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Old 08-20-2009, 05:54 PM
 
13 posts, read 39,822 times
Reputation: 16

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Hi,

I am a first time home buyer. Can anybody please tell me the pros and cons of buying a home from david Powers as you all know they filed banktrupsy.

Thanks
Carl
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Old 08-20-2009, 06:26 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 12,935,988 times
Reputation: 4175
Pros would be that David Powers builds a nice, good quality house.

Cons would be that the house is likely to have liens on it from all the unpaid suppliers and contractors so you will need to sort through that mess and be sure to get a very diligent and honest title company to ensure you don't get into any problems.
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Old 08-20-2009, 07:09 PM
 
Location: spring tx
7,912 posts, read 9,025,741 times
Reputation: 1990
yeah i would not buy ANYTHING from that thief. i am one of those unpaid contractors mentioned.

above and beyond that, you would like a warranty on your new home correct? well you will get the required 10/2 but you will get no customer service or warranty from powers.

just curious what community you are considering buying in
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Old 08-20-2009, 08:00 PM
 
100 posts, read 288,452 times
Reputation: 59
Quote:
Originally Posted by rigas View Post
yeah i would not buy ANYTHING from that thief. i am one of those unpaid contractors mentioned.
I can understand your pain, but wouldn't the customer buying the home equate to some of the contracters being paid some money to release the liens? Correct me if I'm wrong, but they can't pay cause they can't sell. If they sell they house they should be able to clear "some" vs none of the liens.
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Old 08-20-2009, 08:15 PM
 
1,211 posts, read 3,351,798 times
Reputation: 1590
Quote:
Originally Posted by caldvn View Post
I can understand your pain, but wouldn't the customer buying the home equate to some of the contracters being paid some money to release the liens? Correct me if I'm wrong, but they can't pay cause they can't sell. If they sell they house they should be able to clear "some" vs none of the liens.
Sure, but the home can't close until all of the "valid" liens have been satisfied.
It specifically depends on what the defaulted construction loan balance is on that specific piece of property and whether or not the sales price you and the bank ( or whoever ) agree upon is enough revenue to pay of the loan off and the satisfy the material man and mechanics liens that have been filed against the property.

It can be done and is being done a lot right now. But, unless you have a fairly educated approach to buying a property like the OP described, it will in fact be a fairly bumpy and sloppy ride to the end result.
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Old 08-21-2009, 10:05 AM
 
Location: spring tx
7,912 posts, read 9,025,741 times
Reputation: 1990
Quote:
Originally Posted by caldvn View Post
I can understand your pain, but wouldn't the customer buying the home equate to some of the contracters being paid some money to release the liens? Correct me if I'm wrong, but they can't pay cause they can't sell. If they sell they house they should be able to clear "some" vs none of the liens.
this is true BUT, he has spent a TON of money with his lawyers fighting liens on legit bills he owes. rather then spend $4000 to say pay a flatwork invoice he spent $4000 on lawyers to fight the liens to close the home.

the other problem he has, he has had to go into closing and PAY $30,000 to just get the house of the books so he is already working in a deficit before you even look at liens.

he is finding every way he can to get around paying contractors. hell he still owned his race cars up until march yet he owed me $50,000+ at the same time.

he is a very nice guy to talk to on the phone, he is a weasel to do business with. there are rumors he is trying to "partner" up with some other legit builders. one is a customer of mine to which i told the owner if they partner up with DP i will quit and i will file liens the day i do on everything not to mention half their trades will do the same thing. he screwed a lot of people and a lot of people are PISSED
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Old 08-21-2009, 11:20 AM
 
Location: Houston/Brenham
5,424 posts, read 6,212,113 times
Reputation: 11106
rigas,

I understand your pain, but it should be in perspective. Lots of builders owe a lot of money to a lot of people. But the industry will go on. And people who walked away from millions in debt will be right back building again, with new money under new names. It's not right, and you don't have to do business with them, but someone will. I learned a long time ago to treat all of this as business, and leave personal feelings out of it. And DP owes me well into the six figures , so I know of what I speak.

To the original poster, if I was an experienced home buyer, knew my way around the industry, was familiar with liens and how suppliers work, then maybe, just maybe I would buy a home from a gone-out-of-business builder. While the price will be good, you may face lots of problems getting warranty work done from unhappy (or unpaid) suppliers.
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Old 08-21-2009, 12:05 PM
 
Location: spring tx
7,912 posts, read 9,025,741 times
Reputation: 1990
astrohip
no worries, i realize it is business, but the man does invoke bad personal feelings. he is the type who will tell you how great you are all the things we will do for you and the second you walk out the door it is "f**k that guy". like all builders he is in it for himself (most business owners are this way) and will screw who ever he has to.

just curious what business your in that he got you for so much?
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Old 08-22-2009, 09:59 AM
 
Location: Houston/Brenham
5,424 posts, read 6,212,113 times
Reputation: 11106
Quote:
Originally Posted by rigas View Post
astrohip
no worries, i realize it is business, but the man does invoke bad personal feelings. he is the type who will tell you how great you are all the things we will do for you and the second you walk out the door it is "f**k that guy".
I have come to learn you are correct. And the reason he owes me so much is because I put my personal relationship with him ahead of business. I should have cut him off months before I did, but I fell for the sweet talk.


Quote:
Originally Posted by rigas View Post
like all builders he is in it for himself (most business owners are this way) and will screw who ever he has to.
There are some good ones. Lots of them. But in tough times like these, the bad eggs get all the attention, and certainly cause the most pain. But I know many, many builders who, probably just like you, take great pride in their business, and do their best to treat buyers and vendors with respect.
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