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My home is Perry built and i really love it. I moved in only a few weeks ago so my warranty still has 11 months to go. So far I have not seen much rework or unfinished work to be done - I was at the house everyday prior to the closing to make sure all of it was done before I signed my soul away.
anyone know what the plan is to keep building or ? I know they need to clear inventory houses before the county will let them get permits to build more. i expect they aren't going to build as much until the spring now because usually home sales slow down in the winter (as if the market isn't bad enough).
What would that mean for someone like me that is currently under contract and my house is being built. I was supposed to be having my pre-drywall meeting but then was told that everything is on hold now due to restructuring. I was set to close in January and they told me now it would be the end of February. If they go out of business does someone else finish the house or do they just give me my deposit back?
If they were to go out of business you would have to buy the house from the bank and have someone else finish it or they could possibly sell your deal to someone like Jordan and they could possibly come in and finish your home. I have seen where builders go out of business while under construction and then it just sits in an unfinished state. Good luck and tay on them but remember honey gets more flies then vinagar. We are really thinking hard about a Perry built home since they seem to be built very well.
I agree that they build well but I think Jordan builds just as well, the difference is that Perry offers a lot more items that would be considered upgrades as standard, so with the quality of construction being equal, I went with the more options. I was very glad to see a builder doing that becasue I had built before and they charged me for every little thing. I wonder if their offering so many "upgrades" for free had any impact on their financial situation. I don't know, but I just went out there and it was the same as it's been for about a month now. Actually worse there had been doors and windows out there like they were going to put them in but now they are gone. Jordan has a couple of houses that got started way after mine and they are way farther along than mine, so Perry's building has definitely come to a complete stop.
What would that mean for someone like me that is currently under contract and my house is being built. I was supposed to be having my pre-drywall meeting but then was told that everything is on hold now due to restructuring. I was set to close in January and they told me now it would be the end of February. If they go out of business does someone else finish the house or do they just give me my deposit back?
I WAS in your same situation and Perry completely stopped building my home. After 4 weeks of NO communication, I got out of that contract and got my deposit back. Went and bought a new Jordan home in a nearby community and I'm closing next month. Don't know your situation but my wife and I were pressed for time and this worked out better for us. You might want to consider doing the same.
youngmom2,
You should start with a look in the TBJ-Triangle Business Journal. I am not going to count everyone but the last time I saw a copy of their printed liens( 1-2 weeks ago). Perry had, possibly, 150+ liens on their homes from many different subs. They will not want to share that info with you but chances are if they are not moving on your home it is because any surviving contractors see they are liened "to the hilt" and they do not want to work for them for fear of not getting paid. I don't think they can could find anyone to finishe your home but that is just my opinion. I wish the best of luck to you but I would look for a builder who does not have hundreds of liens against their homes/lots. Anyone disputing the liens as not being a big deal here or anywhere else has some alterior motives.
Thanks for the information. Even though I'm not real happy about it. I am going to talk to the person at the sales office and see if I can get information and/or possibly see if the other builder in that neighborhood could somehow have my home transferred to him so that he can finish building it because I really do want that home on that lot in that neighborhood. I didn't think this could happen when you were building in a PUD neighborhood with HOA's and all, doesn't the neighborhood kind of have to keep a good reputation to be able to sell the rest of their houses. What a mess!
Thanks for the information. Even though I'm not real happy about it. I am going to talk to the person at the sales office and see if I can get information and/or possibly see if the other builder in that neighborhood could somehow have my home transferred to him so that he can finish building it because I really do want that home on that lot in that neighborhood. I didn't think this could happen when you were building in a PUD neighborhood with HOA's and all, doesn't the neighborhood kind of have to keep a good reputation to be able to sell the rest of their houses. What a mess!
Builders go under just like anyone else.
What can an HOA do unless the homeowners want to front a new builder and buy the empty lots.
Both of these Builders build great homes, and as was said previously in this thread, they are going through restructuring, as a lot of Builders and companies related to homebuilding/real estate, as well as other industries, are doing right now. People need to be patient and know that these Builders are trying to do the right thing, but they are affected two-fold by the financial crisis and tightening of lending standards. First, their potential pool of Buyers has become a lot smaller as people who could qualify last year not longer are able to, with DPA going away and FHA limits increasing to a required 3.5% investment/down payment. Second, it is becoming increasingly difficult for them to get construction loans, especially when they have a lot of inventory on the ground and not enough projected closings to make the banks feel it is worth the risk to lend them more money. These issues of construction loans affects the smaller, private Builders more because they do not have the assets, stockholders, etc to infuse more capital into the business. I think that the Builders will do what they can to keep homeowners happy and do what is in their control, but people will also have to be patient and realize they are working things out....and trying to do the right thing rather than just abandoning their customers.
I understand that and I am patient, I think reading these threads got me a little worked up. I am not in a situation where a delay will mess up my situation as we are renting right now on a month to month. I was more so worried that it wouldn't happen at all, in which case I would have to start back over from square and the house buying/building process can be pretty stressful. I work in the mortgage industry and I can see the side where buyers are dropping out because they no longer qualify under the new guidelines, I guess it never dawned on me that a Builder or Seller would drop out. The person at the sales office assured me that they were not goint out of business and she expects to know something definative as to when they will continue by the end of this week. l worked up.
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and I'm closing next month. Don't know your situation but my wife and I were pressed for time and this worked out better for us. You might want to consider doing the same.
Perry Builders/Jordan Built Homes
