You should work with a Realtor to decide what offer to make for this property because that professional assistance will typically cost you nothing because the seller and/or bank will pay the commission. You should offer current market value if you wish to be the successful bidder. That may be at or even slightly above the current "asking" price, which is sometimes enticingly low to encourage offers. It may be considerably below the asking price. There is no set percentage for the relationship between asking price and selling price.
In addition a Realtor will be helpful with the complicated process and extra load of paperwork required with a short sale. We recommend a CRS agent because fewer than 4% of Realtors nationwide earn this distinguished designation that requires additional education and substantial successful sales with buyers and sellers. Look on the CRS.com website to find a CRS Realtor in your area. Good luck to you.
As the others have been trying to figure out, since you say this is not bank owned or a foreclosure, because you mention the "bank", they are guessing it is a short sale. If it is a short sale, the Vero Beach Realtors have already answered that part. If it is a for sale by owner, they can do whatever they wish. You could ask that they notify you if there are other offers, which is what a Realtor would do. However, no one can tell you if the other offers are higher than yours, so you would have to put in a "highest and best" offer. If you would like buyer representation, drop me an email. You can contact me from my website, below. Either way, Good luck and I hope you get your new home!!!
Did you ever get an answer to your question that your were satisfied with? Have you moved forward with submitting an offer? It sounds like you may need some help, drop me an email or give me a call and I'll be happy to help. The worst thing that you would want to do is go into contract without having all of your questions/concerns addressed ahead of time.