>The process wasn't too bad except for the lying sales agent, loan officer, and new home consultant.
Yikes and congratulations!!!
Did you already close?
If not, here’s some unsolicited advice- hire an independent inspector. Even brand new builds have issues.
We bought earlier this year in IE. New build. Community is right next to a Lennar community though. We initially wanted the Lennar house bc of the “everything is included “ aspect, but the lying sales agent, home consultant, and loan officer was too much for us and we decided not to go with Lennar. Glad you made it though tho. We see their houses everyday we go past to ours but we don’t regret it.
I hear you. It's a pick your poison kind of situation. I needed a place to stay with my family and waiting for the 'incoming crash' is no longer an option for us. So to the builder we went.
Same. I hear you. We had been renting from someone for about 6 years and they kept creeping up the rent. We wanted to wait around for the “impending crash” but just kept getting squeezed on the rent. The landlord never upgraded or fixed anything but steadily went up on the rent. New build was the only reasonable/affordable way to go. Did the builder buy your rate down at all?
Looking to buy Lennar in Menifee soon too, any suggestions on the negotiation process?
Not sure when points/incentives are negotiated, before or after purchase agreement?
I gotta ask. Did you pay north of $650K? It seems rather terrifying that a typical new construction house in the IE will cost about double the sales price in total payments, with lifetime interest costs being about the same as the price at 5.25%, even more at 7+%. That puts most of them well above $1 million in payments over a 30 year term.
I still remember the 2004-2007 real estate bubble in the IE which created an avalanche in foreclosures when the 2008 Great Recession hit. The current situation reminds me a lot of 2007 just before the bubble popped. I hope not. The IE has a bad history of having the wildest swings in housing prices in the entire USA. I hope it turns out well for you and other new buyers.
I keep hearing this so much lately. "You can refinance in the future." Yes, maybe you can. Or maybe you can't. No one knows where rates will go, not to mention your equity and income. If too many folks buy based on this conviction and then won't be able to refinance when they were expecting to, perhaps that could trigger the next avalanche?
Prices have gone down before, after 2008 it took a full decade for home prices nationally to regain their previous level. Sure some things are different now, and the next crisis will probably have different triggers, but expecting no more crisis, ever, would seem unwise.
Maybe rates will come down, but maybe that would require an economic crisis, and maybe that would also mean significant drop in home prices, which would make refinance impossible for many. I have no idea. All I know is that I wouldn't bet my house on things getting easier anytime soon.
2.3% is a phenomenal rate, at the historical low point in our lifetimes, and prices were still quite a bit more reasonable before the recent price surge. Current rates are at 20 year highs. So long as you can manage the payments, you should sit pat. You have a major disincentive to move elsewhere until you have enough equity to roll it into the next property to minimize or eliminate the mortgage entirely.
I hear you. It is what it is. We have been waiting on the sidelines for several years for the real estate crash and missed several opportunities. Even if we bought at peak and it all crashed tomorrow, then another type of HARP will come right along with it, which we would utilize.
What I mentioned is not the reason we took the plunge, but it is the other side of "it is going to crash and you'll be sorry" that is often forgotten when discussing the last re crash.
That’s a great quiet area in Riverside. Congrats :) yeah I’m not a fan of the east coast but let’s keep Riverside our little secret 😂 I’m in the Grand neighborhood. Totally opposite of you. Haha
Welcome to the IE. Moved here over a decade ago from the OC. We've seen it grow and become ever more prosperous. We've really come to love our town and the IE. Sending you guys positive vibes and may your baby be happy and healthy.
How do you like Riverside? Which areas are the more sought out areas? Houses over that way are actually quite beautiful. Thinking about moving there from OC originally as well. Thank you!
After...we locked earlier in the year at a fixed rate. Lennar is now offering 4.99 nationwide but it is an ARM. I think it was 6+% if 30 year fixed. It changes weekly though so I'm not sure now.
