As I mentioned in my last FourStory article, I’m doing a series on the trails and tribulations of first-time homebuyers. The second article, about a guy named Rick who bought a loft near Downtown Los Angeles, CA, is a wild ride:
And then the appraiser arrived. Although Rick was originally willing to purchase the loft at the price stated, the appraiser determined that it was worth significantly less than what the seller was asking. From that point forward, negotiating for a purchase would become a fool’s deal: if Rick wanted the place, he could only pay the seller’s outrageous asking price, knowing that his loft would be a huge financial loss. He had no other option: he backed out of the deal and fell out of escrow.
Click here to read the whole article, another will be posting every Thursday morning at FourStory.org.