In september we purchased a piece of land from NRP/OCEAN SHORES INC for $70,000 (a bargain, according to our salesman). After signing the paperwork, we started looking for our own financing and decided to go with washington mutual. During the process, we called nrp repeatedly to get a copy of the appraisal report. They gave us the run around until the loan officer at washington mutual demanded it. Come to find out from this report that the value of the property is actually $35,000, half of what it was sold to us for.
No wonder they didn't want us to see the report. According to our loan officer, this has happened to others as well and, unfortunately, most of them are seniors on fixed incomes that spent everything on their property. Has anyone had this problem with nrp? I really want to fight this and make sure it doesn't happen to anyone else. Thanks for your help and advice.
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