Question about HUD housing and buying foreclosures?

My husband and I place in a bid last week for a home that was opening at a minimum bid of a certain amount. We place in a bid for $8,000 more than the minimum amount and won the bid. We were very excited until this evening when the realtor called and told us that instead of the initial closing cost, she just received word that included with the closing cost we will now have to bring an additional $5,000 to the table. It turns out that we bid higher than what the government appraiser has appraised the home for, and now we have to make up for the difference. If we would have known what the appraisal was to start with than we would have stayed much closer (they don’t tell the gvmt appraisal before buy). And just to place the icing on the cake…..my county appraisal district has the house and property appraised at $70,000 more than the government! Im not even kidding! Am I paying for Fanny and Freddy’s screwing up or what? I mean is this really the American dream? The county government over appraises so I have to pay more taxes and the government appraise conveniently under appraises so that we have to pay the difference.

Are there any realtors, brokers or mortgage advisers who can give me some guidance on how to fight these cost back down? This house has been through the HUD process twice.. now I know why. Any help?

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Tags: american dream, brochures, closing cost, county appraisal district, county government, fanny, foreclosures, freddy, guidance, HUD, HUD Housing, icing on the cake, job, mortgage advisers, realtor, realtors brokers

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Tags: american dream, brochures, closing cost, county appraisal district, county government, fanny, foreclosures, freddy, guidance, HUD Housing, icing on the cake, job, mortgage advisers, realtor, realtors brokers,

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Question about HUD housing and buying foreclosures?

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