With the property being on the market for more than 300 days, I would definitely ask your Realtor to find out more details about the bank, how many offers and/or contracts have been accepted/rejected, etc.
Some banks are now offering more guidance as to how much they would like the property to be listed for. Otherwise, many Realtors use comps, etc. to price the property correctly.
If you're looking to purchase a short sale, please don't be discouraged. Just be certain you're working with a Realtor who not only understands short sales, but is willing to ask the questions necessary to be clear about the status of each particular short sale you are interested in. Also, it is important that your Realtor is willing to push the envelope/negotiate, if necessary, to get your offer accepted (as long as it is reasonable).
If you have any other questions/concerns about short sales, feel free to contact us or visit our website for more short sale faqs.
Thanks & God Bless,
Tyra N. General
Real Estate Consultant|Short Sale Expert
Keller Williams Preferred Properties
Tyra General & Associates of Keller Williams Preferred Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.