CHAPTER 4 Real Estate Stories To Learn From
Maybe you’ve seen frightening stories like this on HGTV. Perhaps you’ve heard about them from neighbors or co-workers, but you still haven’t witnessed anything like them yourself. The first time is one time too many. Now that you’re in the market for your first home, or maybe a second or third, congratulations! 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 horror stories. Here are a few examples of situations I've seen. Alex was excited about making her first home purchase in Calgary, she was limited with pricing options, with many of the lower-cost homes selling around $450,000. She shopped several banks and ended up getting preapproved from one of the chartered banks with a decent fixed rate of 4.65%. for 5 years. Once approved she selected a realtor then visited many homes to find a place she loved. She wrote an offer, and it was accepted. She was so excited that she finally found her dream semi-detached two story in her budget with a 10% down payment. When she sent a copy of the contract to the bank, they told her they would look at it and get back to her. The bank became slow to respond, then finally they called and told her she would require a co-signer. Alex didn't have a co-signer and now faced 38
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