the listed price on a short sale vs. the offer
I found a property I am interested in and it is a short sale. I have no experience in dealing with a short sale at all, so I came here and tried to read several pages of posts to understand how this works. I am not looking at this property as an investor, but as a primary residence. I am willing to wait as long as it takes to go through the process.
My question is, after doing some reading here, it seems that a 20% discount or so seems to be what most people have posted concerning the offer on a short sale. I have also read here that the listing agent will list a price that they believe the banks will accept. On this particular property I am looking at, the price listed is pretty much a third of what properties are worth in the neighborhood and it is very low. I am wondering if this price listed is just a number the listing agent made up in order to get the property listed?
Does the price listed and my offer have anything to do with each other?
The property is in another city that I am planning on moving to. I have not gone to see it yet. I am doing some research now on the process of the short sale before going any further on it.