I recently purchased a Lennar Home in Sacramento California and am very upset at the deceitful sales tactics and the essential extortion committed by their lending company UAMC.
The sales agent first told me (knowing that I am an inexperienced first time home buyer) that I am not allowed to have a realtor represent me in the deal. This alone should have tipped me off that they are operating with shady business tactics. The during the contract signing she says that eventhough I am already pre-approved for a loan, I still MUST give their affiliate lending company UAMC a chance to pre-approve me (which, knowing my profession and credit she knew I would be approved) and said that if I am not happy with them for whatever reason, I can use my own lender. It is ILLEGAL for them to force a buyer to use their lender. So, I applied for the loan with UAMC and was of course given a conditional pre-approval (I needed to submit a few more documents for final approval). I was not happy with the rate they offered me AND over the next week, found out how terrible their customer service is (they would not respond to questions without me sending repeat requests) so after doing some research, I found that UAMC charges an origination fee that is twice that of most companies around. So of course to decrease my closing costs, I wanted to change companies. At this point my realtor had contacted them and although it does not state this anywhere in the contract, they said I cannot have an agent on my side. They also then said I will lose my buyer incentives towards closing costs if I change lenders, although this is not stated in the contract.
They are also being pushy on the closing date, so I am running out of time to make any changes or investigate this further. And, they will probably try to keep my deposit if I walk away even though there is nothing in the contract stating I will lose the deposit at this time.
Basically the sales agent took advantage of an inexperienced buyer, she lied and said I cannot have an agent representing me and then lied about the flexibility with the lender and is forciing me to use their expensive lender UAMC.
AVOID LENNAR AND UAMC at all costs! You will also find many negative reports on home quality and difficulty getting repairs done within the 1 yr warranty period-you will lose money in the end. Their homes are supposedly eneergy efficient, meaning they are built very tight and are likely to develop mold-when it comes time for you to sell, this will cost you BIG TIME. And if you decide to rent the place, your renters might act in ways to allow mold growth (keeping home too hot, not opening windows or venting properly) and it will cost you money or a law suit for health hazards to your renters.