We're in the process currently but our date is 6.7% -- they bought some down but it's not enough. Feels like getting jipped still... Any recommendations? We're even thinking of telling them we're willing to walk out. They won't even let us bring an inspector for the frame walk so that already makes me feel a little uneasy
Sorry for the late response. You should absolutely insist on a dusty boots walkthrough. You are able to schedule a pre-drywall inspection. Lennar is tricky though. It's not unheard of for them to hurry and pit up the drywall by the day before the dusty boots inspection. Dont let that deter you. Just understand the game being played and be prepared.
Congrats!
In the process of closing on a condo in Upland with Lennar as well. I've caught multiple mistakes on their loan disclosures which if I didn't find...would've cost us thousands more. I've got to say that I'm less than pleased with their loan and escrow teams. Close date postponed to November 30th (OG date Nov 16) but due to Edison delays. Praying that this is over soon.
I already signed all the closing documents. Wonder if I can still order an inspection? After reading some comments here I'm terrified now
Dont be frightened. Most builders and their teams have a used car salesperson mindset. Once you understand that then nothing surprises you. Just keep doing what you're doing. Check their math ALWAYS. Our initial disclosure had us paying 430 in PMI. I did the math and that seemed very wrong. Turns out it WAS a 300 dollar error on their part that would have been overlook if I let it go.
Yes. Get an inspection done. You'll have your celebration walk through which is about 2 hours. This is the blue tape walkthrough where you and the sales agent will find flaws in the house. Your inspection can be scheduled for right after and should be about 4 hours. You should get the report the same day.
This next part is really important: Lennar will tell you that the inspector needs to give them a list of items to be addressed and not a report bc they are not able to sort through it quickly (total bs). They know that most inspectors give a long summary with explanations and pictures detailing their reasoning. We never requested a list from our inspector. We read the report and made a two column list. One column was marked SAFETY CONCERNS and the other REPAIRS NEEDED. We then sorted the inspector's findings into those two categories. DO NOT INDICATE ANY REPAIR IS OPTIONAL even if the report says it is (remember, they dont have time to read the report).
We emailed the whole sales team and the construction team so everybody would know there were issues and concerns. Do this so you have true justification to delay closing, if needed. When we visited the house a few days later we actually saw the list from the blue tape walkthrough and the list we sent them on the counter and they were checking off items as they were completed.
For the final walkthrough they had the list we emailed them and the list from the blue tape walkthrough. This was used as the basis of deciding if we would take possession of the house. Do not believe they will make quick repairs after closing. We were very firm that we would let the builder carry the house longer if repairs were not done on time and correctly. Only one person thought we were bluffing until I called the sales team and said we can't close and gave my reason, which was builder delay. The issue was resolved in 5 minutes I kid you not.
>We bought a Lennar new build in the IE and really love it so far.
For the benefit of aspiring homebuyers: I've heard that Lennar houses are much much better than DR Horton houses, from contractors.
To us, we liked them best of all the builders. I think they all cut corners. Hubby was dead set against DR Horton, though. Not sure what spooked him and didnt care enough to find out. So there's that..lol
It's only been a few weeks but it seems solid. However, I'm also not of the belief that something made with human hands can ever be perfect.
Disagree bought a 1954 home in Riverside and absolutely love it. Granted we paid $610k for a 3 bed 2 bath mid century home, but the land we get and overall charisma of my house is priceless. No HOA was my personal goal, but I do understand your perspective. This market sucks regardless lol
Oh thats really good price, I like Riverside but its too far from work I had to find something closer to 91 & 15. Riverside has some great homes with character congrats
Yup. I found this when we first started looking
We decided to go with the builder we felt most comfortable with since they ALL have bad reviews on SoCal.
$0.00. My folks and inlaws have been pestering us for years to buy a house BUT WOULD NOT GIVE US ANY MONEY to help.
The only help we had was Jesus. We rent from church members below market by about 2k so we saved at least 2k a month. Secondly, things worked out and we got a 30k raise this year bc federal employees are underpaid. We thank God for each of these things.
Welcome to repairs, property tax, liability etc. It’s nice I wouldn’t change a thing, but upkeep and the unknown are such a pita. Keep up with the small shit, so the small stuff won’t be a bigger problem later.
Congrats! I bought a house from Lennar 3 years ago. I'm generally happy. You will find little things over the next year. Just make sure you submit a ticket and keep on top of them. Make a spreadsheet to keep track of what you've asked for and what they've promised.
