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08-20-2008, 07:52 AM
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Real Estate Agent
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Join Date: Dec 2007
Location: Houston
774 posts, read 573,351 times
Reputation: 86
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***BANKRUPTCY***Royce Homes LP
Anyone hear the news about Royce Homes? Word around the campfire is that they are most likely filling for bankruptcy. Many of the homes are not closing due to liens placed on them form various vendors.
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08-20-2008, 08:39 AM
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Senior Member
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Join Date: May 2008
Location: NW Houston
425 posts, read 235,997 times
Reputation: 89
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There was an article in the Chron yesterday saying they were trying to finish homes under construction and clear out unsold inventory. It sounded like they were trying to avoid bankruptcy for now but would not be starting any new homes. Of course, companies will always deny bankruptcy plans up until the moment it is announced.
Royce Builders is cutting back on staff and projects | Business | Chron.com - Houston Chronicle |
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08-20-2008, 08:46 AM
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Senior Member
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Join Date: Aug 2008
Location: Pearland (Southern Trails)
130 posts, read 77,371 times
Reputation: 35
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Here's a link to another juicy article on it, from the Swamplot site.
http://swamplot.com/royce-builders-d...ls/2008-08-19/
Last edited by Timnwendy; 08-20-2008 at 08:58 AM..
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08-20-2008, 09:10 AM
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Senior Member
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Join Date: May 2008
Location: NW Houston
425 posts, read 235,997 times
Reputation: 89
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Like I said, businesses will deny it until they announce it because the owners want to cut their losses and bail out first. Based on the info in that last link, I think the message is clear.
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08-20-2008, 12:54 PM
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Senior Member
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Join Date: Apr 2008
Location: St. Louis, Missouri
550 posts, read 195,774 times
Reputation: 183
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Quote:
Originally Posted by Timnwendy
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sad story .... but what a GREAT website!! |
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08-20-2008, 04:04 PM
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Real Estate Agent
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Join Date: Dec 2007
Location: Houston
774 posts, read 573,351 times
Reputation: 86
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Quote:
Originally Posted by diggity101
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Thanks, I looked at this before posting. |
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08-20-2008, 07:27 PM
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Senior Member
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Join Date: Jul 2007
Location: Kingwood, TX
1,258 posts, read 828,222 times
Reputation: 304
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Lotta drama on that Implode forum.
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08-20-2008, 11:28 PM
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Senior Member
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Join Date: Aug 2007
1,345 posts, read 1,005,730 times
Reputation: 234
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Quote:
Originally Posted by DiverTodd62
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Yep - to screw the buyers that put down a good sum of down payment.
My thoughts is they'll sell all the lots first, then file for bankruptcy and screw the consumers out of their down payments.  |
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08-21-2008, 08:05 AM
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Senior Member
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Join Date: Mar 2006
800 posts, read 369,020 times
Reputation: 132
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I could never understand how anyone bought a Royce home in the first place....they are so unattractive.
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