I try to buy a house for $ 185K, but the analysis has come to $ 161K and I had taken out the mortgage is $ 178K, so obviously, the bank will not lend me money. I talked with the seller, and he said if I did not buy, it will lead to a foreclosure. It has $ 171K on it and said he would take the $ 161K if their bank debt. If the bank has agreed to do this without all through the process of short selling? If they see a copy of the assessment, saying it is only $ 161K, they would be willing to accept the loss of $ 10K? Or does it go through the whole process?

This is a short sale if they are less than what they expected to agree to complete.

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