Exclusive Buyer

She did some shopping around to find out the amount that banks and other lenders would lend her, as well as their variable interest rates, and got preapproved for several. When she found her dream condo, she wanted to be able to afford it, so she went with the lowest rate (4%) a bank offered her. They were also friendly, communicative, and seemingly professional, so she felt at ease. But suddenly her lending institution seemed to disappear — like it dropped off the map. Until now. Suddenly, it seemed as though the whole bank corporation had dropped off the map. A closing process that should have taken 30 days or less turned into several months of waiting and a larger deposit of an additional $20,000. Eventually the seller of her dream condo told her agent that the deal was off if she couldn’t find another option. Thankfully, the listing agent was able to refer her to an alternative lender who helped her obtain a loan, even though it was at a higher interest rate. Key Takeaway: The “best deal” might not always be “the best deal.” Be sure to find a well-known and reputable bank that deals withmortgages, or use a mortgage-lending company. Do your research. You don’t want to end up in a situation like Alex did, even though in the end, things worked out. But it was months of unnecessary stress and waiting, as well as additional costs, that all could have been avoided if she had taken the time to select a proper lender. Further, if she had had a buyer’s agent working on her side, a lot of this could have been avoided altogether. HOME INSPECTION HORROR Sometimes the nightmare begins after finding the dream house at a great price and you’ve already moved in.