New vs. Foreclosed/Short Sale

NEW HOMES:

  • Protected by workmanship, material and structural warranties, saving your clients from large out-of-pocket expenses after purchasing
  • Available in a variety of designs, sizes and locations to suit your clients' preferences
  • Available for immediate occupancy or in a timeframe that is conducive to your clients' moving schedule
  • More energy-efficient, saving your clients money and helping the environment

FORECLOSURES/SHORT SALES:

  • Limited selection. Your client has limited choices of locations, features, and characteristics of a foreclosed home.
  • Costly repairs. Often times, when a previous owner is unable to meet the financial obligations of a mortgage, they stop maintaining their property altogether. Your client could end up with excessive bills to get the home back to a livable condition.
  • No disclosure. There is no requirement or full-disclosure on details and drawbacks on a foreclosed property, and some lenders reserve the right to renegotiate the terms of the short sale at the last minute.
  • No warranty. Foreclosed and short sale homes do not come with any kind of warranty, and often are not even available for inspection. This leaves the new owner open for substantial risk.
  • Financing. Even though purchasing a foreclosed home might mean a discounted purchase price, if the home is not available for inspection before purchase, getting a mortgage can become quite difficult. Because lenders rarely pay for upgrades, like a new homebuilder would, any extras would be paid for almost exclusively by the buyer. Sometimes lenders will refuse to pay for standard seller closing costs such as transfer taxes, too.
  • Lengthy Process. Negotiation to buy a short sale home from the bank can take several months with no guarantee of approval on an offer. Given this indefinite process, successfully closing escrow on a tight timeline is very difficult.

Lennar makes it easy.
Pre-register your clients and we’ll do the rest!

  • Enroll in the broker co-op program and pre-register your clients
  • Gain access to helpful tools and resources
  • Get invited to special events
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