CHAPTER 4 Real Estate Horror Stories
Buying a home is an exciting milestone, but it’s not without risks. Whether you’re a first-time buyer or purchasing your second or third home, the process can be fraught with challenges that turn a dream purchase into a nightmare. The good news? These horror stories can teach valuable lessons to help you avoid the same fate.
The Tale of the Vanishing Lender
Melissa was ecstatic to buy her first condo in Miami, Florida. After visiting multiple banks, she found a lender offering a 4% interest rate—the lowest she’d seen. With a 10% deposit in hand, she felt confident in her choice. But as the closing process dragged on, the bank’s once-friendly team became unresponsive. What should have been a 30-day process turned into months of frustration. The lender demanded an additional $20,000 deposit and still couldn’t deliver on time. In the eleventh hour, the seller’s real estate agent connected Melissa with another lender who secured her loan—albeit at a higher interest rate—and saved the deal. Lesson Learned: Always vet your lender carefully. Choose a reputable lender with a proven track record, and stay in regular communication throughout the process. Have a backup plan in case your first financing option falls through.
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