More facts reviewing all particulars in writing details prior rendering an opinion in some instances listing agreement bank can request an agent to do so

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Lynn911

Due to the number of homes on the market that are short - this is becoming more common and for the reason you were given. Please understand, the listing agent does not choose the asking price. The list price is contractually determined by the seller (bank in this case). The best thing to do is to determine the actual value of the home through a CMA and then determine what you are willing to offer. This is true whether the home is in short sale or not. Remember, many sellers list their homes for much more than they are worth as well. It's in your best interest to have a professional help you determine the actual value. It doesn't so much matter what the house is listed for - but what it is worth on the fair market and most importantly to you. You only have until November 30, 2009 to close on a home in order to receive the $8,000 1st time buyer tax credit (if you are a 1st time buyer). It might be worth it to move on in the end. I am in your local community and can help you if you are not currently working contractually with a professional. Find First Time Buyer Information at http://www.irs.gov/newsroom/article/0,,id=204672,00.html also http://www.irs.gov/pub/newsroom/marketing/internet/homebuyer…

Best of luck - Yvonne Rusin

If common sense were to prevail......one would have to believe you were onto something.

The best gauge to determine where your offer should be is to determine the actual value of the home based on todays market activity. If you research recently sold similar homes in this location in an effort to arrive at a number similar to the "appraised value," you should be identifying a price range that a bank would seriously consider.

Ask a real estate professional to provide you with a CMA for the home...this will also shed some light on what a realistic offer should be.

Don't let this unfortunate experience stand in your way of identifying your perfect home...put this behind you and continue your quest............

Best wishes,
The Eckler team

Although I'll let the agents here debate the ethics of this practice, I'll affirm that this practice isn't an isolated issue. In fact, some lenders insist that their brokers engage in this practice. If I were you, then I'd thank the broker for his/her advice, and I'd ask him/her to submit my offer as-is anyway. You don't know how long ago the bank rejected that $230K offer, so you also don't know what the market value of the property was back then. Assuming your agent helped you to write an offer based upon the current market value of the property, I'd stick to my guns if I were you. That bank has 3 options: to accept/reject/counter your offer.