To you it appears the lender is negotiating a sale price, not exactly what is happening, they are agreeing to accept less than what they are owed, they could care less what the house sells for. Can they ask for more money, yes they can.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
As others have mentioned, I'd encourage you to stay in contact with the listing agent. A short sale means the homeowner/bank is already underwater on loan to value. The bank will likely continue to reduce the asking price until it falls within the area of reasonable market value. You could risk it and offer them $354,900 hoping that it will not make appraisal. If it does not, they're likely to renegotiate. If Wells Fargo does not renegotiate, you're contract should protect you & allow you to walk away. Short Sales are an art...I've done many of them & each case is typically different from the last. Ask your Realtor for guidance. Best of Luck!
ERA Herman Group
It may be possible that it will appraise for more, each and every week that you did one.
Understand that the Banks are no longer in the P.R. business; they don't care what we say about them or think about them. Some of the stories insiders tell would curl your hair.
Understand also, that you can walk away from this deal.
You can also offer $340,001
You can offer $341,000
You can make them wait.
The most important factor in negotiating, is that you will stand up and walk away from the table.
Remax Eagle Rock