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short sale is priced $10000 above appraised value

Posted by Manny on August 14, 2010 at 7:47am in Short Sale Discussions
Need help...My wife and I put in an offer on a Bank of America short sale property listed for $195000 (13328 MALLARD LANDING ROAD, Charlotte , NC 28278 MLS #886135). Property was appraised for $185000 in June, 2010. Offer was submitted with copy of appraisal. Bank of America rejected and countered at $195000. No bank will finance property priced above appraised value unless we pay the difference out of pocket. Any suggestions on how to address this?  
MLS #: 886135
MLS #: 886135
MLS #: 886135

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