Can BOA raise the price on a short sale after their price is accepted?.
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Can BOA raise the price on a short sale after their price is accepted?.
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Yes they can, but it is not likely it was Bank of America that has "raised" the price on you. I'm going to guess here, but I'm assuming that you went into Equator and made an offer (or a counter-offer) that was "accepted" in Equator. If this is correct, then here is what happened.
Your offer was accepted by Bank of America (the lender/servicer of the loan) because they felt it met the guidelines the investor gave them. The investor is probably Fannie Mae, Freddie Mac, or it could be an MI company or ... heaven knows who. The transaction that was "approved" by Bank of America was forwarded to the investor with a recommendation that they approve it. The investor looked at it and basically said, "No, we want more than that", and you got a message that your "accepted offer" needed to be increased in order to be accepted.
In a short sale, all terms and conditions are subject to third party approval, and while most people look at the LENDER (or servicer) as the "third party", the real third party is the investor. An offer is never really accepted until the investor agrees to accept it.