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We waited patiently for six months for
the construction to complete so we could finally
take ownership. In the meantime, prices within the neighborhood
increased substantially. That same home was now worth
almost $30,000 more after six months of construction.
The builder of the home ran a couple of weeks behind
on completing the house and, therefore, the closing
date on the contract could not be fulfilled. Now with
the home complete and the certificate of occupancy ready
to be issued, the investor group sent a letter demanding
a substantially higher price saying that we did not
fulfill the contract by closing on the date in
the contract. Obviously, we could not close on the house since
it was not complete and a certificate of completion
had not been issued. Further, they were the ones
that hired the builder and they made me sign an addendum
to the contract saying that I could not seek restitution
if the builder is late. I had my contract reviewed by
several attorneys who confirmed that they had no right
to raise the price or to break the contract.
Ultimately, we did not close on the house
since they refused to fulfill the contracted price. Right
before filing the lawsuit, we even offered an additional
$3,000, but they did not budge. We purchased another
home a couple of miles away a few months later. I currently
have a lawsuit pending against the investment group
for damages. My real estate agent later learned that
they had done the same thing to others. I was the only
one who did not pay up and instead sued. Even the
listing agent on the house had called my attorney to
say that she was in disagreement with the real estate
group over the matter.
The mortgage broker in the closet
About a year ago my husband and I purchased our first home. My credit score was a bit higher than his and the mortgage broker decided to run the numbers to see what would happen if the loan was in my name only. To put the loan in my name alone ended up saving about $60 a month. Two days before closing, the mortgage broker faxed me the papers to review and each place my name appeared, the phrase, "a single woman" accompanied it.
I called him to ask about the wording. He told me that if he changed it now, the sellers could back out of the deal and we'd lose our $10,000 deposit on the house. He also said that if I were to report him he'd lie and say that I represented myself as a single woman since day one. So, I went to the closing by myself and signed the papers. We didn't want to lose the money and figured no one would ever find out.
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