Short sales are generally priced below market value. I don't think low-balling will get you anywhere. I could be wrong. But, I've bought about 7 houses in the last 3 to 4 years and made another go at probably 10 or 15 more. I'm a GC so I pick up foreclosures and short sales to flip and fix up for renting. It helps to keep guys busy between jobs, inclement weather, etc. It all depends on market and location. On thing to keep in mind, if the house needs work, especially a roof leak, the bank won't finance it. That's the case for the credit union I deal with. That could be why they haven't closed it. Bottom line is do the math. If it's a buy get it, but don't chase it. They'll be others right behind it. Also find out about right if redemptions and document all necessary spending if your under it. Although it shouldn't apply to short sale since it technically didn't foreclose. Just my two cents. I'm sure others will feel differently.
