How far will banks come down from asking price on short sales?

[altus2006]

There are so many foreclosed properties on the market which have been priced by the banks that fooling around with short sales can be a total waste of time.

We learned about short sales the hard way, by submitting full price offers which were refused, that I quit looking at any short sales and concentrated only on foreclosed properties.

The foreclosed ones tend to be lower priced than the short sales too.

altus2006

[azjack]

To OP:

I agree with the comment that your focus should be on REOs/completed repos over short sales. But I really would wait until at least the Fall. Why compete for artificially low REO inventory now when there is so much foreclosure inventory in the pipeline? I know that April-May-June is traditional "buying" season, but it is not the best time to negotiate the best deals. Waiting for Fall and Winter will yield dividends.