As many have said already, there are many factors involved in getting a short sale approved. Price being one of them. Others involve how many lenders are involved? If there is just one, it usually takes less time to get approved. Who the lender is (some take longer, such as Bank of America), and how far along in the process has the seller actually gotten. A complete package needs to be completed by the seller including proving a hardship, income, asset statements etc. Once this is completed and an offer is on the table, the lender orders a BPO (brokers price opinion) to determine value. If your offer is close or above that number, they are more inclined to approve the short sale, but it could still be a lengthy process. Hopefully, you have a buyer agent representing you who is familiar with the short sale process and can guide you through it. Good luck! I hope it works out for you.
Lori Rossi 401-480-1973
Coldwell Banker Residential Brokerage
2258 Warwick RI 02886
MA hs been alittle funny -I just closed on a short sale - list price was 285K. The buyers offer 238K and the bank accepted in 1 day. It all depends on how long the bank has held the property and if there are other offers. If you need assistance, please feel free to contact me.
As others have said, there is no way for anyone to know for certain. Your offer is within a range I suspect would be strongly considered, so it's worth a shot. If you really love the house and don't believe you'll find something you like better, than your offer should be strong enough to insure your success.
If you have an agent experienced with short sales, listen to them. A lot depends on who the lender is and how the Broker Price Opinions come in.