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My husband and I recently had a short sale fall through. The initial asking price was $219k and subsequently went down to $129k after listing at $199k and $169k. We made an offer at the price of $129k after a previous offer fell through at the same price. A week after the 60 days, the bank said the valuation was at $170k and would we like to up our offer to that amount? The listing agent also said he had three offers at $170k. The timing seems odd but we declined. Within 24 hrs, the house is back at the market at $170k. First of all, they didn't respond within 60 days so I wonder if there are any violations with regards to the new short sale rules and now with the house back on the market at $170k, what happens if they accept an offer at $150k? We would have upped our offer to that but was told $170,000 was the "magic" number. Something just seems odd about the whole transaction but I'm guessing that's the nature of short sales. We made our offer on Aug. 20 and the listing agent updated the listing to accept back-up offers on Oct. 8th. Is that acceptable as well?
Is it conventional loan or a FHA or pennsylvania loan. If it is a conventional FannieMae or Freddie Mac loan effective November 1, 2012 brand new Federal Housing Finance Agency (FHFA) are in place. The new guidelines state that the lender is required to acknowledge receiving the short sale package and then must give an answer within 60 days from receiving it. The FHFA has also eased the "hardship requirements" to do a short sale. The lenders now have to give a short sale if these requirements are met by the buyer. Since these new requirements don't come into effect until next week I would have the seller re-submit your short sale offer after November 1. The listing agent should not have stated that he would accept back-up offers only. That should occur only when both the seller and the lender accepts you offer unless the lender told him not to, which is unlikely.
I believe the only states with short sale laws are California, Nevada and Florida. None of the laws say the bank has to respond in a specific time period nor the bank is required to accept a specific offer amount.