I made an offer on a house that the market value is 129,000
186,000 is owed on it and I made an offer of $ 70,000 cash . Seller haqs already agreed to sell short and an attorney for the bank is handling it . The offer was made on Thursday and have until the 15th of this month to approve or / deny . My question is do any of you think my bid is to low ? My realtor says cash offers are the best . I live in North Florida market is starting to pick up here . Also if I have not heard from them by the 15th does my agent need to resubmit ?

Well if it's true that the Market Value is $129,000, then your Offer certainly wasn't TOO HIGH !

There is no second chance with Banks. You bid what you think the house is worth to you. There is no room for Games

Well the agent told me taht I have put in tnhe highest offer so far . What do you suggest tjhat I offer ?

Is your agent the listing agent

no shes not but was listed with the office that she works for

Then she did not work in the best interest of the sell or you: As Real Estate Agents, we are not allowed to disclose, pending offers. The buyers should bid what they think the house is worth to them.

Questions you should ask your self
1: What is this house worth to you?
2: What is the market value for this house?
3. What are similar homes sold for in the area?
4. Did your agent do a CMA to educate you as to the area value?

Actually you can disclose pending offers with the sellers permission. Generally sellers on short sales don't care as they get no money from the sale. Occasionally if it is an FHA loan on the short sale they will get 1,000 to 1,500 dollars to help relocate.

If you the buyer just submitted an offer and want an approval in 10 days you are dreaming or smoking the good stuff. Now if a BPO or Appraisal depending on loan type has been completed and all sellers requested financials are in then getting an answer faster is possible.

There are so many factors like which company is servicing the loan or loans,how many loans the property has,extra liens on the property (judgements,tax liens,mechanics liens etc.),and which banks own the loan or loans.

Good luck. With the individual complexities of each short sale it is impossible to answer your question on here.