Jules, Nan is right about anything can happen. We just had a similar situation with a short sale I am handling. It turns out an appraiser came in with a value more in line with the listing price I originally proposed. So, the bank agreed to drop the list price. I hope that is what happened with your soon-to-be house.
Please talk to your agent about your offer. Often when a listing price is reduced there are more offers. You and your agent need to be on top of the situation and be prepared to react quickly.
RE/MAX On The Water
If you're the only buyer for the home and you're not located in an area where multiple offers are being submitted for homes, you can certainly represent yourself without an agent. To do this effectively, you should be aware of the protocol or procedures for making an offer and have purchased or prepared an offer with the assistance of an attorney or utilizing forms available to make an offer.
Based on the information in your question, the home in which you're interested is a short sale, isn't it? If this is the case, then you might have found it to be better to have an agent or Realtor familiar with short sales help you buy the home. In many cases, short sales are peculiar sales that require the expertise of both the listing agent and buyer's agent to obtain a successful close of escrow. Navigating a short sale without the assistance of a professional can be difficult, frustrating and, to be frank, ultimately not worth the wait in the eyes of many buyers.
If you submitted an offer with a contract prepared by an attorney or prepared by yourself with forms available through the stationery store, then you are representing yourself. However, if the listing agent prepared the forms for you to sign, you've just engaged the listing agent to be your agent in the transaction, and you will no longer be allowed to hire another agent for assistance. If this is the case, talk openly and frankly with the agent to discuss your expectations.
Grace Morioka, SRES
Area Pro Realty... more