Here too, get preapproval first. We did that with GMAC. The GMAC
lady we're dealing with is very well-versed in programmes for first
time home buyers, govt grants, etc. Armed with that info we went
looking. Can't afford anything in SD county so we went up to the
next county where they are buildling like there's no tomorrow. The
developer is offering $10K in closing costs if we use their lender.
When we sat down with their in-house lender, we told her we wanted
to use the assistance programs. She said she'd research, etc. So
all was well in our world. When we signed the purchase agreement,
there was no lender around. Being first time home buyers we didn't
know to question, didn't know it was even an issue. That was when
we handed over our good faith money. They said that if we initiated
any cancellation, the money's gone.
About the upgrades, they said they had a design house but they
never said we had to use their service. Come to find out, upon
reading the documents, we would be voiding lots of warranties
should we use a 3rd party. When we sat down to sign the purchase
agreements, all she said was sign here, here, here, there, there,
etc. There was no chance to completely read the docs.
Just before our design appt, we were told we had to fork out 20% to
start the process. Grrr. One thing after another.
