Short Sale advice needed

[Andy Wu]

Hello BPers,

I submitted an offer for a house in OH. The house will be in sheriff sale on March 2016. The appraisal price is $390000. The house is on the market as short sale for almost a year with reducing the price several times.  The last price reduction is 3 months ago.  I am offering a price of $325000.

How is the chance I can get it.  What is the price that the lender will let if go instead of foreclosure.

[Patrick L.]

Originally posted by @Andy Wu:

the asking price is $355000, and it sits there for 3 months.

 The asking price of a short sale is set by the current owner and their agent and has nothing to do with how the bank values the property or what they will accept for it.   There is no way to tell what the bank will do, submit your offer and see if they accept, reject or counter it.