Offer too low for a short sale?we recently made an offer for a short sale home in our area. We don't know what the appraisal value is, but the buyer owes $450K on the home, and the home was listing for $450k with a private realtor.When we contacted the agent, we were told that it was a short sale, and the bank would be auctioning the house in the next month or two, if a short sale offer was not accepted. They had reduced the house to $350k on their website (probably in an attempt to generate offers). After speaking with the seller's agent, a property attorney and a short sale specialist, they recommended that we offer $260k for the home. My husband and I think this price might be too low, as other homes in the same area are selling for $400k+. Since getting the recommendation, we listened to the advice and put in an offer of $260k on the home, but now we are wondering if the bank will laugh at us. Is there anyway to let the bank know that we can work with them on the price point. We dont want to low ball them, but we are first time homebuyers and really do not know much about short sales... Any recommendations or advice would be much appreciated!!!!July 15 2010 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.