According to to AZCentral.com, Woodside Homes has been forced into Chapter 11 bankruptcy by it’s creditors.
I tried to access their website this evening and it was down. Woodside has communities in Mesa, Tempe, Chandler, Queen Creek, Litchfield Park, and Phoenix. The Arizona Dept. of Real Estate (ADRE) has put out a list of Arizona homebuilders that are in financial trouble. If you are currently under contract with Woodside it would be wise to contact the sale of office of the community you purchased at as well as the ADRE.
Unfortunately, this is a sign of the times. Some many homebuilders are struggling to stay afloat. If you are planning on buying a new home in the I highly recommend checking with the ADRE to see if the builder is financial sound or not.
Update: From AZCentral.com
Woodside Homes will continue building houses and paying employees as it works through a bankruptcy reorganization initiated by the company’s creditors, a spokeswoman for the builder said Friday.
Sales offices will remain open and homes will continue to be built inside Woodside’s nine Valley subdivisions, as in all the privately held builder’s communities nationwide, spokeswoman Jennifer Mercer said.
“We have plenty of cash in the bank to continue our operations,” she said.
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