Nick, The house was bought for $620k on 4/21/2005 (the height of the market) the $525k list price might be what the bank has as the BPO and since it is a short in your offer should come in near the BPO price if you want to hear from the bank, so your possible offer of $425000 can be made, but it doesn't have to be acknowledged or accepted. Short sales are very difficult and the banks are not just giving these things away.

Sure you can offer whatever you want. that does mean they have to accept it, I tried pulling records on it does not say its active, could it have expired? I would help you write up an offer if you want to and if its available