And thank you for your great question. Yes you can change your offer until the bank accepts a final offer. However with each offer that is presented by different parties, it extends the closing of the deal. This is why Short Sales seem to take so long.
I always do a comp of the area around the property as to get a feel for the market. Placing a strong offer from the start keeps you in the top of the pile.
Thank you, if you need anything further please feel free to contact me,
Global Connections Realty, Inc
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Of course the Banks will look at the current market, have a BPO( broker price opinion) and decide what would work for them adding and deducting expenses fees and count and cut their losses.
But they may not know specifics, what possibly reduce the value of the property, ( i.e. roof or other functional defects), Make the long story short you can negotiate with banks and if your offer is justified they may accept.