FIRST TIME HOME BUYER HORROR STORY IN DENVER COLORADO

FIRST TIME HOME BUYER HORROR STORY IN DENVER COLORADO

Read this account of a guy that I meet on the phone the other day through work - he was o.k with me sharing his story.

It was 2003, my wife and I had decided to buy a ranch home in Denver Co. finding and choosing a property, and getting it under contract was relatively easy. Our nightmare unfolded after that and can be broken into 2 parts.
1. The lender was extremely inefficient and unprofessional. A 4 week process took 12!
2. The inspection did not show up a number of items.
Part 1 of the nightmare
1. Make sure you find a lender that can get the job done.
I'm not sure exactly how you can find a lender that will get the job done properly but here's what happened to us. After we got the house under contract , A BANK THAT REMAINS ANONYMOUS BUT RHYMES WITH Dells Margo, began requesting documents from us. We should have known pretty early on As on a number of occasions our representative requested the same documents. This was despite us having sent them to her by email. Our representative had told us the entire process would take about four weeks. After three weeks , inch having submitted many documents on multiple occasions, I checked in To see if everything was on schedule as I hadn't really heard anything. To my dismay nothing had been actioned. It was kind of unbelievable. No inspection had been ordered no appraisal had been ordered either. When I asked the bank they had no good reason As to why this was the case. I was told not to worry and they would get it back on track. Well after another week of not hearing anything I decided to be the squeaky wheel and call up again. On this occasion I was informed that the representative that had been taken care of our file had been fired . There was no explanation as to why. It did make me feel extremely uneasy. However as I felt we were already into the process (although turns out would have been quicker just to start over somewhere else) We decided to continue working with Dells Margo. So at four weeks we were basically at square 1. We received yet another barrage of emails requesting the documents we had already sent. We did comply and we re-emailed all the documents taxes income W9’s etc. This went on for another 8 weeks. I'm really not sure what to say. I have since bought other houses using different lenders and the experience has been much better, i.e. they did what they said they would do.
Part 2 of the nightmare:

2. The second part to this nightmare was around the inspection company that we used . In short my advice is to make sure you interview inspection companies. Ask family and friends for good companies they have heard of. We paid roughly $600 for an inspection which at the time was really expensive a lot of companies were around 200 or $300. After being given All sorts of promises and guarantees by the inspection company that the house was good we moved in . Remember this was after our twelve week ordeal with Wells Fargo. Well for the first probably 3 days everything was fine on the third day or 4th maybe we did a load of laundry and water began coming up through the floor drain. It was suggested maybe we snaked the drain which we did however this did not clear The problem. The snake couldn't get through to the street. Set in a different company came with the camera and it couldn't show too much but what they determined was the drain the main sewer had collapsed. Obviously this caused us all sorts of dismay. the thought of replacing a main sewer was very stressful. Looking online it was a very expensive thing to have to do. Especially after we had just bought this house thinking it was moving ready. we did have to replace the main sewer which costs thousands of dollars. The plumber also sound the tub in the basement bathroom was draining directly onto the basement concrete floor. It had not been Plumbed properly . In fact it had not been plumbed at all!

Well believe it or not the story ends happily. We were able to afford these repairs Luckily. My wife and I lived in the property for a number of years before buying a new home and turning this one into a rental property.

My advice to anybody that is buying a house for the first time is do a lot of research. I would suggest that research be around the professionals that you intend to use to help you purchase your home. If we had used a different Linda, and a different inspection company I 100% believe I would not be writing this story. The entire process of buying our first home would have been a lot easier. please be sure to learn from my mistakes. Thanks.