Your first mistake is in assuming there's an agreement between the bank and the seller to accept a short sale 99% of the time this is not the case adn you will waste months to find out that either the Seller will not be approved for a short sale or that one of the sellers creditors won't agree to to the terms. Most short sales have at best a 50-50 chance of ever closing, when they don't close ultimately many of these properties get foreclosed upon.
The first question you should ask is has the bank pre-approved the short sale if the answer is no then move on. If the answer is yes then you can pretty much assume the asking price is the price the lender will accept and not less. Do yourself a huge favor and find yourself an experienced buyer broker to assist you. If timing is an issue then simply forget short sales entirely.... more