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You are still paying what the house is worth, so its not like you are getting much of a "deal". It means the previous owner owes more than they can sell it for. You are not really getting a "deal" unless you plan to keep the property for a long ass time.
Short sale means the seller is motivated, but they are already loosing so you shouldnt look to low ball much more, the bank has to accept your offer, not the seller.
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