If the appraisal and/or broker's price opinion have been done, the bank will decide on a price they will accept based on those figures. If those values are more than 5% apart, they may order one or more additional appraisals, before they decide on a price. If your offer is considerably less, it is possible they will not respond, but in my experience, they will advise of what price they are willing to accept. If there are multiple offers, they will probably choose the best offer overall from the available choices. It is possible they will not accept an offer from the ones that have been submitted, but will ask for all buyers to submit their "highest and best" offers, before they choose.
Hope this helps.
I think the bank should go forward with the deal and let the lender take the latest information to make the loan. The Seller is not going to be the lender 99% of the time so who care if you qualify, they should on worry that the closing happens. This also points to the fact the the seller has not done any work at this point and want to make sure you will qualify before spending a penny on this case. If you qualify or not the lender is the one who should be concerned not the seller. If the bank wants the prequalify letter before so that they do not remove the house for the market of potential buyer to early, it should of been do back in March when the offer was first placed on the table with a good prequalify letter.
Oh yes everyone before me is correct if you want this house you need to play ball with the bank and get them to sign on the dotted line. Sorry but that is the current maret we are in.
You're closer to finding out an answer. The bank is simply looking to make sure that you still qualify for the property. Many things can change financially for a prospective in two months. So do not be afraid to secure an updated pre-approval letter for the bank. Good luck!
Since you put your offer in so long ago, at least you know you are that much closer to getting an answer. We have been seeing an average of 1 to 3 months from submission of the package to approval of a price the bank is willing to consider. If the property is being handled by a Realtor, they should be able to contact the negotiator to get a ballpark estimate of where it is in the process. Otherwise, have the owner do this for you, if you do not have access to that person. If the package, including the broker's price opinion, have been submitted to the bank, and if the appraisal has been completed, there is a good chance it has either been assigned, or is close. From there it depends upon their caseload. They may have 50 files or 1500 and they just have to work their way down to it.
Best of luck to you!