Asked by Terri S., Las Vegas, NV • Thu Jul 1, 2010
We bid on a short sale in April.
In early May, seller's bank (BOA) did appraisal and acctepted our offer of $270K (without us needing closing costs) but indicated there were some seller closing costs on the HUD1.
Seller has no money (but why would BOA not pay for it then?) so we offered to split their portion of closing costs.
Our bank (WF) did an appraisal which came in at $262K which we ammended to our purchase contract. BOA rejected.
So then we figured - we will use BOA for our mortgage. How can they deny us loan based on $270K if their appraisal showed it was worth $270K.
Yesterday we find out selling side BOA ordered a second appraisal. They did one less than 2 months ago.
Is this common?
or since we decided to use BOA for our mortgage are they trying to jack up the price, which if our side of BOA mortgage uses their appraisal, would increase our loan?
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