CHAPTER 4 Real Estate Horror Stories To Learn From
You’ve seen frightening stories like this on TV. Perhaps you’ve heard about them from neighbors or co-workers, but still haven’t witnessed anything like them. 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 most significant 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 excited about making her first home purchase. Being in the Toronto metropolitan area, she was limited in her pricing options, with many lower-cost homes available for around $550,000. She visited several banks and was preapproved for different loan amounts at lower interest rates. She found her dream condo, and, after some deliberation, she decided to go with the lowest rate of 4.8% offered by her lender. She completed her paperwork and submitted it with her 10% deposit. The rate wasn’t her only deciding factor. The personnel were friendly and great at communication, making her feel comfortable about the process. Until now, it seemed all the bank corporations dropped off the map. The closing process, which should have taken 30 days or less, turned into several months of waiting and required an additional deposit of $20,000. They ran her in circles until the seller told her, through the real estate agent, that the deal was over if she didn’t find another 27
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