[Music] Welcome back to real estate mindset Today's video is going to be absolutely Bonkers now the data is in and today We're going to talk about all things Lennar and if you're interested or Currently in the process of purchasing a Lennar I think that this video is going To be extra helpful in determining Whether or not you should move forward With the transaction and what we're Going to do today is really listen to All of the recent homeowners we're going To listen to the good and we're going to Listen to the bad and I was able to find Both the market thinks that Lennar is Doing a great job if we just look at Their stock over the last year we can See that their stock is near one year High sitting at about 126 dollars so the Market thinks that Lennar is doing Absolutely wonderful now one of the Reasons that I personally believe in Just my opinion that the stocks are Doing so well for all new home builders Is because they're offering outrageous Incredible really buying incentives Right now for example when we look at The buying incentive that Lennar is Offering as of the making of this video For Most Metro areas in Texas we can see That Lennar is offering an astonishing 4.2 percent locked fixed interest rate Receiving up to ten thousand dollars
Towards closing costs that is absolutely Astonishing now they've extended this Through August 31st but this is an Absolutely amazing buying incentive Essentially it allows new home builders To etch out a piece of the housing Market because basically resell Homeowners can't compete with that if I Purchase a resale home I'll probably get A seven and a quarter my mortgage Payment could be six to seven hundred Dollars higher per month just because I Purchased used and if that crazy buying Incentive wasn't enough look at what Else is happening in my local house to Mark when we take a look at Austin Lennar is shaving the prices off of Their houses like crazy this first house Is nearly two hundred thousand dollars Off that is a substantial markdown and You can see this price here over a Hundred thousand dollars off so Lennar Is actively cutting the prices on Inventory across many many Metro areas Again it's starting in Texas but then The question becomes who cares about These price cuts and buying incentives If the house isn't going to be built Correctly in other words there's a Tremendous amount of reviews and rumors Out there that are essentially saying That purchasing a new home build right Now is extremely risky and we've Interviewed people on my channel Uriah
And her husband and they've warned us About potential pitfalls of purchasing From Lennar but what I'm going to do you Guys is we're going to stick with the Recent reviews we're only going to take A look at reviews in July of 2023 three And I was able to find an additional Review source that had over 11 000 reviews for Lennar and there's Actually some good reviews so again We'll look at both good reviews and bad Reviews really whatever the most recent Reviews are I'm gonna add new home Source as a new review site for Lennar This is actually pretty huge there's 11 700 reviews from New Home Source just on Lennar so that's a ton of reviews now The total star rating for Lennar According to this site is higher than Anything we've ever seen sitting at 3.7 stars out of 5 stars now when we Scroll down here and we categorize the Reviews from newest to oldest we can Start seeing some of the reviews from What appears to be the recent homeowners Now let's start with the very first Review now the very first review was July 28th again of this year in Westfield Indiana and they're Essentially saying ex that Lennar has Exceptional customer service so that's a Great review literally the very first Review is a great review now let's go to This next review now this review was
July 27th and this is a decent review Love the warranty felt the actual Quality was less luxury than expected we Picked a linar home because after Looking at all of the builders in our Area and there were a lot we loved that Lennar's homes include everything and Have a more upgraded feel to them However since living in the home we do Feel the actual quality is lower than Our last home we lived in we've had Multiple cracks in the baseboards some Little issues with the towel racks and Faucets and just a handful of small Things that are a bother considering how Expensive homes are and considering we Thought Lennar was the best after Looking into many builders the good news Is the warranty has been very good with Us they are quick to respond and easy to Work with super kind and considerate I Would rate the warranty and working with Them a 10 for 10 for sure you guys That's a really really refreshing review Because it's going into the warranty Process so I would say that's a decent Review although they've rated the Quality of a Lennar as two star but that Was done July 27th in Saratoga Springs Utah now let's go to the next comment Right here this next comment is says Disappointed this was July 27th of 2023 This was in Fate Texas this is a Two-star rating after our third party
