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Perfect In Spite Of Obstacle* Still, the place was perfect, she thought, in spite of financial obstacles. She sold a modest, two-bedroom house in Falls Church, Va., borrowed money from three friends and began in 1971 to build her new home. It wasn’t long before the pieces, like a foundation laid too shallow, began to fall apart. Only a month and a half into the job, the contractor she hired skipped town. With him went Prescott’s life savings, which she trustingly had given him in advance. The contractor hadn’t paid for any of the supplies being used to build her home. To pay for them alone, Prescott worked an "extra part-time job” for seven years. She was left without a home, and the one she was building didn’t even have a roof. Moreover, there was no well, no plumbing and no electricity.
1(sf^SaIcEstate 53.TSB EileenM.DaifmM.yoit DON’T FORGET CLOSING COSTS You have saved $20,000 and now want to buy a. home or condominium in the $100,000 range because you hear that you’ll need a 20% down payment. If that is the but penny of your savin**: yob fad beffcl *t your sights' ‘ a little lower. You dh'-fttt Want to get into a financial bind due to closing costs. You should know exactly what they will be BEFORE you commit all of your savings for die down payment.
Closing costs, which include but are not limited to a tide search, prepayment of taxes and interest, attorney’s fees and documentation preparation, will vary from sale to sale. Lenders are required to provide you with a good faith estimate of ckwing costs within three days of your application. Then you’ll have a good idea of what the additional expenses will be before passing tide. Although closing expenses cannot be pinpointed to the penny until the actual passing, an experienced Realtor can provide you with a reasonable estimate of such costs for an anticipated purchase at any time. If there is anything we can do to help you in the field of real estate,. please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA. 22747. Phone: 675-3400. We’re here to help.
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