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2008-02-06

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We have received word that Carrollton, Texas-based Goff Homes (goffhomes.com - website down at this time) has recently "closed their doors." Per a tipster:

Goff homes Let their employees go and closed their doors Friday a week ago. The[y] cleaned out their model homes that weekend. There are a number of homeowners in my subdivision that have their first year end repair requests and no one that we can send them to. We can not find anyone that knows anything about their present status.

According to housingzone.com, Goff Homes had revenus of approximately $56 mm in 2007, with over 200 new residential closings. A write-up on Goff Homes at Weaver and Tidwell noted that:

. Goff Homes, which has enjoyed annual revenues of around $33 million over the last five years, has had an exceptionally good year in 2005 and expects about $40 million in revenues.

We are still trying to flesh out the details regarding this implosion. If you have any information regarding Goff Homes, please let us know.

Goff Homes Homeowner reports:

From one anonymous source comes this story of ongoing troubles regarding trying to get ahold of someone at Goff Homes (portions deleted to protect anonymity):

My husband and I built our home in XXX. We had a great building experience and still love our home and our neighborhood. However, during our first year, as was expected we ran into some "new construction" issues. We took a running account of things that would come up and at the end of the year we contacted Goff numerous times for our one year walk-through inspection. (We had been told that they would contact us, but when that didn't happen we contacted them.) I emailed so many people at the Goff office trying to get in contact with the right person, as the site manager position seemed to have changed occupants so often I couldn't keep up with it. First it was XXX (who we felt did a superb job during the building process), then it was XXX, then it was XXX, then it was XXX. None of these people followed up. None of our warranty issues were addressed.

As it stands now, we have several issues with our home that never got handled during the two year warranty period. None of these are "huge" issues but are issues that, were we buying a home on the market, we would have expected the sellers to handle before we closed. Now, since we are in our home we really have no recourse it seems.

We do however have a new issue that IS a big one. [Issue omitted to protect anonymity].

I can't reach anyone with Goff Homes and their website will not load. So here we are, in our $200K home that we love, wondering what to do next.

Anyway, I saw your website while playing another round of "Where's Goff?" I also found this http://www.hobb.org/content/view/947/442/ which I thought I'd share, in case you haven't seen it.

Needless to say I am discouraged.

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.