In a nut shell the bank decides what they will take period. however saying this a process has already been done, more than likely the bank has already done an appraisal on this property and this is why they are now willing to take 15,000 less. If ou are concerned about the value of the hmoe make offer contingent on an appraisal and if you are getting a mortgage for this home then according to the contract it must appraise in order for you to get a loan. saying all this if you are working with a real estate agent then they should be telling you all this. If you are not working with an agent then you should be for the bank will pay them not you and you got nothing to lose by working with an agent. We are here to work for you and we only get paid when the property sells and the seller pays the commission not you but we do work for you. I've done soooooo many short sales and i know the procss is tedious but unless all the i's are dotted and t's crossed the bank can be even more tedious. all in all it will be a normal sale as far as you getting clear title of the home for without clear title you will not be able to close on property.
Beth work with an agent for we are here to protect you and your interest
The Leventhal Team
The short answer is that, from your perspective, the sale will continue like any other - although the bank MAY delay for a little while just to process some paperwork. If it's approved at a particular price it probably won't take more than a few days.
The concern is that the sale price is higher than the comps - which can be troublesome for two reasons. Firstly, you may be overpaying for your house. Ask your Realtor what he/she thinks, and if you are paying too much, it may be in your interest to offer a lower amount. If you like the house very much and it's worth the extra price, then by all means, proceed. Secondly, if there is a mortgage contingency, the house has to appraise at or below the sale price - otherwise the bank won't lend you money. It's tough on everybody to get that far along in the process and then have to renegotiate because the lender won't lend.
Re/Max Alliance Group