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    jbitt's Avatar
    jbitt Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Sep 6, 2005, 01:59 PM
    False information
    There is a condo I had bid on. The contract is final and the asking price was $161,000. I had it appraised since I am going with an fha mortgage and the appraisal came back at $144,000. My question is the seller has only lived there for 5 months and they purchased it for $144,000. Are they by law allowed to make $17,000 profit and what will happen now since the mortgage company will not approve $161,000? I have paid for a home inspection and a termite inspection will I lose this money?
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
    Ultra Member
    		  
    #2

    Sep 6, 2005, 03:22 PM
    Quote Originally Posted by jbitt
    There is a condo I had bid on. The contract is final and the asking price was $161,000. I had it appraised since i am going with an fha mortgage and the appraisal came back at $144,000. My question is the seller has only lived there for 5 months and they purchased it for $144,000. Are they by law allowed to make $17,000 profit and what will happen now since the mortgage company will not approve $161,000? I have paid for a home inspection and a termite inspection will I lose this money?

    Was this a auction? Or a contract to buy??
    jbitt's Avatar
    jbitt Posts: 3, Reputation: 1
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    #3

    Sep 6, 2005, 03:23 PM
    Contract to buy
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