Did Poinsett Homes Go Bankrupt?

Did Poinsett Homes Go Bankrupt?

Posted in the Greenville Forum

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Homeowner

Greenville, SC

#1 Feb 4, 2008
Someone told me they did...and that theyd just bought a new home from there and the subcontractors were calling for money...anyone know?
STOP THE RUMORS

Tallulah, LA

#2 Feb 5, 2008
No they have not filed bankruptcy. It's sad when people speak without verifying the truth. It is like when you "assume". It makes an "ass" out of "u" and "me". Instead of spreading rumors people should be concerned about what it does to our economy and the employees that loose their jobs because bad rumors really hurt in more ways than one. They are a local company and like all builders in this economy are hurting and need a helping hand not a forced arm pushing them down.
Homeowner

Greenville, SC

#3 Feb 5, 2008
I believe your reading comprehension is sorely lacking.
How is it spreading a rumor to ask the question?
How should one verify the truth without asking?
And thank you for repeating that tired cliche about assuming...God knows none of us have ever heard that one.
Homeowner

Greenville, SC

#4 Feb 5, 2008
BTW, I have one of their houses, and have been farely happy with it. But if they are truly concerned about their spot in the economy, they should step up their warranty department, because it is not up to snuff.
Check public records

Bay Minette, AL

#5 Feb 6, 2008
Have you checked the public records to see? That might solve all the mystery.
Under Construction

Greenville, SC

#6 Feb 6, 2008
(Hold Please!)

Poinsett is supposed to be building a home for us. We have been in construction for 8 weeks now, with no progress in the last three. This "restructuring", as they call it, has everything at a standstill. I would like to know what's up too!
STOP THE RUMORS

Anderson, SC

#7 Feb 6, 2008
Instead of asking the question you can check on public records "Greenville County.org ". No they have not filed bankruptcy. Asking the question is spreading rumors because all you get is hear say or peoples opinions. Go where the facts are.
Homeowner

Greenville, SC

#8 Feb 6, 2008
Well since bankruptcies are generally filed in federal court, I doubt that greenville COUNTIES website will be much help.

Asking the question is NOT spreading a rumor.

As another homeowner states, they are at least having some sort of "Restructuring".

You're defensiveness makes me think you've something to hide.
Ted

Greenville, SC

#9 Feb 7, 2008
I think they are about to file bankruptcy. we had a closing and the closing couldnt happen because their were liens on the property that couldnt be removed. Why else wouldnt they close
Sarah

Bay Minette, AL

#10 Feb 7, 2008
I know for a fact they have fired almost all of the supers and more than half their office staff. The only reason why they haven't fired their agents is because they don't get paid unless they sell. One of the supers told me that they haven't been working at all and that no homes will be worked on unless it is under contract. No one wants to supply them with anything because they haven't been getting paid. This is definitely not a good situation. I wouldn't recommend them to anyone right now.
Barry

United States

#11 Feb 7, 2008
It is a shame that buyers spend more time talking about the industries problems than they do on getting a great deal. Unfortunately for builders it is a BUYERS market, a clue that it is time to BUY; not wait. Adding that fact to the lowest interest rates in years begs the question - what is everyone waiting for waiting for? Prices to go up and interest rates to rise? Many buyers are going to miss the boat and will be kicking themselves for not getting a great price and an awesome loan.
Advice

United States

#12 Feb 7, 2008
I have heard that everyone should expect big news about a Poinsett corporate refinancing. If that falls through, it will be a bad sign, BUT if it works they will be OK. PERIOD. They say it will be big news, one way or the other, so you will know when, or IF, the company is OK again.
Sarah

Bay Minette, AL

#13 Feb 7, 2008
Good pricing? Good Rates? It won't matter about any of that if Poinsett goes under. It will end up hurting the buyers then.
Homeowner

Greenville, SC

#14 Feb 7, 2008
Sarah wrote:
Good pricing? Good Rates? It won't matter about any of that if Poinsett goes under. It will end up hurting the buyers then.
Indeed. People want to know that the builder will be around long enough to finish the neighborhood and answer warranty issues.
Barry

United States

#15 Feb 7, 2008
I agree Sarah. I am not advising anyone to buy from a company that is going bankrupt (If that is true). all I am saying is that there are other great companies out their that are financially solid (like most in the upstate), and they are offering gigantic savings in order to make it to the better times that will be coming in the next month or two. This "buyer gets it all" market won't last forever. It is frustrating watching buyers not take advantage of the buyers market. That is what hurts these companies most.
Home Builder

United States

#16 Feb 7, 2008
The owner of Poinsett Homes is a smart man, and he should have no problem playing his cards right. The building market is slow all around right, everyone is scared to spend any money...just sit tight and it will all play out.
not bankrupt YET

Greer, SC

#17 Feb 7, 2008
Ted Smith has been around a long time. I remember he owned Great American Homes and sold it to Pulte. Thats how those a-holes came into the upstate before being run out.
He has a good amount of land holdings that can be sold at a bargain. I heard he has been selling large tracts of land to cover interest payments. BB&T and Bank of America will stand with him for a while but with so many liens being filed sometimes its best to clear them by forclosures or bankruptcy. I hope he can hang on cause he is really a good guy.
Under contruction

Piedmont, SC

#18 Feb 8, 2008
Barry wrote:
This "buyer gets it all" market won't last forever. It is frustrating watching buyers not take advantage of the buyers market. That is what hurts these companies most.
I can't take advantage of the low interest rates because they can't buy material to build my house. I think it's time to ask for my earnest money and run. I don't want to be stuck in a subdivision that they can't complete!
Confident

Anderson, SC

#19 Feb 8, 2008
Poinsett is a good company and they are good people. The supers were not fired. They layed off several employees but this is a part of restructuring. The landscape division is where they have layed off most. A builder normally subcontracts landscaping out. It was not profitable so they cut it out. They are restructuring. When a builder sells over 400 homes a year and the market slows you are going to see lay offs, cut backs and restructuring. They will take care of the liens. They need a little time to work thru this and they are. The owners of the company are the nicest men you would want to meet. It has not been easy for them to have to lay off anyone. They are making it thru this. Cash flow can make anyone have to reorganize. They have NOT filed bankruptcy and do not intend to. Warranties are backed by the vendors and they work with good reputable vendors. As an owner Poinsett provided you a warranty that is backed by a warranty company. The builder just coordinates it. You have to keep it all in prospective. It is not time to bail. It will be OK.
On The Verge

United States

#20 Feb 8, 2008
What I'm reading here sounds like damage control from Poinsett employees. I know first hand that Poinsett has had 3 rounds of layoffs in the last 2 months, nearly 50% of their office staff is gone. And I also know first hand it is due to severe financial shortfalls. The company owes nearly evrybody in town months of bills they can't pay, including Channel 4 (notice no more TV ads) and The Greenville News (no Sunday ad for the last 3 weeks). There is a daily stream of vendors going to their office asking to be paid. They ARE on the verge of bankruptcy, but are trying hard to avoid it. Personally I hope they make it, but let's not blow smoke here.

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