Town and Country Homes in Wacaunda
Hi Everyone!!
My wife and I are planning on purchasing our first home next year. We have been doing quite a bit of looking and we have found Town and Country Homes by Hovnanian up in Wacaunda.
We are thinking of doing a new construction home with them. The process would probably start within the next few months to lock in pricing and the lot. Construction would not start until Spring of '10 and we would be planning for an August delivery.
So here is my concern. Bankruptcy of KHov. I have been reading articles dating back to '07 regarding bankruptcy. I can understand that home builders are hurting right now due to the market. But the last thing that we want to do is put $12,000 up for earnest money, and sometime between now and August, they go belly up and we loose the earnest money.
What is the best way to protect ourselves? Even with the money in an escrow account, we could still loose it if they file bankruptcy right?
And, as a quick side question, does anyone live up in this neighborhood? Just wondering how you like it!
Morgan
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