Yes the bank can. I just had this happen to a home I had listed for $319,000. The purchaser offered $318000. the bank countered at $330,000 after the two independent appraisals were completed for the bank, but after much damage was found from the home inspection the $330,000 was renegotiated again to $323000.
A question I always ask is whether the bank has resonded to an offer as of yet - more times than not, the listing agent will say, bank will not oppine unless there is an offer to respond to.
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I did attended a Bank of America seminar to inform Realtors on their Short Sale process .They instructed us to as part of submitting the short sale package the Listing agent should include support information for a signed offer the Listing Agent feels is reflective of market conditions.
In practical terms I am sure that difficult to get lower price offers accepted. But Bank of America stated in that seminar that they accept on avg. 90% of the" Market Price" . The listing agent should provide supporting info to show the offer is sound.
Bank of America is not an easy bank to work out a short sale with by any means. Get educated. Find out if there is a second lien on the property. Find out how far into the process the buyers are. Search the questions in Trulia and you will see a lot of the pitfalls of buying a short sale.
In truth the bank does not have to accept any offer that does not pay off the full amount of what is owed on the mortgage. They accept short sale offers on the idea that some loss now might be better than a potentially larger loss later with a foreclosure. Often what they will settle for is less a function of what is owed and more what they believe the home is worth today from the BPO. The bank, in this case Bank of America might be the servicer and not the owner of the mortgage. The owner could be an investor with their own perception of what they want.
Not uncommon at all.
Yes the any Bank in any state can counter the Bank did not set the price of the home or listed price, Agents and Sellers set the listed price the Bank does not get into it at all until there is an offer on the home. Once this happens there is no short sale it is just a listed home.
Once the offer is submitted with a complete package for the short sale does it begin this is when the Bank will order a BPO (Broker Price Opinion) or even and appraisal. If you want to learn all about Short Sales I reccomend you read Should I short Sell my Home! IT will teach you about about Short Sales and how they work
Your agent should have told you that this was possible before you entered into the ageement on the Short Sale home.
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