Not knowing your situation, the property's condition, the offer, etc it is hard to comment on why BoA is following this course of action.
In negotiating Short Sales, you typically find a bottom line at which the lender will accept, hopefully, sooner rather than later. This bottom line includes all expenses and unless they can achieve this number they will come back to ask for just about anything. With that said, based on appraised value there may not be any justification for them to request a higher price which they know it will not sell out and, therefore, based on your situation which, as I stated above, I have no insight they might be coming back to you to kick in for these expenses.
My recommendation would be to discuss this with your Realtor who has listed your property, who you should have given authorization to speak with BoA on your behalf for an explanation.
I hope this helps.
Have a GREAT day!
Emil Veltre, R.Ph, MS, CDPE
Daniel, before proceeding with this one, it might be beneficial to process this with an attorney. I'm certain they will advise you on the best course of action.
Yes, that is very common, the banks in most cases do not participate in setting the asking price, their involvement starts when an offer has been submitted and accepted by the owner, at which point they send a rep who does a short form appraisal (BPO). If the offer price does not check against the opinion, they will counter the offer.
Only in special cases of cooperating short sales does the bank give a price for the listing agent to list the property at.
Hope this helps!
CDPE (Certified Distressed Property Expert)
SFR (Short-Sale Specialist Certified)
CHBA (Certified Home Buyer Adviser from NAEA)
CSBA (Certified Home Seller Adviser from NAEA)
NAEA Member (National Association of Expert Advisers)
Residential Real Estate Expert Adviser
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 / (888) HOB-NJRE
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Best of Luck!