I have had this happen with clients and the bank did lower the price.
Realtor | MBA
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First Team Real Estate
Bank of America is now sending out in-house field appraisers to do most of their valuations. If this property falls into their new pre-approved short sale program, then the $362k will be pretty solid. They may take $345k but I agree with Michael - there are too many things that the bank know and we do not know.
If the listing agent is communicating with your agent, you should have a good idea if the listing agent is willing to send in a counteroffer for $345k or if he/she will be seeking a buyer who will pay $362k. This is your agent's job to control this and communicate with the listing agent on your behalf.
Ask your agent if the home is worth $362k. If it is, then maybe they don't come down to your price. Why should they? They is a shortage of inventory, so someone will get them closer to their number.
Just for the record, it does not sound like you are " already in escrow". If you were in escrow, then all contractual items, including price, would have been agreed by all parties.
The bank has likely done one or more BPO's to determine a value based on comps so I would not worry about a lower offer appraising, if it didn't the bank would almost have to come down to it then. Your offer is just 4.6% lower so you might have a shot at them accepting that as long as you didn't ask for closing costs, or anything else, that just eats up their bottom line. Good luck.
Lowest and best counter offer - I like that one.
Every short sale is different so it's difficult to determine what amount the lender is willing to accept. Your agent has submitted comparable sales and appears to have good follow up with the sellers and seller's agent.
Keep consulting your agent as he/she is working for you in your best interests; not the sellers or lenders.
Prudential Connecticut Realty