their concerns with current state laws.
