Belt Auction - I bid 360k on a short sale that was listed for 379K is it enough?

I bid 360k on a short sale that was listed for 379K is it enough?

I bid 360K on a short sale on Long Island NY, it has been on the market since 01/07/09 for 399k and the price was dropped to 379k on 02/28/09. On 03/16/09 I low balled them and bid 330k and was told by my agent an hour later that they have another bid in that is close to the asking price. I then raised my offer to 360k. My real estate agent then told me that all offers would be presented to the bank for approval and that I would hear back in a week or so. After thinking it over I then went on zillow.com and it said that this property had been sold on 11/27/06 for 360k. My questions are do I have a reasonable offer on the table? Was the bank playing car salesman when it stated they had other offers closer to the asking price? Since the house was purchased for 360k in 2006 shouldnt my price satify the money owed to the bank and then some Update: the house is priced on the money and since 2006 it has some updating. Also some neighborhoods on long Island have not dropped off as much as others.

Public Comments

In my opinion Tim 360k is too high for a property that is listed at 399k. We are heading into a real property slump this year within NYC. Not sure about Long Island, which may have already been hit. I am lining up a condo in Brooklyn, listed at $480,000 and my initial offer will be $400,000. The place was originally bought by the current owners for $385,000 in 2006. Can you confirm what you mean by a short sale? Thanks.
First of all wow You wasted all your money just for one house! and not be getting anything out of it. Sorry to say but you didnt take time to think about it. You could have bought 10 houses with that money in other short sales.
If it went for $360K in 2006, it should be worth 60% to 70% of that now (about $250K max). Check with your agent to see if he can do a comparison in your area. If he says $360 is a good price and the other agent says someone else put in an offer near the asking price, let them have it for that higher price. Another one will come along soon enough. And, you don't want to purchase something for more than it's worth, otherwise you could have financing problems. I bought a condo here in San Diego last year for $202K (the asking price) after my agent found that $385K was owed on it from 2007. And, according to my property tax bill, it was being taxed on a basis (original selling price) of $215K in 2004, which is when it went through a condo conversion. And when I bought it, it appraised for $225K. That's why I say that $379K asking price has to be higher than what it's worth. If that price is correct, it has actually increased in value since 2006, which simply can't be right. That's when prices were near peak highs before the bubble burst (in California, anyway).
I think thats fair enough price.
yes that is totally right
who knows as they may have refinanced the home since the purchase date. They may owe a lot more now