Presenting a lower offer for a "bank approved price" Short Sale.

[Roy Rowlett]

I am looking at a short sale that the bank has approved a price on of $180,000, which is the listing price. There had been a contract on it which fell through because the buyer's situation changed and he could not close.
I asked the listing agent if the price was negotiable and she responded, "the bank approved $180,000". I assume this means that the previous offer was for $180,000. She said they could close quickly because it was already approved. I interpret this to mean that if I pay $180,000, we could close quickly. I also assume that the listing agent might not be excited about accepting a lower offer because it could mean starting the approval process all over again.
The problem is that $180,000 is only about 5% below market value, as I see it. I would expect to get it at 10-20% below. Does anyone think that making an offer less than $180,000 would be a bad idea? I have time to wait. I don't know who the lender is. I am aware that someone may come along and pay the $180,000, but that is life. "I care, but not that much" - the mark of a good negotiator.

[Ned Carey]

Roy,

Make whatever offer makes sense for you. The fact that one deal already fell through is reason enough to make a low offer. (I don't believe in "spamming" a low offers to everything on the MLS)

My partner and I just heard back from an agent today that the bank is accepting our offer of 60% of list price. This was one where the bank had already "approved" the list price.