I offered $155,000 on a house being sold by Grant and my offer was accepted. Since I was going half-cash, half-conventional loan, the bank needed to do an appraisal. It came in at $140,000. Before the appraisal came in, we were told that the property was in a flood zone and we had to pay $400 for a flood certificate. Mind you this was after we had signed the papers to buy the house. We also had to fix the running toilet and pay $800 upfront for flood insurance.
Since the seller wouldn't take $140,000 we agreed to $147,000. Since the bank wouldn't give us the loan due to the appraisal at $140,000 we had to get another lender. They did another appraisal and it came in at $130,00. There was no way we could afford the house now because if we still wanted the house, they were going to charge us more interest and charge us $7,000 in closing costs. We now have paid $400/flood cert, $495/two times for appraisals, $275/house inspection, $800/insurance, and $10,000 deposit. Now the seller won't give us back our deposit.
We showed that we wanted the house but its not our fault that Mr. Grant is greedy even though the new law states that investors are not allowed to make more than 25% profit off of their purchase price which was $112,000. I don't want to spend more money hiring an attorney and I don't want to give any money to Mr. Grant. Can you please help me? I started out with $90,000 in the bank and after all this, I now only have $60,000. I got robbed. I don't want any attorneys calling and saying, "Did you have any continuance marked on the papers?". I am a normal person who thinks that when a property gets appraised that is what the seller has to sell it at. I had no idea that they could do this and I'm out of money.