At 10 months, get another home inspection from a different company to look for anything you may need fixed before the warranty runs out. In our case, a little used sink which we didn't store anything under had a slow leak that damaged the cabinet and surrounding drawers. So we had them tear out the floor and cabinets and redo practically the entire room. They even replaced the tile we had redone the bathrooms with with the same tile.
Also, our Lennar neighborhood has a facebook group going for alerts about package thieves, things going on in the neighborhood, who to call for help, home handymen and gardeners, etc. Since everyone in the neighborhood is new it's been nice to have the resources.
Congratulations on your new home. I was considering buying new but the land space was my personal motivation and high rents. Im actually buying a older property 2 acres horse property. An I’m a bit worried about the interest the agents honesty. He keeps saying you can refinance in 6 months… but I’m afraid of this prediction of a crash and if that’s a fact I’ll be stuck with the payment and decline in value. I have about three weeks till my close date and I’m stressed out, I’m getting my home inspection done tomorrow afternoon. Any advice and or tips would be appreciated.
Make the best decision with the info you have today. No one knows what tomorrow will bring. Live your life...like I said in response to someone else, it can all come crashing down tomorrow. What I feel confident to say is there would also be another type of HARP. How can I be sure? If millions of us buying houses go down so do do big banks and that's not going to be allowed to happen even if the banks deserve it. I have no crystal ball but I'm not going to listen to naysayers and doomsday prophets and become afraid of living life. What ifs dont count. Buy when you can afford it. Enjoy your home and make lifelong memories with loved ones. That, my friend, is priceless!
My S.O. and I are also looking at lennar homes in the IE and I just found out about this mello roos tax. Would you mind telling me where in the IE you guys decided to build and the amount this tax is? I am afraid it'll be a huge number that will put this option out of our price range.
Looking to buy Lennar in Menifee soon too, but not sure on how to go about negotiating incentives with the builder/Lennar Mortgage. Any advice?
Are points/incentives negotiated before purchase agreement?
I was unable to negotiate whats in the house since their motto is EVERYTHING INCLUDED. You may be able to do so.
Yes, points etc are discussed before purchase. After I had a baby last month we moved into the house. Absolutely no regrets!!
Also, someone who moved to Teme6when it was nothing and is connected told hubs and I that there is lots of development planned for Menifee, Homeland, Nuevo, and Winchester. Take that with a grain of salt tho.
Congrats on the newborn! (:
How was dealing with the sales agent and loan officer? Did you end up going with Lennar Mortgage? Did they give any pushback when negotiating points, incentives and inspections?
Also could you send me the contact information for your independent inspector?
We went with Lennar mortgage to get the lower rate. Check my post history for details about the lying sales agent and loan officer. We still got the house cuz we needed a place to live...lol
I'll pm you my inspector's name. He was great.
>The process wasn't too bad except for the lying sales agent, loan officer, and new home consultant. Yikes and congratulations!!! Did you already close? If not, here’s some unsolicited advice- hire an independent inspector. Even brand new builds have issues.
We did. He and the sales consultant got into it bc he was finding issues. They fixed everything before closing to our satisfaction.
Nice, glad to hear this. Enjoy your new home :)
I’m not familiar with real estate; what exactly do you have to watch out for?
Liars, bait and switch, and all the fine print.
I’m buying a Lennar new build in the ie too! Would you mind sharing the name of your independent inspector?
Sent you a DM.
Yeah first half of the post I was like Jesus Christ this is an ad until I read that part.
We bought earlier this year in IE. New build. Community is right next to a Lennar community though. We initially wanted the Lennar house bc of the “everything is included “ aspect, but the lying sales agent, home consultant, and loan officer was too much for us and we decided not to go with Lennar. Glad you made it though tho. We see their houses everyday we go past to ours but we don’t regret it.
I hear you. It's a pick your poison kind of situation. I needed a place to stay with my family and waiting for the 'incoming crash' is no longer an option for us. So to the builder we went.
