I submitted an offer to Wells Fargo in late July, I have brought this one up several times in these forums. Now my question is since then the prices have decreased. My bpo came in at $97k w/my offer at $112k. Now there are CS at $85k what happens once it's approved & the appraisal does not come in at offer price. Does it take long again to approve the new price? This is crazy, they take so long that they end up making less... Who understands them.

Zoila,

This is very common, especially in markets like mine where the market is rapidly decreasing in value AND the appraisers are extremely conservative.

You will just need to send the buyer's appraisal report, a price addendum and a revised HUD to the negotiator at the bank in most cases. Some banks are quick to issue a revised approval and others are very slow. In some cases, the servicer may have to send these documents to the actual investor or MI company for a revised approval as well.

I have several short sales like this right now.

Thanks, after all this time, I received an email from a new negotiator asking for forms that were sent to them last week. She can't explain why it has taken so long & was rushing me for these forms. At least I have her direct email which, for the last two months, I was unable to get for the other negotiator. Everything is so strange...

I appreciate your input, now I know exactly what I will have to do.