One of the unfinished Romm homes that was purchased by Royal Dominion.
The last of a group of foreclosed homes in western Henrico left unfinished by a local builder have been picked up by two other area firms.
Royal Dominion Homes purchased the last two of five homes in The Cameron at Grey Oaks neighborhood left unfinished by builder William Romm. The homes, purchased in a foreclosure auction last week, add to two others Royal Dominion picked up in November.
A fifth Romm house in the Wyndham-area neighborhood was purchased last July by Bradford Custom Homes, likewise in a forced sale.
The purchases end a two-year ordeal for the homes’ buyers that began in 2015, when Romm, who started the houses under his company Romm Custom Homes, suffered what he called a “financial setback” that prevented him from completing them.
Construction was abandoned, prompting lawsuits from three sets of disgruntled homebuyers that are still active as of Monday.
With the purchases, those homes can now be completed.
Roger Zurasky, president of Royal Dominion Homes, said his purchases resulted from dealings with Essex Bank, which had worked with Romm on financing the homes and held the foreclosure auctions for the four homes Royal Dominion picked up.
“We have built and closed over 30 homes in the Grey Oaks community, so it’s a community we’re familiar with,” Zurasky said. “It’ll be good for us because they’re all close by, but for the neighborhood, it’ll be nice to get the neighborhood cleaned up and get the houses going again.
“(The homeowners) have been waiting–going on two years for some of them.”
A mix of under-construction homes and others completed and occupied make up The Cameron at Grey Oaks. (Jonathan Spiers)
The latest two homes – 2026 Grey Oaks Park Lane and 12054 Cameron Creek Road – were purchased at auction for $390,000 and $305,000, respectively, Zurasky said. He said the homes were originally sold for $823,000 and $661,000, respectively.
At the auction in November, the company paid $336,000 and $203,000 for its two other homes – 12020 Cameron Creek Road and 12042 Cameron Creek Road, which had original sales prices of $672,000 and $670,000, respectively.
Zurasky expects to finish the homes this spring, after permits are renewed and construction resumes. He said three of the four homes are halfway complete, while a fourth needs more work and likely will take longer.
Zurasky, who restarted Royal Dominion two years ago after getting out of a deal with Reston-based builder Stanley Martin, said he’s adjusting his profit margins to make up for additional costs he’ll incur completing the homes. While he said taking on the homes means taking a hit financially, he said it’s worth it.
“I’m willing to do it,” he said. “It helps out the homeowners, I get four houses, and I do business with Essex Bank and it helps out Essex Bank as well.
“By going in at a lower sales price, while the homeowners lost cash with the original builder, once we complete their homes, they’re able to recoup that in the way of equity in the home,” he said.
Bradford Custom Homes paid $188,000 for its lot at 5813 Cameron Creek Terrace, which it purchased through TowneBank. Founder Brad Groome said he negotiated the deal with the homeowner last year and expects to finish the house in March.
The Deshpandes’ home at 5813 Cameron Creek Terrace, as it appeared in July 2016. (Jonathan Spiers)
The owners of that home, Mandar and Anjali Deshpande, are among those who filed lawsuits against Romm last year. Reached Monday, Mandar Deshpande said he is holding off on pursuing their suit further until their house is finished.
“I’m not pushing the lawsuit because I don’t have money to pursue the lawsuit,” Deshpande said. “I just want to make my family happy by getting the house first–it’s been two years now.
“Depending upon once I’m finished with my house, then I’ll work with my lawyer to see what are the next steps.”
Romm has since moved forward with another company, Millstone Builders, which he has said does remodels and commercial work and not new home construction. He said Monday he expects the lawsuits will be dismissed now that the homeowners have new builders and their homes will be completed.
“All the liens have been paid, as far as I know all the lawsuits are being dropped, and everybody’s getting their houses, so I think it’s a pretty positive outlook,” Romm said.
“This thing’s had a positive outcome. It could’ve been much worse; everybody could have gotten screwed,” he said. “I worked really hard with the bank to get everybody in these houses. Everybody’s going to end up getting their homes and live in Grey Oaks, so I’m pretty happy with the outcome.”
Deshpande, however, said he does intend to see his lawsuit through. It seeks a judgment against Romm for damages totaling $150,000 plus other costs associated with down payments for the house.
“I lost money,” Deshpande said. “I need to get some money back from him. I have not received any money from him, so my lawsuit is still pending.”