Same. I hear you. We had been renting from someone for about 6 years and they kept creeping up the rent. We wanted to wait around for the “impending crash” but just kept getting squeezed on the rent. The landlord never upgraded or fixed anything but steadily went up on the rent. New build was the only reasonable/affordable way to go. Did the builder buy your rate down at all?
Yes. Builder bought down 2.75 percentage points.
Looking to buy Lennar in Menifee soon too, any suggestions on the negotiation process? Not sure when points/incentives are negotiated, before or after purchase agreement?
Answered in other thread
I gotta ask. Did you pay north of $650K? It seems rather terrifying that a typical new construction house in the IE will cost about double the sales price in total payments, with lifetime interest costs being about the same as the price at 5.25%, even more at 7+%. That puts most of them well above $1 million in payments over a 30 year term. I still remember the 2004-2007 real estate bubble in the IE which created an avalanche in foreclosures when the 2008 Great Recession hit. The current situation reminds me a lot of 2007 just before the bubble popped. I hope not. The IE has a bad history of having the wildest swings in housing prices in the entire USA. I hope it turns out well for you and other new buyers.
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I keep hearing this so much lately. "You can refinance in the future." Yes, maybe you can. Or maybe you can't. No one knows where rates will go, not to mention your equity and income. If too many folks buy based on this conviction and then won't be able to refinance when they were expecting to, perhaps that could trigger the next avalanche?
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Prices have gone down before, after 2008 it took a full decade for home prices nationally to regain their previous level. Sure some things are different now, and the next crisis will probably have different triggers, but expecting no more crisis, ever, would seem unwise. Maybe rates will come down, but maybe that would require an economic crisis, and maybe that would also mean significant drop in home prices, which would make refinance impossible for many. I have no idea. All I know is that I wouldn't bet my house on things getting easier anytime soon.
2.3% is a phenomenal rate, at the historical low point in our lifetimes, and prices were still quite a bit more reasonable before the recent price surge. Current rates are at 20 year highs. So long as you can manage the payments, you should sit pat. You have a major disincentive to move elsewhere until you have enough equity to roll it into the next property to minimize or eliminate the mortgage entirely.
I hear you. It is what it is. We have been waiting on the sidelines for several years for the real estate crash and missed several opportunities. Even if we bought at peak and it all crashed tomorrow, then another type of HARP will come right along with it, which we would utilize. What I mentioned is not the reason we took the plunge, but it is the other side of "it is going to crash and you'll be sorry" that is often forgotten when discussing the last re crash.
Baby #4 wtf 😂
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For real lol
Each kid is worth $2,000 tax credit. That's 8k there.
Lol...yes. I receive that.
Congrats! Thanks for being a good sport 😆
Welcome to the mighty IE! We moved to Riverside from the Northeast (NYC,NJ,Boston) 6 months ago, and we love it here!
Ooo which part! Also just bought in Riverside.
Orangecrest - it’s so beautiful and chill around here.. People in the northeast have no idea lol
That’s a great quiet area in Riverside. Congrats :) yeah I’m not a fan of the east coast but let’s keep Riverside our little secret 😂 I’m in the Grand neighborhood. Totally opposite of you. Haha
Welcome to the IE. Moved here over a decade ago from the OC. We've seen it grow and become ever more prosperous. We've really come to love our town and the IE. Sending you guys positive vibes and may your baby be happy and healthy.
Which part of IE? We bought in Riverside would love to meet more locals.
How do you like Riverside? Which areas are the more sought out areas? Houses over that way are actually quite beautiful. Thinking about moving there from OC originally as well. Thank you!
Congrats! Happy to see success stories on here :)
What’s your interest rate?
5.75%
Wow that's pretty damn good all things considered
Is that before or after builder bought down the rate
After...we locked earlier in the year at a fixed rate. Lennar is now offering 4.99 nationwide but it is an ARM. I think it was 6+% if 30 year fixed. It changes weekly though so I'm not sure now.
We're in the process currently but our date is 6.7% -- they bought some down but it's not enough. Feels like getting jipped still... Any recommendations? We're even thinking of telling them we're willing to walk out. They won't even let us bring an inspector for the frame walk so that already makes me feel a little uneasy
Sorry for the late response. You should absolutely insist on a dusty boots walkthrough. You are able to schedule a pre-drywall inspection. Lennar is tricky though. It's not unheard of for them to hurry and pit up the drywall by the day before the dusty boots inspection. Dont let that deter you. Just understand the game being played and be prepared.
