FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Discussion on Pasquinelli Homes View next topic
View previous topic



Post new topicReply to topic
Author Message
autopost
Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 217340

Re: Discussion on Pasquinelli Homes
PostPosted: Thu Aug 28, 2008 12:19 am Reply with quoteBack to top

http://builder-implode.com/imp.....02-18.html
View user's profileSend private message
LOHOUSTON
Dud?


Joined: 19 Jun 2008
Posts: 21

ANY UPDATES ON PASQUINELLI
PostPosted: Fri Sep 05, 2008 2:12 pm Reply with quoteBack to top

I was curious if anybody has any more information on this builder. I know in Houston, they were struggling but didn't know if there was anymore info.
View user's profileSend private message
dfwnewbie
Dud?


Joined: 08 Sep 2008
Posts: 17
Location: Texas

Portrait in Plano
PostPosted: Mon Sep 08, 2008 1:15 pm Reply with quoteBack to top

Rumor is that the new dev in Plano lost its ...they stopped building and the sales agent are no longer in the model homes selling. Interestingly enough, they have been showing the inventory homes.....not sure what the deal is...if Pasquilini is going out of business....

_________________
-dfwnewbie in Plano Texas
View user's profileSend private message
Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Discussion on Pasquinelli Homes
PostPosted: Tue Sep 09, 2008 6:20 pm Reply with quoteBack to top

A good source writes in:

Quote:

It has been confirmed that they have shut down a few projects in the Dallas area. They are behind on paying their sales people on closings and it appears that of the approx. 13 communities in the Chicago they are batting 0 for the last three months. The way I understand it is that each project is set up with a different set of banks. Some are not working with Pasquinelli and the rest are under negotiations. It does not look good. Reminds me of the S&L debacle in the 80's. Stay in touch.
View user's profileSend private message
Justin
My head implode


Joined: 17 May 2006
Posts: 493
Location: Atlanta

Re: Discussion on Pasquinelli Homes
PostPosted: Tue Sep 09, 2008 9:55 pm Reply with quoteBack to top

This just in from an anonymous tipster:


Quote:
Pasquinelli fired all of their Dallas superintendents today



Shocked

_________________
Justin @ Justin Owings dot Com @ The Mortgage Lender Implode-O-Meter
View user's profileSend private messageSend e-mailVisit poster's website
twarden1
Dud?


Joined: 10 Sep 2008
Posts: 21

Need more info.
PostPosted: Thu Sep 11, 2008 3:10 pm Reply with quoteBack to top

I was scheduled to close on my Pasquinelli townhome in Irving next week, and was scheduled for my final walk thru today. I was told by my sales guy that they may be losing funding, therefore my deal may fall through. My closing in on hold indefinitely, as is my walk thru. He's concerned about losing his job.

What I don't get is why would they throw away a deal on a BUILT townhome that has definitive money coming? How does this work??? Is there any hope for me getting in this place? I HAVE to move out of my current home the weekend of the 19th... I'm definitely in panic mode. Can anyone provide more info on this?

Thanks
View user's profileSend private message
dfwnewbie
Dud?


Joined: 08 Sep 2008
Posts: 17
Location: Texas

Re: Discussion on Pasquinelli Homes
PostPosted: Thu Sep 11, 2008 8:44 pm Reply with quoteBack to top

twarden1 - I am sorry to hear that. That is reallyawful. It sounds like they do not have any money to pay their piece of the closing...and the sales agents commission. I think their partnership with Wells Fargo ended. I live in the Briarhill estates in Plano. They are finished with one building except for the grass for front lawn...back lawn ...I also met the people who purchased the ...and they still have the foundation built for another building but havent been back in 2 weeks...the portapotties are still out there. It's pretty bad. Eventually the bank will get a hold of the development and finish the houses that have been ...unless Pasquinelli is working on getting some more funding...this is crazy because the homes were selling...not like hot potatoes but people were buying.....

There is a Portrait office in Plano off of Legacy I think. I might try to go past there after work to see if anyone is there. I dont think the company has gone out of business, they just don't have any money to build and sell more homes :-:

_________________
-dfwnewbie in Plano Texas
View user's profileSend private message
dfwnewbie
Dud?


Joined: 08 Sep 2008
Posts: 17
Location: Texas

talked to Portrait office
PostPosted: Fri Sep 12, 2008 4:20 am Reply with quoteBack to top

Okay, I'm not sure how this effects all Pasquillinis developments but talked to an employee in the Portrait office in ...yes, there were people there and furniture...I was afraid I will be greeted with a boarded up lobby with no furniture. Any way, she told me they are negotiating with banks for financing...I think the deal is the partnership they had with Wells Fargo dissolved and now they need to set up another such deal. Wiki says that PCM company that I got my mortgage through is/was a partnership with Wells Fargo and Portrait.

_________________
-dfwnewbie in Plano Texas
View user's profileSend private message
twarden1
Dud?


Joined: 10 Sep 2008
Posts: 21

Re: Discussion on Pasquinelli Homes
PostPosted: Fri Sep 12, 2008 2:07 pm Reply with quoteBack to top

Well, I'm still working with PCM (which yes, is part of Wells Fargo) and there doesn't seem to be any issue there. But that's on the mortgage side. It's the banks that are funding the building of the communities that are the problem. They may be Wells Fargo too, but my guy said something about Bank of America... so that part is a bit foggy.

I went by the Portrait location in Irving yesterday after work and the mgr there explained basically that the Portrait in Chicago can't pay their bills. The bank funding the Chicago Portrait is also funding some or all of the Dallas projects. As I understood it, this bank is trying to take money from the Dallas locations to pay for the Chicago debts because Dallas is basically doing just fine. Portrait said "no" you can't have ALL our Dallas money (but said they're willing to give up their profits, after their bills are paid). So the bank has locked everything up. And I believe you're right, they're trying to find new funding.

So we are left as pawns in their corporate game. While there's no guarantee that the Dallas locations won't be foreclosed - I found this information to be mildly encouraging. My contact said that they have 50 contracts ready to close this month. At approximately $200k per unit, that's $10 million dollars they're going to throw away if they shut down these projects before letting the contracts close. That's just stupid. Not to mention, there's nothing to build in my unit and 4 others that are finished. We're just twiddling our thumbs waiting to close and move in!

My impression is that we just have to sit and wait. We could find out today, tomorrow, a week from now, longer... who knows. In the meantime, the house I'm living in and selling is closing next week and now I get to move all my c**p into storage and stay with friends while Portrait and their bank work out their BS. That also means I get to move twice which is a real party... not to mention the extra expenses of renting a U-Haul TWICE instead of once, the cost of a storage unit, rent to stay at my friends, etc. The lock on my rate also expires on the 18th. GRRRR! I have a refrigerator scheduled to be delivered to my Portrait townhouse on the 25th, Verizon was supposed to install FiOs internet and phone on the 22nd, my satellite TV was scheduled to do an installation on the 21st. So this definitely throws a huge wrench into my plans.

Let me know if you guys hear anything more, and/or correct me if I've miscommunicated something. I'll do the same. And keep in mind that I'm merely passing on what was told to me by a Portrait sales mgr.
View user's profileSend private message
Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Discussion on Pasquinelli Homes
PostPosted: Fri Sep 12, 2008 5:56 pm Reply with quoteBack to top

Latest article (from a few days ago):

Foreclosure brings bevy of questions
http://www.suburbanchicagonews.....S1.article
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT