I bid on a short sale house in June 2009 and received a call from them after 10 months of waiting to go ahead buy the house but after we did the appraisal the house is no longer worth what they are selling for. It was appraised for less than 50k so, we made a bid again for the amount of the appraisal but told us to wait another 30 to 45 days to decide but made us wait another 60 days and told us that they want to stick to the original price. Which by the way I paid 2 appraisal for 1000 dollars. After my realtor told me that they are going to stick to the price seconds after he told me they put the house back in the market. I found out that bank wants to go after the seller for some of the money. Bank knew that the house is not worth it anymore. I felt cheated and now another person going to bid that house and pay for appraisal which by the way is not cheap which they have no intention to sell at all. What can I do?

Hello p:

If you don't have a signed purchase and sale agreement, there's NOTHING you can do. It's true - the real estate market is cut throat.

My advice is, don't fall in love with a house.

excon