Thursday, December 04, 2008

OUR BUILDER GOES BANKRUPT




So, our house got this far and we get a fun call from our builders saying that they got word that morning they are going under.

They wanted to let us know before we heard it on the news and read it in the paper.

Kimball Hill Homes is pretty big in Chicago with Communites all over the burbs.

They assured us that they will still build our home since they ground has broken. Any contracts with UNBROKEN ground will not get a house. They are delivering our home 5 months pretty much from today - so we made their 6 month delivery projection.

However, there are still question marks - they have like 11 disclaimers - in the event that they can't get time from their creditors, their builders don't walk out early, their staff stays in tact, they prices negotiated on building materials, and the manufacturing companies they have contracts with don't fall through...then it will get done.

So - everything we do seems like one big leap of faith after another. Will we sell our house in this HORRIFIC housing marker? (we got REALLY lucky) Will we have enough for a downpayment ?(by the skin of our teeth we think) Will the house get done as projected? It looks like now - its a yes - keep your fingers crossed for us!

So long term - we will have LOTS of empty lots near our house, including right next door and across the street.

Kimball Hill Homes is waiting for someone to buy them out, or to buy their assets. I guess we will hold on to our seats for this roller coaster ride which is our lives! The trick is, as P. Hinckley would say, to enjoy the ride.

4 comments:

Cami said...

Wow. That's a blow. Good luck

Lehikoinens said...

That really stinks! I hope everything goes through for you guys. We have LOTS of half done homes around us too... its really sad.

The Jones Family said...

wow! I seriously hope your house gets done!!! it will, it will, it will, it will, it will.....

kelsey said...

I will keep my fingers crossed for you guys! I'm sure things will work out.