Yes they do however many factors come into play when a bank accepts an offer. Have your buyers agent discuss all those particulars.

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Lynn911

Lisa it is possible that the bank will accept a lower offer, they usually wait to see how many offers they will get
and go with the highest offer, although you might have to wait 4-5 months if your offer is accepted, and then it is not final till closing day wich may never take place.
My advice to you is get a home inspection for any house that you buy especially foreclosure or short sale there may be damages that may not make it a good deal for you, the money you save up front maybe will cost many times more.
If you need a name for Home Inspector let me know
Click on my picture.
Good luck

Lisa, that can be a tough one. So much depends on the property in question. I have worked a number of short sales for clients and every one is different. Sometimes they are “approved” short sales where most if not all of the work is done and the listing/asking price is what the bank will accept. Sometimes they are newly listed short sales so the home may be listed at a below market price to get the ball rolling. Sometimes they are listed accurately to reflect the market. The best way to find out is to put an offer in on the property. You need to be prepared to wait – sometimes months (I have one that has been out there for 4 months now with no answer from the bank). If your agent can find out how the property is situated then you will be able to price your offer appropriately.

Lisa,

When considering "short sales" it is important to consider that there are two ownership components that need to approve the sale price.....the present owners and the bank(s).

Because of this prices for short sales are tied closely to the appraisal value. It's possible the bank could accept less but only with the approval of the owner.

Good luck