Loan Case

The Loan Case

Communication is always a very sensitive issue to talk about, especially when you come across. In the previous case missing communication was the main issue, due to the hush by the family in obtaining this loan. When a loan at this magnitude is not look at it very carefully, problems definitely can arise down the road, and it can ruin the deal of a dream home.

As a personal experience I was helping my mommy building a home in another country in this past year. But as you know, many problems do arise and the promise of many contractors is not always accurate. For example, when we were getting ready to put tiles on the bathrooms and kitchen, we got to find out that our construction supply store had sold all of our tiles stock. This was extremely disappointing for us, because we had closed a fixed priced for the tiles about 6 months ago. Now, the owner of the store not only lied to us, but had not ethics at all to provide us with the same kind of deal or quality products. Well, the result of this transaction was to buy supplies from another company, and not recommend any of our friends to that store.

In addition, we also came across some bad experiences with our local loan officer while trying to work out the loan for this project. The bank promised us a specific rate for a certain amount of money, but at the end it was totally different from what was explained at the beginning of the process. The construction was also way over budget, but the construction company and the engineer tried to blame the overstated dollar amount on inflation, and not enough supplies available on the market.

At the end it turned out to be a great project, but I would highly recommend being very careful about either getting a loan, or planning some type of project that will require a considered amount of time and resources. If I would have to done something different about our previous project, I would tried to be there while the construction was taken...