CP Morgan homes (low income, sales, real estate)

[123gabby]

Does anyone have anything to say about CP Morgan homes?

[TBLTZ]

Do a search as you will find mixed results.

[123gabby]

I guess I should have explained. We signed a purchase agreements and as we continued the process (about 3 weeks) and began to look at our options for upgrade and the amount of out of pocket expenses required for the type of home we wanted, we discovered that CP morgan wasn't right for us. We paid the $50 earnest money and that was as far as it got. Now they want to declare us in default and require that we pay $5,000.

[TBLTZ]

If you only put up 50 bucks and you don't want the house I would say walk away. They are trying to scare you. They are not going to take you to court and waste that money. Its your right to walk away if you want to. That is why they ask for the ernest money.

[flyingscotsman]

I would not walk away I would run away.

[NOYUCK]

I'm with the Scotsman, run.....run like the wind.

[jendeli]

Hi there,
We have lived ino ur cp morgan home for a little over a year now and our house is already on the market.
For one, the neighborhoods are crap. Cp morgan is known for that, probably because they sell at such a low cost that it attracts low income buyers not to mention all the forclosures we have on the street. The cp morgan neighborhood across town is the same way and even a local store had to shut down because of all the teenagers stealing.
The homes are poorly made. THey do not put plywood on the sides or the rear of the homes just a thin sheet of foam. We had a lawnmower kick up a rock and send it right through the side of the house!
Plus everything is an upgrade. You will spend at least 10 Gs in there. You have to. You have to pay for phone jacks, cable outlets, overhead lights bushes./..I can go on and on!
Anyway, on the bright side they have great customer service and they build fast.
I would much rather spend the extra $100 a month and live in a better community.
GoodLuck!

[Indy1]

[SIZE=3]Well most likely CP Morgan is probably burning through all the cash they have in the bank. They cherry picked the subprime market so much in Indy that it is hard to imagine they will be around as a first time home builder.[/SIZE]

[SIZE=3]The reputation in Indianapolis is the same. There is a high number of foreclosures in the communities they build and the construction is not as high quality as other builders. It is too bad they did not change the way they worked when they moved south.[/SIZE]

[walidm]

Originally Posted by 123gabby

I guess I should have explained. We signed a purchase agreements and as we continued the process (about 3 weeks) and began to look at our options for upgrade and the amount of out of pocket expenses required for the type of home we wanted, we discovered that CP morgan wasn't right for us. We paid the $50 earnest money and that was as far as it got. Now they want to declare us in default and require that we pay $5,000.

....Please tell me you hired a real estate broker

Typically when (and I don't know the situation) you are "declared in default" it is because of a stipulation or contingency within the contract. I would carefully read the contract and consult an attorney asap. Walking away from a contract does not void the contract - consulting an attorney can help you understand the terms of the contract and the ramifications of 'walking away'

[Indy1]

[SIZE=3]It is not uncommon for clients in Indianapolis to default with CP Morgan. In the Indianapolis area they are very aggressive at taking people to court on defaults. All the love they show in the sales pitch is gone. I have been an agent in the area and it is not fun.[/SIZE]