My American Dream became a Nightmare! - Part 3

In Part 1, I shared my 1st real estate nightmare and my reason for sharing my personal experiences with you (don't judge).

In Part 2, I shared tips on how to avoid the situation I wound up in and what to do if you're there and don't know what to do.

Now in Part 3, I'm sharing my 2nd (and last) real estate nightmare. Stay tuned for the conclusion in Part 4 to find out how things ended up for me.

My 2nd Real Estate Nightmare

This experience is truly the reason for the title of this post. It was inspired as I was sorting through my file cabinet and came across the following forms from the purchase of my home (years before I started educating myself and became a Realtor).

While it had been some time since the purchase, I KNOW I really did not take the time or effort to understand what I was signing at the time. It isn't until I became an agent and started learning about this industry that I developed an understanding.

Unfortunately, when I purchased the house, I was just focusing on the now (which was then) of being a homeowner. What a mistake! Look at what I signed up for...

Another mistake I made here was not having my own representation. I just walked into the sales office of the new home community and dealt with the on-site agent. Not to say she did anything shifty, BUT she was representing the seller/builder's interest. I had no one to represent mine or point out things I needed to be mindful of.

I could blame a lot of parties for helping me into the situation, but I have to take accountability as well. After all, they did disclose everything to me (notice the name Truth In Lending Disclosure Statement).

At this point, you may be saying "WHAT WERE YOU THINKING??!" and my answer is I just figured I'd refinance when the time came. However, I didn't anticipate that the market would tank, home values would drop, and I'd be making less money than when I purchased the house. All are things lenders consider when refinancing.


So the number one take-away I'd like you to get is UNDERSTAND THE LONG-TERM EFFECT OF YOUR MORTGAGE LOAN. Know how an ARM, Interest-Only, or Balloon Payment will really affect you. And be realistic! You just can't predict the future.

If you want to find out how things ended up for me, look out for the conclusion in Part 4.

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Are you facing a hardship?

You do have options, BUT you have to act quickly. Not local? no problem! Give me a call at (404) 857 - 2508 to see how I can help.

Until next time,

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Natasha Liburd Bazile is a Realtor with Coldwell Banker Atlanta and the Lead Home Stager with Heart of Decor in Georgia (virtual services available). She prides herself in being a guide to her clients and finds fulfillment in helping them achieve their goals.

Direct Phone: (404) 857-2508 
www.NatashaKnowsATLHomes.com -  Email - Facebook - Twitter - YouTube