Katie and Mike Zwanziger chose this newly constructed home after shopping for deals in foreclosures. "We'd see them online they look beautiful and nice and clean, and then you get in there and they were trashed," Katie Zwanziger says of the bank-owned residences.
Unknown repairs, limited selection and haggling with banks are luring some buyers to new construction instead of foreclosures.
People like Katie and Mike Zwanziger were ready to move to a larger home and were enticed by the number of resales and foreclosures in the area they liked. But after several weekends of hunting, the physical therapists from the Phoenix suburb of Gilbert decided to look at a new development. “And we got in there and found out that, truly, we spent maybe $50,000 more and got the exact house we want, the layout we wanted, the backyard we wanted,” said Katie Zwanziger, 31. “So we could be happier with just a little bit more money.” (By BOB CHRISTIE, Associated Press).
Lennar Homes outlines the risks succictly on their web site at http://www.lennar.com/buy-a-home/New-Homes-Vs-Foreclosed.aspx
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