| Confused and Desperate
What is the name of your state? Indiana
I have been attempting to buy a forecloser and all has not been well. I have been pre approved and then approved to purchase this house. The house had an appraisal the appraiser was selected by the lender. (loan officer) We had asked if we could use a different appraiser because this appraiser cancelled on us the first meeting on route.
Anyways we went thru all of the steps found a home made an offer had the appraisal and then waited. Our closing date was approaching and we kept inquiring about closing as we would lose our earnest money if we did not close on time. The loan officer or broker sent an email to both realtors and myself saying that the finance was not an issue and the loan had been signed off on and also the appraisal. She told us that we would be delayed in closing as the lender was backed up with other closings. We then all agreed to schedule close for the second time. This date came and went and we did not close. We were told she had no answers a day passed we all were contacting her asking what was going on. At that time she sent another email telling us that the underwriter said he had made a mistake and never sent the appraisal off for review and he said he was sorry but he is only human and asked we understand, and in fact it had not been signed off on. We then scheduled another closing date, this date came and went..I told her I needed answers and gave her a dead line, it was a little while and then she sent me an email the lender had sent her saying it was denied because the house appraisal was so bad. If we had known what the issue really was we could have placed money into escrow for any issue. At this point the seller is very short with us and not wanting to do business anymore. We are facing losing a home we really wanted and could afford. We were willing put in sweat equity our extended families were also wiling to help. Everyone has a lot of time invested in this and now in order to keep in the game we only ave 14 days to be financed through someone else and now we need a new appraisal. We do not know where to turn. I know you will find this hard to believe but the house is easily worth 100,000 our insurance company also had to go out for our policy which by the way yes we ourchased because we thought we were closing, anyways they listed tge replacement value at 163,500 and I have that in writing. The house is selling for 60,000, it has broken windows and a neighborhood kid wote inside with paint. Not to bad. the estimate on the windows installed is less than 2000.00 so windows and paint that is it. We need help and do not know where to turn on this. I have never felt so strongly about being treated unjustly then i do wi this. time was of the essence and we were treated unimportant and neglected. Please anyone advise on this. Thank you for allowing us to vent.. please helpWhat is the name of your state? | 
02-29-2008, 06:05 PM
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