One of the unfinished Romm homes that was purchased by Royal Dominion.
The last of a group of foreclosed homes in western Henrico left unfinished by a local builder have been picked up by two other area firms.
Royal Dominion Homes purchased the last two of five homes in The Cameron at Grey Oaks neighborhood left unfinished by builder William Romm. The homes, purchased in a foreclosure auction last week, add to two others Royal Dominion picked up in November.
A fifth Romm house in the Wyndham-area neighborhood was purchased last July by Bradford Custom Homes, likewise in a forced sale.
The purchases end a two-year ordeal for the homes’ buyers that began in 2015, when Romm, who started the houses under his company Romm Custom Homes, suffered what he called a “financial setback” that prevented him from completing them.
Construction was abandoned, prompting lawsuits from three sets of disgruntled homebuyers that are still active as of Monday.
With the purchases, those homes can now be completed.
Roger Zurasky, president of Royal Dominion Homes, said his purchases resulted from dealings with Essex Bank, which had worked with Romm on financing the homes and held the foreclosure auctions for the four homes Royal Dominion picked up.
“We have built and closed over 30 homes in the Grey Oaks community, so it’s a community we’re familiar with,” Zurasky said. “It’ll be good for us because they’re all close by, but for the neighborhood, it’ll be nice to get the neighborhood cleaned up and get the houses going again.
“(The homeowners) have been waiting–going on two years for some of them.”
A mix of under-construction homes and others completed and occupied make up The Cameron at Grey Oaks. (Jonathan Spiers)
The latest two homes – 2026 Grey Oaks Park Lane and 12054 Cameron Creek Road – were purchased at auction for $390,000 and $305,000, respectively, Zurasky said. He said the homes were originally sold for $823,000 and $661,000, respectively.
At the auction in November, the company paid $336,000 and $203,000 for its two other homes – 12020 Cameron Creek Road and 12042 Cameron Creek Road, which had original sales prices of $672,000 and $670,000, respectively.
Zurasky expects to finish the homes this spring, after permits are renewed and construction resumes. He said three of the four homes are halfway complete, while a fourth needs more work and likely will take longer.
Zurasky, who restarted Royal Dominion two years ago after getting out of a deal with Reston-based builder Stanley Martin, said he’s adjusting his profit margins to make up for additional costs he’ll incur completing the homes. While he said taking on the homes means taking a hit financially, he said it’s worth it.
“I’m willing to do it,” he said. “It helps out the homeowners, I get four houses, and I do business with Essex Bank and it helps out Essex Bank as well.
“By going in at a lower sales price, while the homeowners lost cash with the original builder, once we complete their homes, they’re able to recoup that in the way of equity in the home,” he said.
Bradford Custom Homes paid $188,000 for its lot at 5813 Cameron Creek Terrace, which it purchased through TowneBank. Founder Brad Groome said he negotiated the deal with the homeowner last year and expects to finish the house in March.
The Deshpandes’ home at 5813 Cameron Creek Terrace, as it appeared in July 2016. (Jonathan Spiers)
The owners of that home, Mandar and Anjali Deshpande, are among those who filed lawsuits against Romm last year. Reached Monday, Mandar Deshpande said he is holding off on pursuing their suit further until their house is finished.
“I’m not pushing the lawsuit because I don’t have money to pursue the lawsuit,” Deshpande said. “I just want to make my family happy by getting the house first–it’s been two years now.
“Depending upon once I’m finished with my house, then I’ll work with my lawyer to see what are the next steps.”
Romm has since moved forward with another company, Millstone Builders, which he has said does remodels and commercial work and not new home construction. He said Monday he expects the lawsuits will be dismissed now that the homeowners have new builders and their homes will be completed.
“All the liens have been paid, as far as I know all the lawsuits are being dropped, and everybody’s getting their houses, so I think it’s a pretty positive outlook,” Romm said.
“This thing’s had a positive outcome. It could’ve been much worse; everybody could have gotten screwed,” he said. “I worked really hard with the bank to get everybody in these houses. Everybody’s going to end up getting their homes and live in Grey Oaks, so I’m pretty happy with the outcome.”
Deshpande, however, said he does intend to see his lawsuit through. It seeks a judgment against Romm for damages totaling $150,000 plus other costs associated with down payments for the house.
“I lost money,” Deshpande said. “I need to get some money back from him. I have not received any money from him, so my lawsuit is still pending.”