The property in question states that they have a counter offer waiting lenders approval. That does not mean that you and your realtor could not submit another offer. When making an offer on a short sale keep in mind that the lender is looking for 80-90% of market value of the home. So what I would do if I were you is have your realtor pull the comps on the neighborhood in Kingsridge and see what the current market value is on a home that size and go from there. If you need my help please feel free to email me at firstname.lastname@example.org.