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Share some closing cost horror stories.

2024-11-18 05:24
2024-11-18 08:49

One horror story is when a couple was buying their first home. They were told the closing costs would be around $5,000. But at the last minute, there were all sorts of unexpected fees. It turned out to be over $10,000. They had to scramble to find the extra money or risk losing the house they had dreamed of.

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I heard about a person who was buying a small condo. The lender had initially given an estimate for closing costs that seemed reasonable. However, on the closing day, they added a 'processing fee' that wasn't in the original estimate. This made the closing cost go up by several thousand dollars, and the buyer was really angry as they hadn't budgeted for this.

A family was in the process of buying a new house. They had saved up what they thought was enough for the closing costs based on the pre - approval. But then, there were fees for things like title insurance that were much higher than normal in their area. The total closing cost ended up being double what they expected. They had to dip into their emergency savings just to close the deal. It was a very stressful situation for them.

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