Inspection the construction super Assured us all of the items would be Addressed by closing inspection half Were not it took weeks for him to Address the deficiencies after closing I Had to contact him multiple times times To have the repairs addressed one item Is a tiled roof vent the construction Inspector contacted the roofing company And they said it is good enough I Expected Lennar to hold their Contractors responsible for Quality Workmanship and fight for the home buyer But they did not every time I pull in The driveway I see the Tilted roof vent And it makes me frustrated with Lennar For how they handled it so not really a Good review now here's a very Interesting review this next review is From July 27th of 2023 this is in Henderson Nevada so basically Las Vegas Now at first it says the total score is Five stars but when you go down the list Everything is actually one star except Responsiveness which is two star so I'm Not sure why the total score shows that When the reality is it's not let's read What this verified home buyer has to say Day two are downstairs bathroom bedroom Filled with raw sewage due to a sewage Valve installed backwards For the last seven weeks we've been Dealing with repairs which have been Horrible
Quality of work is below standard poor Communication from all stress of repairs Have been placed on my wife which is Ridiculous and that has been fixed and Now we're dealing with upstairs bedroom Flooring issue floor has a low spot Which somehow was missed on inspection And our dryer vent was stuccoed shut the Quality of the five hundred thousand Dollar home is concerning not happy at All so that's a very very discouraging Review right there for obvious reasons Going to the next review this was July 27th again this is a five star review I Don't know why it's a five-star review When all literally all of the categories Show less than five stars it doesn't Make sense to me but this is what Robert Has to say he's in Texas as well the Home buying was amazing but since then You call or email it's no response at All very frustrating too many issues Afterwards to write just not very happy So again I don't know why that shows Five star review I wonder if it's really 3.7 Stars when they're ranking some of This five stars when it's not that's Very strange to me let's read a couple More and then let's go into the Better Business Bureau okay here's the next one Again another one in July 27th this is In this is in Bowie MD and this was a Great review everything is okay the home Is beautiful everything's five-star
Rating except quality they're rating Quality at three stars let's go to the Next review this next review is July 27th from Foley Alabama and this this is Titled expectations versus delivery when We walked the development before Choosing Lennar we looked at lots and Notice construction development and home Quality that's one thing I do a lot on My channel actually one thing we noticed Is all the homes had Carrier heat pumps When we came down to walk for inspection We were given a different brand of heat Pump Lennar has now gone back to carrier For the remaining 15 Lots in the Neighborhood there are two lots with Cheaper brand heat pumps ours and one Other out of 90 homes when we spoke to The sales team we were told the contract Language allows them to use different Vendors they are right that it is what The contract States but there is an Expected level of quality if 85 percent Of the homes have one brand then only Two have a cheaper brand we were told There was nothing that we could do and No financial compensation was offered This is called bait and switch well Lennar will never get a recommendation From me to any family or friends I would Have no problem if half of the homes had One brand and the other half another Especially with supply chain issues but That is not the case I guess saving
Fifteen hundred dollars each on two lots Means more than their reputation I also Called out the fascia around exterior That needs repair the patch on the Dining room ceiling drywall is not Correct the shoe molding that has never Been completed at the cabinets and the Garage entrance that won't work we have Gotten no response the difference Between response before closing and After they get your money is a very sad Business model they are not the worst Built Homes in Baldwin County but beware Of bait and switch pretty powerful Statement that last statement and the Last one here you guys again July 27th Everything within about a week from Recording this repairs took too long Have to wait for workers to arrive Disrupts the day waiting on workers when You have other things to do three star Rating is three star rating here as well So we got some good reviews and then we Got some pretty concerning reviews let's Hop on over now to the Better Business Bureau and see how they did there all Right guys going to the Better Business Bureau again sorting with the most Recent we get our first complaint here Now this first complaint was July 14th Of 2023. now this is a bit long let's Read what they have to say we moved into Our home in May 30th of 2023 that Friday We got our home June 2nd and water was
