If your offer is the only one on the table, $160,000 is a pretty good place to start.

Amanda, The answer to your question is a resounding, "we don't really know".

The answer to the question you did not ask, " Should I immediately rush out and get an agent?" seems to be a resounding "Yes or you are crazy".

Hope this helps, Dunes

Amanda -

We're finding success with short sales has lately hinged as much on your ability to close and closing date; the sooner the better as lenders want inventory off their books. Price is important but we're seeing that it's not always the first thing they look at. We secured a new 1.2M at 715K and 479K at 385K just last month; we're chasing two others as we speak. The offers need to be written in a mannor that they want to see and they need to know you're legitimate.

I would tell you candidly that if you're not using a skilled buyer's agent you are crazy - this is a wild side of the real estate business at best and the number of pitfalls waiting for you can be significant, a money pit and finacial ruin continues to greet the buyers with unrealistic expectations and poor guidance. Have a look -
http://www.trulia.com/blog/hank_miller_-_associate_broker/

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Amanda,

It's hard to tell......the best course of action is to be informed with the same information the bank will be reviewing when it is deciding weather or not to accept your offer. To do so, means to locate all of the similar homes, located in the same general location that have sold in the last 4-6 months. The more recent the better.

A review of this information will help you determine where your offer needs to be to be "in the ballpark." A real estate professional can help you locate this information and support you this process.

Good luck

You and your agent should arrive at an appropriate answer based on several things.

Comparable home sales, condition of the property, your level of desire (in a bidding situation, list price may be too low in some cases), availability of other similarly priced properties in the area and more. This is one of many reasons why you should consider the services of your own representation rather than contacting the the listing agent alone.

Amanda,

Your offer may be way too high!

or

Your offer may be an insult to the bank and they might not even respond.

You should consult a professional Realtor to gauge where the bank might be at. Then offer less. Always offer less to the bank unless you are competing with other buyers.

It all depends on the comparable sales in thearea. Your buyers agent should be able to advise you.