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jrok57

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  1. Like most eager first time homebuyers, trying to take agvantage of the $8k rebate, I found myself under contract with aforeclosure that was listed "AS-IS" but FHA financing available. Now that I have opened escrow ($750) done my inspections ($300) and had the appraisal ($515) the lendor says there are repairs needed to make this property FHA financed. However, the seller (bank of america) says they will not make the repairs due to the "AS-IS" condition. I'm stuck. Apparantly, if I back out of the contract I stand to lose the above listed money, which is a lot of money to me. Or I could have the repairs done at my own expense. Are there any laws pertaining to this situation? How can banks lead consumers on by saying FHA financing is available? [Consequently, the appraisal I payed for had been performed three months prior my offer for another buyer that walked out on the deal] I would appreciate any answers or comments about my situation
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