When young people are in the process of getting married, they often think about purchasing a home. Whether they are purchasing a condo or a home for the first time, they need to educate themselves about the home ownership process. Fraud happens from income inflation to inflated appraisals and they would not know it is happening. If you get an inflated appraisal, once you are ready to sell the property you will be upside down on your mortgage. One of my friends was sharing with me this story of how her daughter and fiancé had purchased this property. They utilized a realtor they have known for a very long time. Now that they are ready to sell the property, they contacted a different realtor to assist them in the process. The new realtor went into the MLS system and conveyed to the young lady and her mom that they were overcharged from the beginning for the property. What they were told was the value of the property was not true. Now as she is trying to sell the property, they are upside down. What would you recommend the young lady do?
