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how to negotiate with bank on a short sale property ?

three month ago, I placed an offer on a bank own short sale property. now the appraisal came out with $45k lower than the purchase price. both agents, buyer & seller, don't want to reduce the price. They told me it is bank own & NO WAY to ask the price down. Besides that the agreement was made 4 month ago. The worse thing is I signed the "contingency waiver removal" already. I am stock now. I might end up not getting my $10K deposit back. Please advice how I should negotiate with the bank to reduce the price down. Is it possible to by pass those agents and talk to the bank directly??? Especially on the short sale?? By the way, whoever is looking or waiting on the short sales.... PLEASE don't waste your time......Just wait until the property become foreclosure. I am a victims on the short sale. Thank you for any inputs.

Public Comments

1. No, the bank can not legally talk to you about the house. They will not deal with you directly, they have too much to loose to risk violating lending laws. Does your waiver include financing? Typically you can offer "contingent on ability to obtain financing" with an REO. The contingencies they will not allow involve inspections and repairs. The property is "as is". Try submitting the offer again, via your agent, with the appraisal attached. They may refuse it (they will in CA, foreclosures sell over appraised value here), but you have nothing to loose.
2. One should not relay on Real estate agents for legal advice even in regard to purchase agreements, have a lawyer review the contract, but you should be able to get out of the deal at the current price if the house is appraising for 45K less, since no one is going to issue a loan in the amount of 45K above appraisal; therefore unable to obtain financing so that should be your out, but need to review the whole contact