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Buying and Selling Homes

Which big Builder will be 1st to go Bankrupt?

16 years ago

My money is on Hovnanian

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Comments (10)

triciae
16 years ago
Don't want to venture a guess on what builder but Countrywide's in the news again with BK rumors...

Here is a link that might be useful: Is It Lights Out For Countrywide?
qdognj
Original Author
16 years ago
It seems like the market doesn't believe Mozzilo..The stock was getting crushed at mid-afternoon, then Countrywide issued a statement saying they weren't in process of filing Bankruptcy,stock rallied 10% from the lows...In the last 90 minutes of trading it retraced the path to near the lows of day...
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Help building retaining wall on a slope! 1st time builder need advice!
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Comments (1)
You will need to dig down so that the bottom of the wall (which is the bottom of the footing) is below the frost line. Maybe a regional forum could help you find out what frost depth is. A footing is like a nice thick sidewalk that is created for the wall to sit on. (8" thickness depth would be good. 6" might be OK.) You're building a retaining wall so keep in mind that it needs to be sturdier than a free-standing wall. A footing ought to protrude beyond the footprint of the wall itself, by about 8" all the way around. So that's a total width of 24". If the present excavation only allows for the wall, you would need to excavate farther into the hill, also allowing for the space occupied by the form work. The wall will not look good if the block slopes. Instead, it should be level and to control it's height, step it down with level changes as needed. The footing would step down, too, as needed, in 8" increments (or multiples thereof) to accommodate the block courses. You'll need to use wire mesh in between courses of block. For heft and strength, I would fill the cells of the block solid with concrete as it's built. (Retaining walls that are under built tip over with time. Also, you will need to embed rebar into the footing which turns upward into the wall itself, locking the two together and helping the wall to last. Search Google images for "CMU wall" and you'll be able to see all manner of examples and details. My instructions are general and you must reconcile them with local conditions.
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If this is how 2017 is going to go, I'll soon be bankrupt!
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Comments (7)
We've been experiencing some of the same. First it was the furnace having to be replaced. (before that it was the oven had to be repaired) When DH went in the garage to look at the new furnace being put in, he happened to look up and notice stains on the garage ceiling. The bathroom in his man-cave is just above. Had to have the toilet fixed and next on the list is repairing the ceiling. Then there's the squirrels. We had holes repaired and metal pieces put in the areas where the squirrels had bored through to get into our attic and now we see more damage. Had someone by yesterday. $260.00 and that's just the start. Lots of wood has rotted and has to be replaced. Haven't gotten the estimate on that yet. Our house is 20 years old now. We've never lived anywhere long enough to redecorate never mind fix and replace things. Inside could use a paint job. That will be next.
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LONG! Builder possibly bankrupt
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Comments (39)
We are in Iowa. I will look into that contractor recovery fund. That would make us feel better about all this. If we walk away, we will lose our 15k. Actually we've pretty much already lost our 15k. It went to the builder (who's now bankrupt) and the bank says it went towards the build. So we're already getting a 'credit' because otherwise the banks investment would have been $340k. Gee thanks bank. But still, walking away may be our best option unfortunately. I'm trying to take emotions out of it, but the lot is in a secluded neighborhood surrounded by 13 acres of woods. The lot itself is 1.5 acres and most of it will remain timber. It's very unique and not something we will find elsewhere. I know someone will finish the house and live there even if it's not us. That would sting a bit. But also trying to be rationale that I don't want a lemon of a house and definitely don't want to be broke to do it. The excavator only has about 50k into the project. Not sure how it would make financial sense for him to buy it and try to make back his money and a profit. I guess we'll go about getting the numbers to see what it will cost to finish. But I'm afraid to make it viable, we would have to offer the back around 220k or so for the house. A huge loss to the bank, however if they build it themselves with no prospect of a buyer (it's in a small town, over an hour from large cities), they may lose even more.
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1st time house builder
Q
Comments (34)
@ RES, architect Same here been using Sketchup Pro since it 1st came out in 2000 and Chief Architect Pro ( before it was Chief Architect since 90s) In earlier days I have been using just for my own project designs and customers and for the last 10 years or so I been doing work for many customers...It seems this is the best way to get something designed that a homeowner can actually visualize the project as it was already built and you place them right inside the house and they can get a better feel how rooms interact with adjoining spaces, they can walk through the entire house, a finished basement, sit at the island of their kitchen, or the outdoors. Now I average about 100-150 designs a year for customers and contractors locally and nationwide with all kinds of projects... from simple furniture placement to entire 3D house layout, I have some builders they use my services for a spec home 3D visuals and real-time renderings, schematics for zoning board proposals, real estate agents, contractors, and homeowners, not to mention I work with some architects as well. IMHO This is the way to go nowadays to end up with a design you really want... I don't want the old-timers to take me the wrong way, quick pencil mack-ups are good in the field to give the customer an idea what you have in mind and to make sure this is what they like... but when you at home, you can present your customer with 3D images using available software in any way you like, sure it takes an investment, with plugins, certain renderers, etc the whole software packages ran me about 4k with bells and whistles that I need + monthly fees to display models and run online video sessions, etc but now when working with a customer when the initial model laid out... you can move walls, cabinets, swap elevation views, scenes, swap materials within seconds while the customer is watching and you can present them drawings in any style, shape, or form that they can pass onto their architect, builder, or contractor and with a visual everyone is on the same page. Here a few examples of different representation styles you can do with a mouse click.
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logic
16 years ago
qdognj...IF a big one goes bankrupt, I also think it would be KHov...if so, it should be interesting to see the fall out in Chesterfield with their "award winning" TDR project..as KHov is building most of the homes...

That said, if Countrywide keeps on advertising...ad nauseum.
qdognj
Original Author
16 years ago
Countrywide saw deliquencies increase 10% in November from October levels....Not so good...
Pipersville_Carol
16 years ago
KB Home is in trouble, per this morning's NY Times.
karen_zab
16 years ago
Saw an article on Forbes.com couple days ago that Standard Pacific has retained a bankruptcy expert as a financial advisor and their stock dropped like 17.6% in one day.
karen_zab
16 years ago
Following up to ask, does anyone know what happens if our builder declares bankruptcy during the building of our home? We're building with Standard Pacific. My hope is they would do chapter 13 and continue to build while restructuring - ours is a very hot urban infill project that they would want to continue to build in through its many phases. Would any just shut their doors? I'm getting a little worried and have no idea how it might play out.

thanks,
~kz
FatHen
16 years ago
I have read a few articles in the last few months about what home buyers should do if the builder is bankrupt or in danger of it. (Link below) Oftentimes they lose a great deal of money, or if they've already closed, they have no warranty. But the warranty is somewhat of an illusion anyway. Another problem is liens.

Seems like the ones who get harmed the most, (as far as customers), are the ones who've put a lot of money down and it's just "gone," and the builder folds. There are always secured creditors in line way before home buyers and their deposits.

As for big builders, I think Beazer could be the first to go under because they're also under federal investigation for mortgage fraud and securities fraud, and one of their exec's destroyed documents during the investigation.

Here is a link that might be useful: Homebuyers can prepare for the worst
christopherh
16 years ago
The builders in the Poconos of PA are the biggest slime balls around, so I would be happy to see any of them go under.
But then again, Hovnanian did a pretty good job of "sprawling" the Jersey shore, so their going out wouldn't bother me either.
mfbenson
16 years ago
My money's on Beazer. Their stock was worth $79.12 a share on January 13 2006 and closed at $5.71 today.

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