Recently, a home came on the market priced at $325K. A few months later, having not sold, the price was reduced to a $285K short sale. When a buyer made an offer of $235K, the bank never responded. 6 months went by, not a word. The buyer backed out. When the bank foreclosed on the property and listed it as an REO, they priced it at $152K.
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Another property was listed as a short sale for $199K. It never sold. The bank foreclosed, and put the property up for sale for $300K, much closer to its real value. It sold rather quickly, which indicates that the bank never had any intention of selling the property for its short sale list price. These must have been dozens of offers.
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A short sale came on the market for $219K. Given the homes true value of closer to $300K, it went pending rather quickly. Months later, when it sold, it was for a price of $280K.
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For every story of a short sale that went smoothly, there are dozens more that make no sense. Some short sales do work out, and can represent awesome deals. But a buyer needs to buckle up, and hold on for the ride.
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