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We didn't end up buying a short sale but we were told you could go as low as 100,000 less then asking. You still try to give a decent amount and the bank can still counter offer.
You should offer what the house is worth. People make the mistake of offering low and they dont get the house. YOu have to remember that the bank does not own the property so they dont pay the mortgage or the bills. They will wait as long as they have to to get fair market value for the house. I have lots of clients who lose short sales every day becuase they are under the same assumption that you should go in very low, but the house is usually priced at just about what the bank is willing to entertain.
The best thing to do too, is have your realtor pull comparables in the area to see what the homes true value is. HTH and good luck!
