BAC Short Sale in Baltimore

I need help badly. We've been trying to by a BAC shortsale condo in Baltimore for a year. I have a signed contract from the owner but we can't get anywhere with BAC. The weeks fly by while BAC delays. I thought we were getting somewhere when they assigned a BAC Negotiator based in Simi Valley CA. Multiple voice mail messages to the Negotiator have gone unanswered.
The condo has been appraised three times since Feb 2010. I had one appraisal done and BAC appraised it twice. The appraised value from my appraisal was $275,000. In April we offered $265,000. Last week BAC finally responded on Equator and posted an asking price of $350,000 for the condo. We made a counter offer of $267,000. On Friday that offer was rejected because: " Decline - Insufficient Physical Offer".
Is it possible to talk to someone at BAC and try to convince them to put a market value on the condo? As I mentioned it's impossible to talk to the BAC Negotiator.
My other question is what would happen if we agreed to the $350,000 price. When the property is appraised for the mortgage it will appraise for ~$275,000. Would BAC then lower the price because no one could get a mortgage for the $350,000 sale price?

Thanks for your comments
Roger

Replies

Wendy Rulnick August 4, 2010 at 1:10am

Hello Roger - In this case, I would wait 90 days for the Bank of America value to expire, then resubmit your offer. They normally will not change their value. As to your second question, would they lower their value if the buyer's lender underappraises the property and will not loan on the contract price? Usually not. There are always exceptions, but I wouldn't count on it.

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