Generally speaking as a real estate investor reguardless of method used to purchase or control the property we want to try to get that property at 70% or less of current value! If this house is on the market for $189,000 then a number of professionals have reviewed the comp's (Comparable Market Analysis) and determined this is what the market will bare!
There are two ways lenders look at properties which are a retail and wholesale mind set, if you find an owner in distress who has not listed his property or spoken with their lender then the lender is more likely to look at a wholesale price when a short sale package is created and presented to lender which includes your wholesale offer in contract form!
If you or I are looking around our community or city we see plenty of “Short Sale” properties however if they have already been listed, the listing is for retail pricing (Full Value Set As Price) because if the lender has talked with their borrower and gone through the financials and determined it’s in there advantage to help the original borrower short sale the property they have it listed for retail price!
If market is $189,000 then you should be buying it for $132,300 dollars, and this price being good condition, updated, move in ready condition! If this property needs work it should be deducted from this $132,300 price so $10k in repairs makes the offer $122,300.
There is no way your going to change the banks mind set unless the property is within days of being foreclosed on and after marketing it for months has not recieved a single offer, then you might pull a low ball offer and get it excepted!
I don’t know how you come up with taking over the deed if the deed is for $226,000 and then selling the property for $210,000 if todays FMV (Fair Market Value) is $189,000???
Short sales is a very tough area to work in if your new to real estate! I don’t do short sales today although I have done many simple because I have to many other available properties where I can find out I have a deal and signed contract in 2 or 3 days that I can sell for good profit’s, rather than waiting for weeks, months or even half a year before the lender decides whether and what offer to except for a property!
$189,000 is the agreed short sale price not the deed!!!