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Short Sale NJ

So in this crazy market, where I have lost out on a house with an offer 30k over asking. I have stumbled across a beautiful house where the price was lower than the market and had been sitting for over 90 days. I asked my realtor to dig up why it had been sitting, come to find out is a short sale. I have decided to make an offer 30% below comps in the area. I would like to know a couple of things from folks in this sub that have experience with short sales.

  1. Should I expect that the bank will accept an offer 20-30% under market value in this market? House has an above ground oil tank, wondering if that helps my case.

  2. The sellers attorney will be negotiating the short sale. According to my lawyer, the sellers attorney is known for doing short sales, so he trusts that's we are in good hands. What addendum can be added that will allow me to back out of the deal should another opportunity come up?

submitted by /u/TheFifthLetter175
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source https://www.reddit.com/r/RealEstate/comments/jkmwy1/short_sale_nj/
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