Learn From This First Time Buyer’s Experience!

August 5th, 2009 categories: Distressed Properties, Honolulu Real Estate 101

Brendt Montgomery has his 15 minutes of fame! Unfortunately, it may not be the way he wanted to get it. Brendt volunteered his story for a recent Wall Street Journal article about mistakes that can be made by first time buyers not doing homework or rushing into a sale. The entire article is worth reading, even if you are a seasoned buyer.

“Luckily, there was a contractual loophole: His parents rescinded the down payment money that they were gifting him, so he no longer qualified for a mortgage. The agents involved didn’t press for the commission, but he lost his deposit.”
CLICK HERE TO READ THE WALL STREET JOURNAL ARTICLE

Not mentioned in the article, but important to consider, is the belief that if a buyer can only find a “distressed” property, a great buy shall be had. This may or may not be true, consider these thoughts.

CLICK HERE TO READ THE ENTIRE POST