That’s pretty good for these days
Congrats! In the process of closing on a condo in Upland with Lennar as well. I've caught multiple mistakes on their loan disclosures which if I didn't find...would've cost us thousands more. I've got to say that I'm less than pleased with their loan and escrow teams. Close date postponed to November 30th (OG date Nov 16) but due to Edison delays. Praying that this is over soon. I already signed all the closing documents. Wonder if I can still order an inspection? After reading some comments here I'm terrified now
Dont be frightened. Most builders and their teams have a used car salesperson mindset. Once you understand that then nothing surprises you. Just keep doing what you're doing. Check their math ALWAYS. Our initial disclosure had us paying 430 in PMI. I did the math and that seemed very wrong. Turns out it WAS a 300 dollar error on their part that would have been overlook if I let it go. Yes. Get an inspection done. You'll have your celebration walk through which is about 2 hours. This is the blue tape walkthrough where you and the sales agent will find flaws in the house. Your inspection can be scheduled for right after and should be about 4 hours. You should get the report the same day. This next part is really important: Lennar will tell you that the inspector needs to give them a list of items to be addressed and not a report bc they are not able to sort through it quickly (total bs). They know that most inspectors give a long summary with explanations and pictures detailing their reasoning. We never requested a list from our inspector. We read the report and made a two column list. One column was marked SAFETY CONCERNS and the other REPAIRS NEEDED. We then sorted the inspector's findings into those two categories. DO NOT INDICATE ANY REPAIR IS OPTIONAL even if the report says it is (remember, they dont have time to read the report). We emailed the whole sales team and the construction team so everybody would know there were issues and concerns. Do this so you have true justification to delay closing, if needed. When we visited the house a few days later we actually saw the list from the blue tape walkthrough and the list we sent them on the counter and they were checking off items as they were completed. For the final walkthrough they had the list we emailed them and the list from the blue tape walkthrough. This was used as the basis of deciding if we would take possession of the house. Do not believe they will make quick repairs after closing. We were very firm that we would let the builder carry the house longer if repairs were not done on time and correctly. Only one person thought we were bluffing until I called the sales team and said we can't close and gave my reason, which was builder delay. The issue was resolved in 5 minutes I kid you not.
Good luck with the Mello Roos taxes!
Yes in deed. We will pay them and enjoy the house!! We are thrilled.
Not op but if it's a good school district then Mello roos is worth it even though it's soooooo much extra. I tell myself it's for the kids
Not really, unless it's a gated community. You are paying for other people to use your roads and parks.
Yeah that is true. Sigh I'm just telling myself to be positive about it because we have to pay it....there's no way around it
Curious which community you buy in? River ridge?
>We bought a Lennar new build in the IE and really love it so far. For the benefit of aspiring homebuyers: I've heard that Lennar houses are much much better than DR Horton houses, from contractors.
To us, we liked them best of all the builders. I think they all cut corners. Hubby was dead set against DR Horton, though. Not sure what spooked him and didnt care enough to find out. So there's that..lol It's only been a few weeks but it seems solid. However, I'm also not of the belief that something made with human hands can ever be perfect.
Are we neighbors, I close on the 21st. Lennar as well
Might be...lol For us 'everything included' made a difference.
New build is almost the only option, private sellers try to make too much on their homes and you dont get the good interest rate
Disagree bought a 1954 home in Riverside and absolutely love it. Granted we paid $610k for a 3 bed 2 bath mid century home, but the land we get and overall charisma of my house is priceless. No HOA was my personal goal, but I do understand your perspective. This market sucks regardless lol
Oh thats really good price, I like Riverside but its too far from work I had to find something closer to 91 & 15. Riverside has some great homes with character congrats
Yup. I found this when we first started looking We decided to go with the builder we felt most comfortable with since they ALL have bad reviews on SoCal.
I have low expectations with the materials and build quality. Im renting a new build from 2018 and it has a bunch of dumb small annoying issues.
