St. Lawrence Homes are they going under?

[godukebasketball]

They came out of Chapter 11 and looks like they are slowly starting up again. They sold two houses in my neighborhood that had been finished. No construction yet though. St. Lawrence Homes out of bankruptcy, but must generate millions for banks - Triangle Business Journal:

[dad2jules]

They are selling off many if not most of the lots they own to other buidlers to pay debt. They were hired back by the banks that foreclosed on the spec houses to finish them , market, and get a flat fee for their services.

[saturnfan]

Originally Posted by dad2jules

They are selling off many if not most of the lots they own to other buidlers to pay debt. They were hired back by the banks that foreclosed on the spec houses to finish them , market, and get a flat fee for their services.

Are their warrantees printed on Charmin or Scott tissue?

[dad2jules]

They haven't built/ sold much in the last year so that warrantee is somewhat irrelevant. The 10 year warrantee is not actually from your builder but an insurance company so the builders existence doesn't affect your ability to make a claim here. Now the reality is the builder will normally fix things to keep you from making a claim so the premiums don't go up- but that is only a concern if they will be around in the future.

[frankpc]

Originally Posted by dad2jules

They haven't built/ sold much in the last year so that warrantee is somewhat irrelevant. The 10 year warrantee is not actually from your builder but an insurance company so the builders existence doesn't affect your ability to make a claim here. Now the reality is the builder will normally fix things to keep you from making a claim so the premiums don't go up- but that is only a concern if they will be around in the future.

This is true but companies like RWC aren't a panacea either. Providing a third party warranty essentially allows the builder the opportunity to remove themselves from the situation. Many years ago we had a dispute that escalated to where the State AG office was involved. We received no benefit from the warranty company but the builder actually stepped up to provide assistance.

Frank

[dchz1]

I currently live in a St.Lawrence home and have not had any issues with there product. There homes are build very well with quality materials. The structural warranty that we have will never be used. Its sad to see them go they make great homes.