Hi, I'm new to this forum and to the short sale scene so pardon me if my questions are dumb.

We found a house we really like here in Florida (Gulf Coast) and are trying to get the best deal for it, We have a set budget of $175k-180k.

Bank (Chase/Morgan) already approved twice a $190k offer but both times the deal fell through on the buyer's side.

I read on some places online that banks will accept offers ~80-85% off BPO so based on that, I submitted an offer for $175k

Here are some numbers/ Info I gathered (hope I got them right)

Asking price: $199k

BPO: ~$210k

My offer: $175k

 Amount owed: 1st Lien ~$240k, 2nd lien: ~$30k (same bank for both liens)

2nd lien holder only gets $5000 out of the sale

Type of loan: unknown yet (guessing conventional? Seller bought the lot, I'm guessing that's what the 2nd lien if for and had the house built)

The real estate agent is sending our offer out to the bank (seller just signed) along with some "low ball" offers (not signed by seller) hoping to get a bank approval.

So how does these numbers look to you? Any chances on having this offer approved by Chase/Morgan?

Thanks!