If the home is subject to a short sale, then it has not been forelcosed on yet. Short sale homes are still owned by the homeowner. They are asking the bank to take less than what is owed on it. The seller sells the home subject to bank approval. The seller could accept your offer, but the bank will have the final decision as to whether or not they will accept it.
Foreclosed homes are owned by the bank. You are dealing directly with the bank. Again, it will be up to the bank to decide if they will accept your offer, but usually the price they list it as is what they are looking to get. You can always put in an offer and see what happens.... more
In our area, it can take an additional 3-4 months before the home comes back on the market. Continue to watch for signs posted at the property by services that secure and clean it up. They have contact numbers you can call on the signs they post. This may allow you to get an inside track on the property.... more
Did your realtor do comps for other properties that have sold in the immediate area? If all other homes on the street are selling for say $100,000 and the bank is selling it for 66,000 because of the work it needs then your offer would be too low. If all properties are selling for close to the 66,000 then your offer may be close. The problem is that as Jim said, the bank will only lower the price when the property does not sell. Good luck in your venture.... more