Friday, May 11, 2007

A Sad and Cautionary Home Buying Tale

Yesterday I met w/a lovely man who is facing foreclosure. He had bought a home for him and his family less than 2 years ago. He wanted to be in a good school district so his children could get a better education than they were receiving. He wanted a nice backyard where they could play and he could bar-b-q. He dared to dream the American dream of home ownership. He felt that somehow he would be able to manage the mortgage payments but he never did the math. The real estate agent that he had used was all too happy to make sure he could buy the home so he could make a sizable commission. The mortgage company that he had used was also happy to be making nice big juicy fees on the loans. It looked like the proverbial "win/win" situation but unfortunately for this nice man, now facing foreclosure, it was not. What went wrong? Well the answer is really quite elementary. The nice man was overly optimistic about his earning potential and the real estate and mortgage professionals didn't care enough to be honest and say to this man that he should have been looking to buy a less expensive home w/lower taxes. Does this scenario ring true for any of you reading this? It's really a pity and it need not happen.

Home Buyers, do your home work! Do the math. Work with honest and reputable professionals who will be looking out for your best interests and not their own. Try an exclusive buyer's agent who will build a solid team of experts for you.

Wishing all of you a very Happy Mother's Day Weekend.


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