Short Sales – Who Determines the List Price?

I am working on a most incredibly bizarre short sale.  At least it is to me BUT I know that so many of you have wayShocked more experience in this arena than I do and I am HAPPY with that!

So, the home was on the market.  The list price was within my buyers range.  We made a full price offer.  That was May 5.  There still has not been a decision nor has it been approved but an email I got this morning has me so confused.

The listing agent said that the bank never wanted to sell at the price the home was listed.  They wanted a price $15,000.00 higher.  They are trying to get the bank to come “down” in their price. 

What?  I am so confused.  How could the house have been listed at a price, NOT agreed to by the bank, and now the listing agent says they want $15K more?

Wasn’t the bank suppose to “set the limit” so to speak in the beginning? 

Again, not my field of expertise and looking for some clarity.  Is this the way Short Sales normally work?  The listing agent just throws a random List Price out there?

Thanks guys!  I know I can always count on you to help me out!




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