Check out this article I found about a professional contracting company in Europe that got stuck with a ton of debt after a client pulled out. The thing that really gets me about this article is the numbers in it are just staggering. This company is left with 600,000 pounds (about 1.2 mil dollars give or take) of debt because their client pulled out, and that wasn’t even the biggest number quoted in that article!
If you’ve ever heard us talk about the reasons we created Safepact, or if you’ve ever been to our sister site, you can see that there are some pretty bad people out there doing some pretty bad things. A lot of homeowners are getting screwed and it seems like for every story you hear of something like this happening, there are 5 that go unsaid. It can be pretty depressing because aside from the occasional escrow service (like us) there really doesn’t seem to be anyone else fighting. I am happy to say however that there are other people fighting for the homeowner: our friendly neighborhood government. This past May Tennessee passed law requiring roofing contractors to give more proof about their business to homeowners; and it’s not just Tennessee that’s doing it. Crackdowns are happening in Iowa, Arizona, and five other states have started to put into practice some kind of contractor trust law.
Safepact gives these states plenty of kudos for being proactive and taking the initiative to stopping contractor fraud, and really hopes that more states follow this trend.
If you have any questions about your rights as a homeowner feel free to ask us. If you’re a social media fan be sure to like us on facebook and talk to us on there as well.