Need HUD Advice Plz
need advice please.
I amnew to REI and this is my first deal. It was a HUD foreclosure and was listed and $130,000. We made offer of $118,000 thatgot accepted. WE just got done with appraisal and it came back at $120,000 because sq footage is 500 sq ft less than what HUD listed it ****Must Reach Freshman Investor status before posting URL's***hat throws our numbers off. After repairs and closing costs theres no way we can make money . So we want to cancel contract. Is there any way to get our $1000.00 earnest money back from HUD? Realtor says no way because you are investors and property was listed at that sq footage based off of tax records. Well, how could you know something like sq footage without appraisal? anyway, tax sq footage does say property is 2500 sq ft where in reality it is 2000.
Any advice?
Please help.
Comments(0)