My home is currently on the market for a short sale. We currently owe $232k on our townhouse in South NJ. It is on the market for $210k. We received an offer for $185k. Our first mortgage is through WAMU ($184K) and BofA is our second (home equity loan = $48K). Will this offer be good enough for the banks to approve a short sale? How do the lenders determine how much each loan is getting from this sale?

The bank has approved a short sale on $306k and we are planning to offer $275k, do you think that makes sense and we have a chance of getting accepted or will the bank reject us straight away?

i am interested in a short sale property, the lender has already approved the short sale, if my offer is less than the approved amount is there a chance that the lender accepts it? thanx