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You need to get your town or HOA involved immediately. The unfinished homes will soon become "unstable" and have to be condemmed due to being subjected to the elements and erosion will impact YOUR lot due to the construction lots not draining correctly. You should get the town to CONDEM the houses and have them torn down and the grounds restored.
This happened to one of my friends also. He tried to build a subdivision with over 100 homes, he started building in '07, has built four homes and is now bankrupt. He tried to build too many homes at one time and now he can't sell the homes, so he had to file bankruptcy. The bank has started selling out the lots, but nobody has bought. It is a sad situation
This going to sound "out-there" and maybe somewhat impossible, but those of you owning and living in the subdivision should gather your resources, hire an attorney, purchase, and complete the unfinished homes as soon as possible. Otherwise, the homes you currently own will be headed south in value. If indeed the developer/development is in bankruptcy court, the court trustee (an attorney) will serve as the clearinghouse for said assets. Plywood is a huge price downer.
What I've seen in this area is that bankruptcy is declared at the very end of the building process, all the houses are built, but before the amenities are completed or the streets get their final topcoat of asphalt. One or two builders/developers are famous for that. And people keep buying their houses in the next project done under the new company's name. And the same thing happens again.
What I've seen in this area is that bankruptcy is declared at the very end of the building process, all the houses are built, but before the amenities are completed or the streets get their final topcoat of asphalt. One or two builders/developers are famous for that. And people keep buying their houses in the next project done under the new company's name. And the same thing happens again.
Then someone (a consumer) needs to report these people to the state's real estate commisison.
That happens. But the new DEF Company is not the bankrupt ABC Company, even though it's the same owner, so nothing can be done.
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