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New Construction nightmare!! Another company files Chapter 11 and leaves liens on properties!

By
Services for Real Estate Pros

Minnesota company files Chapter 11 this week leaving Milwaukee area families in tough situation.

Homes under construction and completed have gotten construction liens filed on their properties due to a Minnesota company's financial difficulty.

It was reported by the local paper that President Homes has not paid some subcontractors for work and items such as cabinets that were put in homes.  The homeowners have paid for these items, however the contractors weren't paid.  That means the contractor has the right to file a lien against the home.  In essence these liens must be paid off for the homeowners to have clear title to the property.  Some people could end up paying twice for the goods/services.  One lien is $57,000.

The company claims to save the homeowners an average of 20% by being a "single source" for financing, local subcontracting , design services, budgeting and planning, among other services. 

The lesson here is to know who you are doing business with.  Seek the professional help of a local Realtor when buying or building a new home!

If you need a good reference feel free to call me.  New Construction is my background!


You can find great local Brookfield, Wisconsin real estate information on Localism.com April Hayden-Munson Realtor, Southeastern Wisconsin is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

Serving all of your Southeastern Wisconsin Real Estate Needs. To view homes for sale go to http://www.movewithapril.com/

Posted by April Hayden-Munson RE/MAX Realty 100

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