AFY Kim Blue - Home Buyers Guide V1 - 3020

CHAPTER 4 Real Estate Horror Stories

You’ve seen frightening stories like this on TV. Perhaps you’ve heard about them from neighbors or co-workers, but you still haven’t witnessed anything like them yourself. Be warned. 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. Absolute horror, from the buyer’s perspective. Here are a few examples. Alex was super excited about making her first home purchase in 2016. Being in the Washington, D.C., area, she was limited with pricing options, with many of the lower-cost homes being 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 deliberating, she decided to go with the lowest rate of 4% offered to her lender. She completed her paperwork and submitted it with her 10% deposit. The rate wasn’t her only deciding factor. Personnel had been super friendly and great at communication, making her feel very comfortable about the process. Until now. Suddenly, it seemed as though all of the bank corporation dropped off the map. A closing process that should have taken 30 days or less turned into several months of waiting

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