have taken 30 days or less turned into several months of waiting and a larger deposit of an additional $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 solution. Luckily, the seller’s real estate agent referred her to another lender and was able to help her obtain another loan (although at a higher interest rate) much more quickly. It turned out the first lender was a scammer. In another case, Ron and Jenna planned to upgrade to a new home. After a long search, they found it — or so they thought. The home seemed perfect with a bright and colorful kitchen, open living and dining areas, three bathrooms, high ceilings, a fireplace, and a covered porch. They were especially thrilled that the price was only $635,000. That was a steal. They signed the contract and were in the house more than a month later. Less than six months later, the horror story began to unfold. Jenna was cleaning one of the bathrooms when she noticed tiny ants with wings. Following Ron’s advice, she called the exterminator. When he arrived, he delivered the first blow — these winged ants were termites . The exterminator went under the house to assess the damage. He found that not only was the floor under the bathroom completely infested, but also the other two bathrooms, and the infestation was spreading to more of the house. The total cost of repair for this problem came to over $12,000! That’s an unbelievable amount of money to unexpectedly invest in a house you’ve only lived in for less than six months.
The key lesson here is to know the house you’re buying. You
30
Powered by FlippingBook