It depends on your situation.
There isn't a difference between Short Sale/PreForeclosure or Foreclosure. Most major lenders will take up to 12% less than the fair Market value of a home. They will send at least one (usually two) appraisers to verify the Fair Market Value.
Coldwell Banker Primus, Algonquin
The biggest difference betweena short sale and a forclosure is time. A forclosure is owned by the bank already and can respond to offers quickly. HOwever many times the utilties have been shut off and the homes are in tough shape. A short sale can take 8-10 weeks to get an answer to your offer and there is no guarentee they willaccepte it. However many time the homes are in better shape and utilties are still on. As far as what to offer that really depends on alot of circumstances, condition market time etc. You should have your Realto pull comps so you know what other properties are selling for and use that as a guide since those are the same things the bank is using to set the price or to decide to take your offer. Otherwise if you dont mind writing offers, you could write on everythign that you like for 20% under asking and see where it goes. But know that this is very time consuming and can be frustrating have ing to wait all the time for an answer.
Larry Lang, ABR, GRI, Broker Associate
Realty Executives Cornerstone