Property back on market during short sale process
Hi Everyone,
Couple of months ago I got involved in a short sale. The broker gave us a BPO of $140k. Suggested I bid 120. I bid 110. Couple months later the bank came back with their appraisal of 170. Broker said their original BPO was probably wrong and the bank's appraisal is more accurate and suggested I bid 150. I went down 20% from 170 and bid 136. The broker said he'll see. A week later I see the property back on the market. When I asked the broker why that is he said the bank has asked that they take back up offers, however they deal with one offer at a time. He also said he feels my bid is too low and that I need to come up with a better offer. Is this legit, can he do this? Any comments and suggestions are welcomed.