Greed Got the Best of Me in a Real Estate Deal: Don't Let it Happen to You

So, you are going to buy a home, - or a property somewhere - and you think it's a straight-forward deal. You must understand something as our society becomes more corrupt, apathetic and downright materialistic and greedy: BUYER, BEWARE! BUYER, GET YOURSELF EDUCATED!

I could tell you stories by the truckload, but I'll just tell you one; Mine. It took me losing everything and acting as my own attorney "in propria persona" in court against a fellow I thought was my friend. Here's what happened.

First, I got greedy; I wanted to get my hands on the money to develop my properties (I didn't know beans about money then). So I went to someone whom I had known for 30 years. He had a loan brokerage company, where they loaned what's called (in the business), "hard money." They call it "hard money" because they loan on raw land and any other project that suits them. They treated me well, and since I knew them well - at least I thought I did - the papers I signed were just a formality. In the end, I learned that they were fighting the largest legal action ever brought against a broker at that point, but they didn't reveal it to me. And when I went to them for rectification, they again told me - and I believed them - not to worry, that the foreclosure papers were just a formality and they would refinance the deal. Of course, this was all untrue. Thirty borrowers lost everything. I was the only one who sued, but had to act as my own attorney. Eventually they settled for a pittance. But by that time I was so worn down and distraught, I was glad to take their pittance and start over just to be rid of them. But the education I received from this was worth far more than it cost me, and the courage I found in myself to go against them was the best part of the deal; now I am afraid of nothing.

Now, here's what you have to do (with a few stories thrown in) when you are going to buy a property, a new home, an old home, or anything else.