The fucking Bank LOWBALLED the appraisal BIG TIME.
By $30,000 lowballed the value. Since they couldn't deny us using a credit excuse because we have EXCELLENT Credit, they came back all of a sudden saying the house was worth $30,000 less than the agreed to price therefore they would not finance the negoatiated price and the appeal was subsequently ignored.
Hello, banks, that BAILOUT package you got, means you're supposed to lend the money back out again, not pay out dividends and bonuses! Lending = Economy Stimulus = Getting out of the recession!
They are DIGGING for excuses to deny even people with GREAT CREDIT, we are about the safest people to lend to right now, able to repay the loan quickly, stellar credit ratings, assests, etc... but they won't budge.
So now were just going to wait until this place sells so we won't need a mortgage and just pay cash for the new place with the revenue from the old. Which was how we were going to pay back the temporary mortgage.
I just hope that house is still available after we sell this place and we can negotiate for it a second time without a bank being a prick in the mix.