Kennedy Homes Questions (Ladd: bank owned, sales, lenders)

[DOWNUNDER#3]

Anyone living in or were in the middle of having a home built in any of kennedy homes subdivisions as frustrated as i am at the lack of communication during thier restructuring?

[sbd78]

Originally Posted by DOWNUNDER#3

Anyone living in or were in the middle of having a home built in any of kennedy homes subdivisions as frustrated as i am at the lack of communication during thier restructuring?

I don't live in a Kennedy home, but we built a new Neumann home right before their bankruptcy fiasco started. It's been a major pain. I live near the Kennedy Kearney Glen subdivision. Do you have a home under construction? Good luck to you, hopefully Kennedy will be able to weather this storm and avoid filing for bankruptcy.

[sbd78]

Originally Posted by nanannie

Kennedy did file bankruptcy.

Last I heard they laid off most of their staff and shut down their sales offices but had not officially filed. Maybe they have filed now?

[nanannie]

Originally Posted by sbd78

Last I heard they laid off most of their staff and shut down their sales offices but had not officially filed. Maybe they have filed now?

I just re checked and came on to change what I said, They are in the midst of a lawsuit with the banks. They are not doing well. A bankruptcy to follow is what is expected by many. They have been around for decades, we know both of the founding bros. Shame, nice people who built a good home. I would hope they can weather this latest downward plunge of the market,as it has happened before and recovered.

[irish setter girl]

All I heard was they were suing their lenders for lending them too much money which is causing financial chaos for their company. As noted in a previous post, many employees have been layed off. I just remember their simple slogan of "Big homes, less money" in bright yellow all over the expressways and rural roads. Good luck to those who are building with them. Pehaps the Neumann customers can offer support to you. Kimball Hill customers are also in the same boat.

[DOWNUNDER#3]

We are waiting on our home to be finished (we were supposed to close a month and a half ago) we are holding out hope but there is no end in sight and a bunch of dead end answers

[DOWNUNDER#3]

If the person building on Lansett (in Richard's Crossing)has been reading posts, you should know that your house has been damaged. The front door was busted in and two windows were broken. I talked with Kennedy today and Dianna was going to pass it along to Mike Ladd. There was also no change in Kennedy's "financial situation".

[irish setter girl]

This type of vandalism was discussed on another thread. More and more unfinished homes are being hit by thieves who are looking for copper and any other type of building material they can sell quickly. Several Neumann developments were hit recently by copper thieves. I was called to a bank owned property (not new construction) and they had also gone after the copper. Thanks for posting and best of luck to all of you building out there!

[DOWNUNDER#3]

We have heard people are moving on? Has anyone broken their contract, and if so what was Kennedy's reaction?

[sbd78]

Originally Posted by DOWNUNDER#3

We have heard people are moving on? Has anyone broken their contract, and if so what was Kennedy's reaction?

If nothing has progressed on your home, I would definitely try and get out of the contract if I were you. Who knows how long you could be waiting for your house. My advice is get a lawyer, try to get out of the contract and try to get your deposit back. It will be much more difficult to get your deposit back if they do end up filing for bankruptcy.