Wilshire Homes (Baytown, Spring, Franklin: foreclosure, power lines, appliances)

[Txgal33]

Can anybody give me an idea abt Wilshire Homes? We are pondering several of their homes in Eagle Springs. Currently we live out of state and have only driven by these homes. Wilshire is no longer building in ES so they are listed on HAR. We are trying to figure out why they have sat so long. Most being there for two years which is as long as we have been gone. We know that there are power lines behind these homes which is why we thought at first they were sitting but all the other homes to include the Highland have all sold. Our only other thought is the quality. Please shed some light if you can!

[chris_ut]

I believe that Wilshire is in bankruptcy and being liquidated.

[lane_change]

I heard the same. A friend of a friend was building a Wilshire home, already 4 months behind schedule, they have no idea about when it will be completed. Since Wilshire went bust, they are getting a contract from another contractor to finish construction on their outstanding (already started) homes. I would steer clear.

[Txgal33]

Wow! Thank you so much for the info! We knew there had to be some reason. I wonder what will become of these homes.

[astrohip]

Originally Posted by chris_ut

I believe that Wilshire is in bankruptcy and being liquidated.

They are NOT in bankruptcy. They are having some challenges, as their primary lender was closed by the FDIC (Franklin Bank). The closing of the bank (which of course had nothing to do with them) caused them to lose their line of credit, and in this economy, it is VERY hard for a builder to get a new line of credit. So they have been juggling their money, trying to finish existing homes, while still building new homes.

They are a reputable company (I'm in the industry, and know this for a fact). The owner, Brian Binash, is doing his best to satisfy both the banks and his buyers. He builds a great home, and stands behind his product.

I think if you talk to people who actually OWN one of his homes, you will find they are very happy with it. Please don't listen to the rumor-mongers on this board. They are NOT in bankruptcy.

[Txgal33]

I was reading up on this last night so next month when we are officially looking to buy a home we can make an informed decision. I would love to hear what other Wilshire home buyers think abt their homes!? I am on the fence abt the whole thing. I was reading how people have been getting lein notices on their homes and how warrenty issues are not being fixed and that in some instances the contractors who actually built these homes and have not been paid have attempted to come in and take back items such as appliances and what not. I am sure that may be a little blown out of proportion but still headaches I do not want to deal with that is for sure! Had anybody in Eagle Springs experienced any of these problems?
There just sems to me to be a bigger issue on why these homes have been sitting for so long. If it is not the power lines, not the quality, then it would have to be the fact that the company is in dire straights as alot of builders. I would hate to purchase one of these homes and then a few months down the road find out that I no longer have a warranty. Even though these homes are alomst two years old and major issues will be apparent by now during a home inspection I am sure that once somebody actually lives in them there wil be more issues that will need resolve. There ALWAYS are issues after moving into a new home or any home for that matter.
Sorry for such a long post. Just thinking out loud really. We are just wanting to get the most house for our money and sooo want it to be in Eagle Springs. Crossing my fingers that more homes come on the market in the next five weeks. Wilshire has two homes that meet our entire wish list and if we can get one of them at a steal then maybe it would be worth our wild.
Again would love to hear from Eagle Spring owners on this. I may post a seperate thread with that title....

[chris_ut]

With so many homes on the market why take a chance with any of that?

[Txgal33]

Originally Posted by chris_ut

With so many homes on the market why take a chance with any of that?

One would think but when you actually get down to it there really are not that many. We have a list of requirements and then our wish list and we are having a hard time spending x amount when we could possibly get everything on our wish list for near x amount. The biggie is the fact that we really want to be in Eagle Springs. We use to live there up until almost two years ago and loved it so we are kinda stressing abt housing there. Hubby does not want to spend X unless he can get a media room and at least parking for three. We are just trying to get the most house for our money with quality workmanship. Hubby is stuck on the Wilshires thinking we can get one for a steal since they have been sitting since the time we moved away.
I would prefer an older home in ES that meets everything on our list except the media room but hubby is having issues paying more than x when for just a bit more we could purchase new though we do not want to pay that bit more.
We just saw two homes one being 3800 and another I think 4,000 sq ft that sold for $289,999 and then $292,900 with everything including media so hubby is stuck on that. Nither a foreclosure but both had been on the market for almost a year. We know this because we found a site that has the info or at least use to up till a few weeks ago. Now we can just see how many days on the market and no longer sold price.
There just does not seem to be a middle ground right there. We may just end up in Summerwood which is not preferrable. It is just too far out from everything still. Kingwood would be nice but still asking prices are far exceeding what we are willing to fork out and most need updating of sorts or have pools and a pool is a no go with two little ones.
Anyways, so there you have it.

[chris_ut]

If your looking in the 290k range I find it hard to believe you can't find a good house in Kingwood with a Media Room. I bought a brand new 3000 sq ft house with a decked out media room in Kingwood for far less than 290k.

[Txgal33]

Not on HAR and Hubby does not want to live past Kingwood Drive if even that far up. It would be too far for him to drive to Baytown everyday. $290 is the absolute highest if that and that is only if it does have everything. We have been going up to $330 in price but thinking that unless it is new owners will not be wanting to discount their homes that far to sell um unless they have to. Again alot of Kingwood homes also have the pool issue.
We kept hearing abt what great deals are out there but we just are not seeing them.