Hello Willbuysoon and thanks for your question.
In answering your question, I am going to assume that the bank in your short sale has approved the sale but at a price higher than you anticipated or wanted to buy. The truth is that sometimes the bank will compromise on the price--the listing agent and I, as the buyer's agent, just got the bank in our short sale to agree to a lower price, but it cost us both in our commissions. Similarly, at other times, the very same bank will firmly disagree to any price change despite the reams of papers I can provide to prove that their price is incorrect. In fact, even after an appraisal is completed and the price is determined to be lower, the lender may never agree to a price reduction.
in truth, banks seldom agree to "give" anything without "getting" something in return. In my case, both Realtors agreed to help our clients by reducing the commission. However, if there is no "chip" with which to bargain, you may find the bank as stubborn as a mule in cement in ever agreeing to any price changes or concessions. It all depends, as Deborah noted below, on how "motivated" the bank is to off-load the property. Surprisingly, banks are not all that willing to dump a home right now.
Work with a qualified short sale buyer's agent to help you navigate the short sale waters and to understand your options in working with the seller and the lender(s) in the sale. Good luck!!
Grace Morioka, SRES, e-Pro
Area Pro Realty