When we were looking at new homes we were going to use FHA told our TV agent we were using FHA 4 months before we looked at houses, had the agent check to make sure they would take FHA, received an email from the agent saying they accepted FHA on new homes. Then we looked at inventory homes for 2 full 8 hour days, found a new home and then as we were signing the contract were told by our TV agent that we needed $50k in cash within 7 days and by the way they don't accept FHA, also if you fail to close according to the contract you will lose the $50K on deposit. Our agent did say that someone above her head could decide to return the $50K if you don't close but she couldn't say for sure that they would, if you fail to close they look at each case on a case by case basis. Well we had to do a quick shuffle with investments and we came up with $250K and just paid cash but the way it worked out it left a bad taste in our mouths
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