First time home buyer

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This topic contains 3 replies, has 4 voices, and was last updated by  Laura 1 year, 5 months ago.

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  • #134831
    MariaE
    Participant

    Hello!

    I want to share my story. A year ago, and after searching in all sites you can imagine (Trulia, Zillow, Realtor, etc.) I made the worst mistake ever! loosing $12K+ for not reading, understanding or seeking help before signing a contract.
    I found this very nice project, a brand new 20 units town homes, closer where I live, under construction, and the day I visited the sales office, I close the contract and give them the 5% down payment… I know it was such an error…
    My premise was “I will not worry about fixing anything for the next 5 years!, I don’t need a realtor, I don’t need to put an offer and being disappointed when someone else win, this is sooooo easy!!!” As a first time buyer, it was a pretty good deal, also I had no clue about the market value, appraisals, I was so ignorant about this…

    Anyway, waited and waited, received aerial photos of the progress…asked several times and after almost 5 months after the proposed closing date (everybody told me that new constructions were like that), I received a letter from the builder’s law office scheduling the closing in the next two days… so I called my lender and we screamed together… NOBODY even the builder/sales companies where ready for closing, too much paper work to do and I had to be “approved” again by my lender. The appraisal came less than the original price $249K by $8K, and by the time I hadn’t see the property because the certificate of occupancy was not ready…
    Finally went and saw it… brand new, but the living and dining rooms where too small for a 1345 sq feet, the stairs OMG the stairs, I had nightmares that night thinking on how I can get my bedroom furniture in the second floor… bottom line I did not like it at all, so I did not want to pay the $8K, it was not worth at all!!!
    Long story short, I’m working through an attorney to see if I can get my money back… but seems like I may need a new one o better advice since nothing has happened for the past 2 months… the contract obviously is on the side of the builder!!! and now, those units are for leasing at $1645 a month because NOBODY bought them!!! I just don’t get why I cannot get the money back…I even file a compliant through the Consumer Financial Protection Bureau (CFPB) but nothing happened, the builder was not listed with them…nor the BBB has it… too bad because supposedly this builder has a lot of reputation in South Florida.

    So please never do this!! read, hire an attorney or seek advice from someone who knows, hire a trustworthy realtor!

    Any thoughts, ideas, tips or comforting words, will be greatly appreciated!

    #134839
    Stacy JohnsonStacy Johnson
    Moderator

    Your advice is great, Maria. Sorry this happened to you. As for what to do next, sounds like you have your bases covered. Now all you can do is wait.

    #134860
    KarinBaldwin
    Participant

    As a Realtor, I am sorry to read your story. Once this is sorted out and your resume your search for a home, look for a Realtor that has some advanced designations – you know those letter behind their name and one that specializes in first time home buyers. And, most importantly, one that you feel will work hard on your behalf as your Buyer’s Agent. A good agent should act as your advisor and help you make a good, informed decision. You agent should not push you or rush you. Ask friends you trust for recommendations.

    #135641
    Laura
    Participant

    Hi Maria,

    Buying real estate can be nightmare! And I am divorced from an attorney…another nightmare!

    Karin you are absolutely right. There are good and bad realtors. I had great realtors and sold my townhouse in a month.

    Your might want to hire a new more experienced attorney.
    Criminal cases are a priority in court and the wait for a cival (sp) case can take forever.

    Good luck!

    L

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