Imperial Homes Warning of thing to come (Pearland, Spring: sales, loans)

[surfs1st]

Imperial Homes has begun the lay off process of employees, I would imagine it's only a matter of time before another builder is lost in the recession.

Moderator cut: consumer complaints are not allowed as per TOS.

We were expecting a refund of a deposit we made with them and were recently told that we may not be receiving that deposit back.

[Txgal33]

Thanx for the info! We are relocating back to Humble TX at the end of Spring and have been looking at several Imperial Homes on MLS. I need to double check the ones we were looking at in Eagle Springs.

[surfs1st]

This is the email I received from their manager :

As of this morning I have been directed to communicate the situation with any outstanding refunds to customers citywide.

As of this time it is not feasible for Imperial Homes to refund any and all earnest money as it relates to any home contracted, cancelled or not financeable.

Due to the consolidation of our operation, the situation with lending institutions and our suppliers and vendors we regret to inform you of this situation. We are working with our vendors/suppliers and the banks to rectify this situation. At this time our concentration is on closing homes that can be closed to facilitate our operation. All building starts have been suspended for the time being. We should have answers as to the soundness of our plan within approximately two weeks. Hopefully this situation will resolve it self by then.

If you need further information please do not hesitate to call me or respond to this correspondence.

Thank you for your time.

Moderator cut: consumer complaint Not to mention the corners you know they are cutting to save money.

[Txgal33]

Wow! Thats sucks big time! Sorry man!

[traci8445]

Has anybody heard any updates on Imperial Homes? My boyfriend's house is in the middle of construction and he was told today by his ex sales guy that they fired all of their employees yesterday. Please let me know if you have heard anything about this.

[Timnwendy]

Hmmm, that is interesting. Actually, Imperial has been making a mini-comeback in my subdivision (Southern Trails in Pearland). They are finally finishing a couple of homes that have been dormant for months, and they've put 'available' signs back in the empty lots they own.

[bandicootc]

I am building with Imperial and just heard from my realtor that Imperial layed everyone in their sales force off. No word yet if my home will get built or whether I will get my earnest money back.

[astrohip]

Imperial is filing bankruptcy as we speak (type?). I do not know if it's 7 or 11.

I have confirmed this.

[Supermac34]

They got screwed over by their bank. They were one of the few builders still selling some houses and making all their payments, but the bank called all their loans and cut off funding. It happened to Portrait homes too. Right in the middle of SOLD house construction they couldn't get any more money to continue. It sucks too, because Imperial is actually a fine tract home builder.

[astrohip]

Let's not totally absolve Imperial of blame. They owe hundreds of thousands of dollars (millions?) to their vendors going back well over a year, that they have never paid. It's not just a bank that did them in.