CHAPTER 4 Real Estate Horror Stories to Learn from
You’ve probably seen frightening stories like these on TV. Perhaps you’ve heard about them from co-workers or neighbors, but you still haven’t witnessed anything like them yourself. Be warned. The first time is one time too many! The good news is that we can learn from other people's mistakes. Congratulations! You’re in the market for your first home or maybe a second or third... Buying a new home is one of the biggest achievements for many people. Unfortunately, home buyers—especially first-time buyers—can be the victims of real estate nightmares. Here are a few examples. Alex was excited about purchasing her first home. However, because she lived in the Washington, DC, metro area, she had limited pricing options. Many of the lower-cost homes were around $250,000. She went to several banks and got preapproved for different amounts at various lower interest rates. She found her dream condo, and after some consideration, she decided to go with the lowest rate of 7% offered by her lender. She completed her paperwork and submitted it with her 10% deposit. The rate wasn’t her only deciding factor. The staff had been friendly and great at communication, making her feel very comfortable about the process... until... Suddenly, it seemed that the lender had abandoned all 34
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