CHAPTER 4 Real Estate Horror Stories to Learn From
You’ve seen frightening stories like this on TV, like the Money Pit? 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, 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. Alex was 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 around $250,000. She went to her lender and got preapproved. She found her dream condo. She went online and completed her application. The rate wasn’t her only deciding factor. Personnel had been friendly and great at communication, making her feel very comfortable about the process. Until now, suddenly, "crickets", no communication. Everyone at the bank seemed to be impossible to get in contact with. A loan process that should have taken 45 days or less turned into several months of waiting and a down payment of 10% turned into a down payment of 20%.
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