Question about Appraisals for FHA loans?
So I've gotten my FHA home loan, got my appraisal done, but 2 days before closing day this Friday, the loan company tells me FHA needs a 2nd appraisal on the house because they didn't know the seller had only lived there for 3 months and was just flipping the house, apparently here in Minnesota you have to say it's a flipped house or not. So they need a second appraisal and it won't be able to be appraised until the 6th and I can't close on the house until the 10th. Is this common? Should I be seeking legal help? Who was to blame for this? The seller or the loan company? Shouldn't someone be held accountable for this massive mistake? And is there a chance I don't get this house? Like if it somehow appraises less? But why would it go down lower? What are the chances I still get it? The person at the loan company seems to think it'll be fine. But I pretty much have to go through with it now because I gave 30 days notice to my landlord and I sunk in a bunch of money in fees like appraisal fee, earnest money, home inspection etc. What would you do if anything? Just roll with the punches I got dealt a bad hand here?