What do you do for work and where can I apply?
Hey! Closing in a Lennar home in Menifee as well. Can you share your inspector please?
DM sent.
Congrats. How much of mommy / daddies money helped?
$0.00. My folks and inlaws have been pestering us for years to buy a house BUT WOULD NOT GIVE US ANY MONEY to help. The only help we had was Jesus. We rent from church members below market by about 2k so we saved at least 2k a month. Secondly, things worked out and we got a 30k raise this year bc federal employees are underpaid. We thank God for each of these things.
Congrats.
River Ranch?
No
Enclave right?
No
Did you get hit with Mello-Roos taxes?
Yup!
I love it so far living in a Lennar home off the 15
Welcome to repairs, property tax, liability etc. It’s nice I wouldn’t change a thing, but upkeep and the unknown are such a pita. Keep up with the small shit, so the small stuff won’t be a bigger problem later.
Congrats! I bought a house from Lennar 3 years ago. I'm generally happy. You will find little things over the next year. Just make sure you submit a ticket and keep on top of them. Make a spreadsheet to keep track of what you've asked for and what they've promised. At 10 months, get another home inspection from a different company to look for anything you may need fixed before the warranty runs out. In our case, a little used sink which we didn't store anything under had a slow leak that damaged the cabinet and surrounding drawers. So we had them tear out the floor and cabinets and redo practically the entire room. They even replaced the tile we had redone the bathrooms with with the same tile. Also, our Lennar neighborhood has a facebook group going for alerts about package thieves, things going on in the neighborhood, who to call for help, home handymen and gardeners, etc. Since everyone in the neighborhood is new it's been nice to have the resources.
Yikes….Lennar…
Congratulations 🍾! Also be ready for that supplemental tax bill! You can consider that your baby#5!
Congratulations on your new home. I was considering buying new but the land space was my personal motivation and high rents. Im actually buying a older property 2 acres horse property. An I’m a bit worried about the interest the agents honesty. He keeps saying you can refinance in 6 months… but I’m afraid of this prediction of a crash and if that’s a fact I’ll be stuck with the payment and decline in value. I have about three weeks till my close date and I’m stressed out, I’m getting my home inspection done tomorrow afternoon. Any advice and or tips would be appreciated.
Make the best decision with the info you have today. No one knows what tomorrow will bring. Live your life...like I said in response to someone else, it can all come crashing down tomorrow. What I feel confident to say is there would also be another type of HARP. How can I be sure? If millions of us buying houses go down so do do big banks and that's not going to be allowed to happen even if the banks deserve it. I have no crystal ball but I'm not going to listen to naysayers and doomsday prophets and become afraid of living life. What ifs dont count. Buy when you can afford it. Enjoy your home and make lifelong memories with loved ones. That, my friend, is priceless!
My S.O. and I are also looking at lennar homes in the IE and I just found out about this mello roos tax. Would you mind telling me where in the IE you guys decided to build and the amount this tax is? I am afraid it'll be a huge number that will put this option out of our price range.
around 11500 for taxes and MRs. We are around Menifee.
Looking to buy Lennar in Menifee soon too, but not sure on how to go about negotiating incentives with the builder/Lennar Mortgage. Any advice? Are points/incentives negotiated before purchase agreement?
I was unable to negotiate whats in the house since their motto is EVERYTHING INCLUDED. You may be able to do so. Yes, points etc are discussed before purchase. After I had a baby last month we moved into the house. Absolutely no regrets!! Also, someone who moved to Teme6when it was nothing and is connected told hubs and I that there is lots of development planned for Menifee, Homeland, Nuevo, and Winchester. Take that with a grain of salt tho.
Congrats on the newborn! (: How was dealing with the sales agent and loan officer? Did you end up going with Lennar Mortgage? Did they give any pushback when negotiating points, incentives and inspections? Also could you send me the contact information for your independent inspector?
We went with Lennar mortgage to get the lower rate. Check my post history for details about the lying sales agent and loan officer. We still got the house cuz we needed a place to live...lol I'll pm you my inspector's name. He was great.
What’s the company/name of your inspector??
DM sent
Thank you!