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House Price Change While Under Contract?

I bought a house through the USDA's Guaranteed Home Loan program. (It is essentially an FHA loan that the USDA pays off should I default on the loan) I signed a Purchase Agreement on April 7, 2008 and after many delays went to closing on August 20, 2008. I went onto their web site on September 5, 2008, to look for a house for a friend, and not only was my house was still on there, but listed for a price that was $19,700 lower than I paid!!! Although I've already been to closing, I'm pretty sure it's not legal (or ethical) to change the price of a house once it's under contract. I do not know when the price reduction occured, but it was definitely while the contract was in place. The USDA, naturally, says it didn't happen; I have print outs of the web pages from April at the higher price and from September at the lower price, so I can prove the price difference. I've written to the Attorney General of my state and to the National Fair Housing Alliance in DC. I plan on following this through until I receive some form of satisfaction. Any suggestions of who else to contact? Thanks. Paula The USDA has two distinct programs and you can read the details of them at www.usda.gov under Rural and Community Development, then click on Home Financing in Rural Areas.

Public Comments

1. The website was probably not updated. I really don't see how you are going to benefit from this. Get over it!
2. Sorry I don't have any advice for you, but that sure doesn't seem right - at the very least you should get the house at the lower price! Good luck, Go Get 'Em Girl!!!
3. I hate to be the one to tell you this, but you may be s.o.l. I bought a HUD house and it needed a lot more repairs than what HUD determined was needed to bring it up to HUD standards. When I went back to HUD, they basically told me "tough luck", even though I had a HUD-insured mortgage. I tried for months to get someone to do anything about it, even writing to my senator. In the end, all I ended up with was a lot of wasted time. You might try contacting your senator.
4. I would contact the USDA. I have not heard of this program. I have been in real estate sales for 30 years and I can tell you that government programs rarely make any sense. It is just required that all the rules be followed. They will not adjust your sales price unless it is required of them to do so in their rules and I doubt that is required.
5. You have already had closing on the property for the price agreed on. I am sure the house was just not taken off of the listing in error. At this point, just because they made an error in not removing the listing, I don't see how you could barter for a lower price for a done deal. Sorry.
6. The price of my house was reduced after it was already under contract with me; however I didn't push the issue because the newly reduced price was still a little higher than what I paid. I don't see how you would have a case here though because you agreed to pay a certain price; so it doesn't matter if a few months later they would have been willing to sell it for less, because you had already agreed to buy it for $X.
7. You signed the closing docs at the price you agreed to by contract. There is not a thing you can do. Sorry!