What is the property worth? If they can get $300-$330K quickly from someone else they wont sell for $260. Make certain you are ready to close quickly and have your financing ready to go. You will also want inspector to check home and lender may require this before accepting your offer so there may be some financial risk on your part. One thing is certain, if you dont try you wont get it.

Scheila,

It's really in the banks hands. The banks outweigh the money they will lose on a short sale vs the money they will lose on a foreclosure and whichever is the lesser lost, they will take. On average banks IF they accept the short sale will cut their loan loss by about 10-20% of the original debt. You have nothing to lose by submitting your offer but time....Short sales are nothing but short. Also be prepared to move forward through attorney review, inspections and mortgage application most likely BEFORE ever hearing back from the bank if they accept, decline or counter your offer. Have your agent ask the listing agent if the bank has approved a magic number yet. Depending on which bank it is...in most cases they have not.

Good luck.

Gina Chirico, Sales Associate
Prudential New Jersey Properties
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com

good evening.......first....yes...offer what you want....and never worry about what anyone thinks about it......also....where is the $40,000 coming from?.none of my business..but if it is in an investement portfolio making whatever...why take it out to buy something that may not give you the same return as you're currently getting?.....i have a way of getting it done with very little out of pocket.or i can always do it the way you want to finance it too......bob mcclure- staright answers since 1994.....mortgage now- farmington, michigan... (248 974-4444).call me anytime.....i am licensed in your state and 18 others.....i can close you in your own backyard.....