laws on repossesion

What is the name of your state? Kentucky

Ok, a friend of mine had a contract on a house, the loan was approved papers signed and the only thing left was an appraisal.the man doing the appraisal caught wind on how much the seller bought the house for and how much the buyer was willing to pay for it which was over a 10% profit and the seller has only owned the house for 6 months and it was a repossesion.Well, the appraiser calls up the loan co. and says that the seller can't make more than 10% while only owning the house for less than 6 mo. and now the loan co. will not give him the money to buy that house but he can on another. Is this legal because he really wants that house and what can he do about this?

BULLCRAP!!!!!!!

There is more to this story.

Hey, this is what was told to me so don't flame me about it. I am here to try and help a friend If you have some info to share then great.

Then you need to call your friend and get more details. Because how much profit you make on any purchase is not a matter of law, it's a matter of economics.

[HomeGuru]

Incomplete and incorect information by the writer.