Pouring through our roof through the Light in the laundry room again you guys I'm only sorting this by the most recent This is very interesting we discovered It was due to a part of our roof being Unfinished we called the emergency phone Number provided on our documentation and The phone number does not work I had to Call the customer service line and spoke To someone they said no one would be out Until the following Monday to look at it So we had to live with the water leaking In our brand new home all weekend so Took over three weeks to get it all Complete next are brand new dishwasher That came with a home went out after two Uses and they passed fixing it onto me And reach out to GE Appliances as of two Days ago July 12th our brand new looks Like dishwasher they installed is not Cooling our home okay it looks like air Conditioning called the emergency line Again still not working call customer Service they said they would reach out To the blank company and would receive a Call that night nothing happened never Got a call Jesus is brutal our house was 86 degrees Inside we have a baby instead the next Day we got a call that people would be Out between 1 pm and 6 p.m that showed Up around 1 30 p.m they did nothing at All their visit they just kept saying How hot it was inside the house and
Found a vent in the living room that it Was not putting out air they said they Do not need to go into the attic to Check insulation and the Ducks but they Couldn't because it's too hot well if It's too hot check it imagine living in It it's now Friday July 14th we call it All on our rep and got sent to voicemail Received a text saying we'll call you Back no called back revised no update Company will get back to us we have a Whole section of sod missing in our House no response on that since the day We moved in they didn't reset our Irrigation system our water bill is now 820 now imagine the upcoming electric Bill from the issues please help help I Don't know what to say to that I mean That's really that's pretty strong you Know and this is the response this is Like this looks like a boilerplate Response from Lennar through Better Business Bureau this is the response to That thank you for taking the time to Share your experience of getting items Resolved with us I'm sorry you you Aren't satisfied with the way your items Have been handled I open a corporate Case for you and notified upper Management to review and assist in Addressing and this is pretty wild stuff Again you guys I won't read this whole Thing I'm going to go on to another one But this is all bad here's another one
From July 13th pretty heavy stuff it's Going to go into exterior stuff pretty Much same response from Lennar you guys Can go down here again another complaint July 11th all of these are pretty much Complaints and again these are really Really Pretty heavy stuff and again the same Response same response and this is all July by the way of this year July of 2023 every single complaint that is you Know flashing through the screen and When we go to the consumer affairs we See Lennar has a 1.2 star rating but They only have 69 reviews I'm going to Let you guys go back to this if you Really want to dig in here but I can Assure you guys again when we look Through this this first review here is From July 30th literally you guys one Day ago now this first one is actually a Great review so they have a great review Their most recent one on here great Review five star review pretty wonderful And then we go into some pretty horrible Reviews the next one being July 24th one Star review pretty crazy stuff talking About the tile and it cracking and Things like that and when we scroll down A little bit further again one star Review July 19th another one star review July 19th another one star review July 19th another one star review June 29th And then we have a four star review June
12th another one star review one star Review I mean there's a lot jeez Louise I mean it just keeps going guys there's Pages of this stuff so in conclusion There are some people that are happy With purchasing a Lennar and then there Are some people that are not happy with Purchasing Lennar now if it's me some of The things that are going to concern me A primary thing is actually the Arbitration agreement that is within the Special warranty deed essentially the Arbitration agreement from things that I Have read makes it to where it's really Difficult to sue the Builder if you Think that you should even sue them to Begin with regardless if I still want to Purchase a house one of the things that I'm going to do if I'm a consumer is Make sure that I have a representation And I'm going to make sure that I get as Many Home Inspections throughout the Construction process As possible and I'm going to make sure That whatever Builder that I choose Completes those repairs prior to closing The transaction very very important to Understand that now other than that you Guys I hope you found this video helpful If you can one more time like this video Comment below let me know if this was Helpful to you and if you're out there Investing in real estate you know I wish You luck and I hope you win
