A Florida property was purchased for approx.$250,000 by the time they completed the house the price was up to $270,000. But their appraisal came in at $310,000. I still felt that i could flip this house and make a small profit. But then i had an independant appraisal done and it came in at $230,000.
I contacted all the people involved but receive no advice except my appraisal was wrong. I still have not heard a word from United Mortage to let me know if i was approved or not for this loan. Now i am in foreclosure.
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