Charlie Ragonesi Big Canoe Realestate's Blog: April 2009

How to lose money when buying

A friend of mine from Florida called me and said , "Hey I have a friend who is buying in Georgia. " I said. " good send him to me and I will help him. " My friend called me back and said , " Oh, sorry he is working with another agent." "No problem" I said." thanks for thinking about me."

About a month later I was talking to the same friend and asked him about the guy who was buying. Oh, the story was he really had a tough time. "Was he a first time buyer?" I asked. "Yes" was the answer. "So he got the 8k" ? Yes he got that. "What did he buy?" " He bought a foreclosure out in the country." "Oh did he go USDA for his loan?" "No he didn't know about it he put money down and went FHA." Did he go to the class and get 14k in Georgia money to rehab the property or use the money as a down payment?" "What 14K?" "What was his agent doing for him during this time?" Nothing the agent worked for the seller," (Bank)

.

So this buyer lost 14k from the state and put 3.5 percent down which in this case made his mortgage payment 124 dollars a month MORE than the no money down option would have.  Did the selling agent do anything wrong. Absolutely not. Did the buyer make a mistake? Absolutely. If you are buying and not working with your own agent look at this story in this case , as I know the purchase price , not working with an agent cost this buyer 19000 !!!!

NUF SAID.

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

Comment balloon 7 commentsCharlie Ragonesi • April 26 2009 10:28AM
How to lose money when buying
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