I agree with the others who recommended that you seek legal council.
plans and plots. And he can sell for any price he wishes. To "protect" buyers, about 15 yrs
ago, AZ created "buyer's agency." I am one of those. I only rep buyers.
you did not state whether you bought the condo or not. I am guessing you paid cash for it, or
did a contract for 100% seller carryback. and if so, you want to back out of the sale.
while there was no appraisal, you had every right to hire an appraiser yourself!
Possible reason why under Predatory Lending:
Unjustified risk-based pricing.
Failure to present the loan price as negotiable.
Servicing agent and securitization abuses
What is your agent telling you? Your agent should be able to guide you through the correct process, if you do not have an agent I will strongly advice you to hire an attorney if you feel you have been wronged. I am not sure why you signed something stating that there is no appraisal, you might have renounce to some rights by signing that. Only a lawyer will be able to tell you that. Most agents will not let their clients signed something like that. It is very hard to assist you without having more details and reading your entire contract.
Do you have an arbitration clause on your contract? If so you can use it, although many times the arbitrator has dealings with the developer and rule on their favor most of the times.
Without an appraisal, how do they know that the property appraised? Also remember that the assesors estimated value is typically below the market value, so the property might in fact be worth that. Why do you think they are taking you? What you believed they have done that is considered predatory lending?
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -