Anyone knows more about K-hov exist sale in Cary, Raleigh, NC area? (how much, houses)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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"As many of you have heard, K Hovnanian Homes is selling its assets in the Raleigh Division and exiting the Raleigh market. K Hovnanian Homes is a publicly traded company and continues to be one of the top builders in the nation. There are many interested national builders and K Hovnanian Homes will chose one who will continue their excellence and quality.
K Hovnanian’s architecture, designs and elevations will be included in the asset sale so that all existing contracts will be honored and the homes will be built as they were contracted for, by an equally excellent top national builder. "
we got this email from Khov rep. We signef a contract with them at Indian Wells and now are nervous about this news but on the other hand K hov is not known to be the best builder so we are thinking maybe they are selling it to the Standard Pacific people, which isn't bad. Anyone out there has any ideas who they are selling it to? what does this mean to the people who already ady signed a contract with them? is it a good news the bad news to them? Any input is appreciated.
What does it say about assignability, or about builder withdrawal? What rights does it give you to terminate?
How much money did they take from you?
That letter is interesting in that it seems to indicate that they already know who is buying that land.
Otherwise, it seems a bit foolhardy to state that the homes will be built by an "equally excellent top national builder," no?
And... who is "equally excellent" to K Hov?
I am not thinking anyone who'd charge more for those houses (or rather, similar ones) as they are described would sign off on an agreement to buy that land and build them.
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" We will know which major builder will purchase the assets by April 30 or sooner. This is of course all public knowledge that was announced by the Wall Street Journal." the email continued.
we deposited 10k. Their phase 1 was sold out quickly and that is without any model homes to see, all 68 lots were sold and what they ask we have to pay, there was no negotiation allowed because of the demands.
Anyhow, I have to take a look at the contract to see what we signed. However, I think it is pretty much standard and My feelings are that the new builder will charge more for their last phase in that subdivision because I read that Khov sold all their land in NC for a profit. Hopefully, tgat is the case
" We will know which major builder will purchase the assets by April 30 or sooner. This is of course all public knowledge that was announced by the Wall Street Journal." the email continued.
we deposited 10k. Their phase 1 was sold out quickly and that is without any model homes to see, all 68 lots were sold and what they ask we have to pay, there was no negotiation allowed because of the demands.
Anyhow, I have to take a look at the contract to see what we signed. However, I think it is pretty much standard and My feelings are that the new builder will charge more for their last phase in that subdivision because I read that Khov sold all their land in NC for a profit. Hopefully, tgat is the case
But...
Selling an asset seems different from selling a contract or an entity.
It seems to me that if they had sold the entity, KHOV NC, or something, you would have the "same" builder. Having contracted with KHOV to build you a house makes me wonder about contract wording and if, and how, you are legally bound to the next builder.
Just "wondering" because the legal stuff is above my pay grade.
I don't think I will back out because it is an ideal location in West Cary. Schools are great. I will post the wording of the contract when I have a chance. I am curious to know too.
I don't think I will back out because it is an ideal location in West Cary. Schools are great. I will post the wording of the contract when I have a chance. I am curious to know too.
Hope you have a way to back out in the event that the next builder isn't building what you were getting from KHov.
I don't blame you for hoping it all stays in place. It's a good location for that price.
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I am in the same KHov boat except we have a contract for Lily Orchard. Really love the plan we picked so I hope we don't have to cancel the contract. That will all depend on the new builders.
PatienceGuy: I got the email saying they sell it to Lennar too. Is your contract with Indian Wells?
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