On April 30, 2012 Michael Gaddis closed a short sale in San Diego, CA. The short Sale was interesting because after approval was issued by the lender, Bank of America, several listings closed in the area dropping the value below the approved amount. The Buyer noticed this and requested a reduction in the approved amount due to the declining fair market value of the comps. Michael Gaddis requested information from the Buyer which the Buyer supplied and sent the request over to Bank of America. Upon review, Bank of America agreed to lower the approved sales price $55k. The Buyer was happy with the reduction and the transaction closed with very little issues.