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Old 05-15-2009, 09:02 PM
 
1 posts, read 3,284 times
Reputation: 10

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Does anyone have any information on Mercedes homes and/or knowledge of their bankruptcy standings. We were going through the process of building a contingency home with them (contingent upon us selling our current home), after they filed for chapter 11 protection we decided when our 90 day contingency was up we were going to cancel our contract. Mercedes informed us that not selling our current home by our 90 day contract deadline would be the only way for us to see a return on our earnest money. 90 days came and went we filled out the cancellation paperwork that also states our money will be returned to us within 30 days. 30 days has come and gone and we are now being told that our money is at the mercy of the courts. Anyone know anything about this process that could shed some light? Any chance we will see our money returned? Is Mercedes still a viable healthy company operating strongly and honoring their written agreements?
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Old 05-15-2009, 09:56 PM
 
Location: Great State of Texas
86,068 posts, read 76,124,766 times
Reputation: 27635
Sounds like you should talk to a lawyer.
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Old 05-15-2009, 11:53 PM
 
Location: Houston, Texas
106 posts, read 341,800 times
Reputation: 31
you're not the first person I've heard say this in the past two weeks. Apparently, I've heard that all the earnest monies are tied up in bankruptcy court. Talk to a lawyer.
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Old 05-16-2009, 09:13 AM
 
Location: Austin
7,205 posts, read 18,952,627 times
Reputation: 9808
The sad part is that the earnest money should not be comingled with the builder's money whatsoever so this "shouldn't" happen. Earnest money should always be held in a third party's account like a title company. I had buyers in November have their earnest money with a builder who was about to file, and we made sure the money was at a title company. It took 8 weeks, but they got their earnest money back because of my numerous calls, but also because that money has to be separate from their everyday business.
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Old 05-16-2009, 09:58 AM
 
Location: Warrior Country
4,577 posts, read 5,748,520 times
Reputation: 3957
Quote:
Originally Posted by FalconheadWest View Post
The sad part is that the earnest money should not be comingled with the builder's money whatsoever so this "shouldn't" happen. Earnest money should always be held in a third party's account like a title company. I had buyers in November have their earnest money with a builder who was about to file, and we made sure the money was at a title company. It took 8 weeks, but they got their earnest money back because of my numerous calls, but also because that money has to be separate from their everyday business.
Yeah....but who owns the title company that Mercedes uses?
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Old 08-22-2009, 07:32 AM
 
10 posts, read 17,878 times
Reputation: 12
mercedes has reemerge from bankrupcy, i think it will be effective sept 2009. i live in one of their homes and yes,the title company mercedes uses is their own
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