The lender will do their own appraisal and counter the price offered generally to the apprasaised value.In my opinion and experience short sales are a waste of time to chase unless they just fell out of escrow and the short selling lenders approval is based off a old value and you can swoop in and get a deal.TL;DR short sale listing prices are mostly fictitiously low, subject to the short sale lenders appraisal and approval.

Hi Kay,i have not been around here in BP for a while but want to comment on your post :)me, also looking for a 2 or 3 family home in the Bronx area, talking to some RE agents and already pre-approved for a loan but following some of the rules like the 70% as you said nothing fall into that.my 2c,check the roof condition, see if you need one, and what is your exit strategy (are u fixing it up and puting the house back in the market or you want to rent and get montly income from it).

All investing requires money.People will try to sell you their programs to teach you how to invest with no money.

Tons of programs out there you have to dial for dollars until you find funding that makes sense at an interest rate where you can put the capital to use at a higher rate than what you are paying out.

I started my interest in real estate like some people with the flipping shows and different HGTV programs and have always had an interest since then.

T-Value was an old program that was free, it might still be around. 

Hi everyone,I am currently under contract on a short sale property and have been awaiting for the banks approval for about 45 days.

Being a cash buyer is going to put you at a substantial advantage over someone that needs a lender's approval.

How smooth is the process with the 203k inspector approving additional draws?

You have to make a bid thru a HUD approved real estate agent.