Best of Luck,
Unless this is a "bank approved price" what often happens is that the transaction will move to a "second phase" of negotiations...between the lender and the buyer. It can result in the buyer being asked to pay more than the initially agreed upon purchase price negotiated between the seller and the buyer.
Hope this is helpful.
It means someone besides the buyer and seller has to approve the offer/deal. This is usually the case with Short Sales. In Short Sales, the seller's lender(s) has to approve the sale after the seller accepts the buyer's offer. If the lender(s) doesn't approve the sale, the buyer can't purchase the home.