REAL ESTATE HORROR STORIES You’ve seen frightening stories like this on TV. Perhaps you’ve heard about them from neighbors or coworkers, but you still haven’t witnessed anything like them yourself. Be warned: the first time is one time too many. If 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 in the lives of many people. Unfortunately, homebuyers — 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. STORY 1 Alexis was super excited about making her first home purchase in 2012. Being in the Washington, D.C. area, she had limited pricing options, with many of the lower cost homes being around $250,000. She went to several banks and got pre-approved 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 offered— 4%. She completed her paperwork and submitted it along 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 the entire bank corporation 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.
Powered by FlippingBook