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Sheridan Homes - DFW Home Builder

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2008-09-19

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stories: star-telegram.com, bigbuilderonline.com

Update 2008-09-23: It has come to our attention that Sheridan is back! Per Big Builder Online:

It's been roughly six weeks since Sheridan Homes filed for Chapter 11 bankruptcy, and the Plano, Texas-based builder is already back in business.

The company first filed for bankruptcy protection with the U.S. Bankruptcy Court of Eastern Texas on Aug. 4. However, court documents revealed that Judge Brenda T. Rhoades dismissed the case, effectively allowing the builder to retract its voluntary petition.

Original listing 2008-09-19:Dallas-Forth-Worth, Texas home builder Sheridan Homes has filed for Chapter 11 bankruptcy protection according to the Star-Telegram. According to the Star-Telegram:

Plano-based Sheridan Homes of Texas is among at least four North Texas home builders to file for bankruptcy protection this year as the housing industry continues to struggle nationwide.

When it filed for Chapter 11 protection in early August, Sheridan reported 100 vacant lots and 80 finished but unoccupied homes. ...

The company sold 36 percent fewer homes in April, May and June than the year before.

We had previously heard from a tipster back in July that Sheridan might be in trouble:

You should check out Sheridan Homes. They built 300 or so homes a couple years ago, but have recently closed their office, stopped construction on homes in process, and all the model homes are locked up.

We are unclear at this time as to the size of Sheridan Homes at peak. Their apparent website is sheridanhomes.com. If you have any additional details about Sheridan Homes, please let us know or post a comment below!

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Comments:

Justin at 19:33 2008-07-07 said:
A tipster provided us the following about a company called Sheridan Homes in the Dallas-Forth-Worth area:

You should check out Sheridan Homes. They built 300 or so homes a couple years ago, but have recently closed their office, stopped construction on homes in process, and all the model homes are locked up.
Unfortunately, googling for news on Sheridan Homes turns up little. This may be their website:

http://www.sheridanhomes.com/

Any information or scuttlebutt, please let us know! Permalink

TXNNVA at 20:50 2008-09-23 said:
I know several of the people that ran things over at Sheridan a couple of years ago. A pretty slippery bunch if you ask me. My first clue to the caliber of the executives was when they hired a guy that all of the subs referred to as J*** the Snake...Seems he liked to hire them and then fire them when they had the nerve to ask for payment as agreed to... Permalink
snake at 13:02 2008-10-09 said:
I wish you had the respect to put your name. If some one called me the "snake" then they really don't know me because no one who really knows me refers to me as snake. You sound like one of the many builders that i had to fire because they COULD NOT do their job. Since you don't know what your really talking about and this forum allows any idiot to speak about thinks they don't know anything about this really does not offend me since even idiots can type. If you were fired you probably didn't do your job or did it badly as a builder or contractor and that's why you got fired. Sheridans problems were in a week sales department. I look forward to your comment. Permalink
hawkeye at 21:21 2008-10-09 said:
I'm not sure about the snake issue, but as a Sheridan home buyer they treated their customers extremely poorly. We had extensive warrenty issues that they kept putting off, over a year, and now we are stuck. Infact, our entire stone entryway to our house is sitting on our driveway and the only way into our house is through the garage. All the hand scrapped wood flooring in our entry way have been buckling for over a year and they never got around to fixing it. You expect a little more quality and service when you spend over $400,000 for a house. Permalink
TXNNVA at 14:17 2008-10-10 said:
Better to be silent and thought a fool than to open your mouth and be proven one. Permalink
snake at 16:06 2008-10-13 said:
Yes. your right you sound like a fool. Permalink
Big Daddy at 14:28 2008-12-30 said:
Mr. (little) Snake. Quit acting like a baby :( Boo hoo! Permalink
koreen at 13:36 2009-01-13 said:
Mr. (little) Snake. Quit acting like a baby :( Boo hoo!
:) Big Daddy you tell him! Permalink
trinmack at 07:44 2009-01-29 said:
Not everybody at Sheridan Homes had a lack of integrity. I should know. I worked there for a few years. For the most part, eveybody at Sheridan cared about the buyer, even the Snake. The Snake is a business man. Sometimes good business men have to make hard decisions. This usually results in negative feeback directed toward that person. Everybody could have done a better job. A lot of mistakes were made, but most of us tried to deliver a quality product, but the company fell on hard times, just like many other businesses around the country. If given the chance, I would work for the Snake and Sheridan again. Permalink

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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.