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I am currently under contract to purchase a house that is a short sale. The house was listed on the market at $157,000.00. We put our offer in for that amount plus two percent seller's assist. We have waited three months for a response from the seller's bank. They just responded and they want $185,000.00. I know the banks have every right to do this. We would have never looked at this house if it was listed at the $185,000.00. I feel like this is a bait and switch. Does this happen often?
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Unfortunately it does happen, and the bank will come back with a higher valuation and sometimes IMHO off the mark at times. Good communicationis always needed especially dealing with short sales, although the name says short sales at times there is nothing short about it.Best of luck
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