The worst they can say is no that number won't work, and sometimes they'll say yes it will and ask you to submit an offer.

Found it after a few hours on the market, scheduled a showing and submitted an offer immediately.

But watch out for additional liens on the property, they may also be foreclosing, and since the Sheriff didn't happen, those liens probably survive.If the offer is not enough to satisfy the mortgage, then the borrower can take your offer and submit an application for a short sale to the bank. 

If your offer is not going to win the deal and below the whisper, call the broker and explain your underwriting and say: "These are our assumptions and this is where we are, if that price is going to put off the seller we don't have to submit, but if it's not going to offend the seller and you would rather have more offers we would be happy to put in an LOI."

It doesn't always have to be the highest, but I've submitted offers with better terms (cash vs financing, quick close, waiving inspection, etc.) that beat out offers with higher purchase prices.Not sure what part of town you're looking in, but the lower the price point, the higher the competition.

I viewed the property and submitted an offer within 2 days.

I viewed the property and submitted an offer within 2 days.

I viewed the property and submitted an offer within 2 days.

My builder client usually doesn't want to go through the trouble of submitting an offer just for it be beat out by 10 other people many of which probably aren't even serious or who are going to drag the process out with contingencies.

Sometimes you will need to resubmit a new contract and/or short sale package to get the lender moving on this again .Pay for an appraisal and submit it.