It sounds life you've found a home that you really want. Unfortunately, short sales are not short! Why don't you have your Realtor see if he/she can glean any information from the seller's Realtor. Someone else mentioned a revised offer. I always recommend that my clients offer (when they really want the property) the highest dollar amount that they will be comfortable with not getting the property. This way there should be no "if we only had offered $20,000 more".
Generally the bank will go with the highest offer. But if that is higher than yours and the buyer has a smaller down, you may still be chosen.
Best of luck,
I've seen offers on "Short-Sale" properties all across the board. The "Short-Sale" should be structured as per Multiple Counter-offers, subject to Seller counter sign. Remember, the Seller still OWNS the property! The listing agent owes a fiduciary to get the MOST amount of money for the Seller. If he has to have 8 offers stack up so be it! You pays your money--you takes your choice!
Sounds like a good offer to me! The banks are looking to get out from under the property, and make as much as possbile as they are probably losing. They will take ALL the offers and pick the BEST one. The bets may or may not be the highest one. If you are a more solid buyer putting more cash down than the others, they may take yours over a slightly higher offer, especially if you have no contigencies and can close quickly. Remember, banks and lenders are in the MONEY business, NOT the Real Estate business. They do not want to own and manage property and it costs them more the longer they own it.
Good Luck and I hope YOU get the property!
I hear this statement often, "I don't want this to turn into a bidding war". This is fine except that it's usually from someone who expects to get an exceptional deal on a home. If you find a home you want & want to pay below market you will be competing with others. That's just the way it is. One of the reasons you hire a Realtor is to guide you through the bidding process. Let that person stress.
If it's the house you really want, go for it!
I am prepared to counter or accept the bank's counter-offer... but I hope this does not turn into a bidding war with the other interested buyers.