In NY, all offers must be presented, so make an offer.

There may have been very low offers, or none at all, at the original $279K price point, which would contribute to lowering the asking price to $259K. When all the paperwork is completed for a short sale to move forward (this can take months in some cases), the bank will chose the highest and best offer. The bank make chose a little lower offer if it is all cash. If that buyer is still available (sometimes it takes so long , the buyer may have moved on) the bank wants to close in a very short period of time (30 days or less). Once the bank has accepted an offer, they tend to move forward and any other offers coming in, even if they are higher, are held as back-up offers.

If you have been out there looking and can recognize the value of this particular home, by all means bid above the asking price. All too often I have shown a great value to a prospective buyer, and they insist on putting in less then the offering price whith the rationale the seller will accept less. If the home is priced well, it receives multiple offers, and you'll want yours to stand out.


Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman- Babylon
631 422-8269

With short sale, it's always subject to bank's approval. The bank sends their own appraiser, many times twice to get the correct value of the house. The bank may come back with a counter price higher than the listed price. However if you have time and no rush to be in the house, then it will pay off.
Good Luck..

I have worked with a negotiator in NY however I am in Florida. The short sale business I would think would be handled the same no mater where you are, as the process is managed by the banks which get the rules from the statues.

My suggestion would be call the listing agent and ask what the status of the short sale is. Ask if the BPO has been done.. ask if they have excepted the offer that has been submitted.. if the offer has not been excepted usually they will still take offers.. In Florida some agents hold offers and submit a bunch together, some agents submit one at a time. Also it depends on the bank and the negotiator... Your best bet is really to call the listing agent and see what the status is of the existing offer then you will know where you stand.

Feel free to call me if I can ever help you look for a real estate need in Florida.