As a local Etters, REALTOR, I here similar questions on a daily basis. There are a LOT of factors that go into answering the question of "How much can I get approved for?". Something to definately consider is the USDA financing option as there is the option for 100% financing, and NO PMI(primary mortgage insurance) that typically accompanies FHA or Conventional loans. USDA is a "rurul housing" loan program and if you know the area, as you head south on I-83 once you hit the Fishing Creek exit everything should qualify. If you are considering Etters or really any of Central PA, I'd be happy to address any specific questions you have.
Andy Rhine, REALTOR
(717) 903-5722... more
Richard brings up a good point in that you should have your agent touch base with the listing agent to try and get an idea of "why" they rejected the offer.
A lot of times there are layers of complexity that aren't exactly transparent. It could be that there is a second lien (line of credit or equity loan) on the home which requires a 2nd bank to approve. B of A may be the servicer of the loan as opposed to the owner and they may not be fully delegated to make the call on a short sale offer. It's also possible that they may have approached the seller to partially share in the loss by bringing some $$ to closing and the sellers are unable or unwilling to do that. My point is that it could be for a number of reasons and each short sale is truly unique.
I work for B of A in Michigan here and we just had a meeting last week to discuss short sales. B of A now has a dedicated short sale call center. The number is 866-880-1232. I'd recommend your agent places a call to them. It would help if your agent is an APPROVED AUTHORIZED AGENT, meaning you've signed a document with them empowering them to receive communications pertaining to your case. Also, I've been told if the listing agent is working through Reotrans/Equator then it's a lot easier to track the process through the system.