[quote=ybitz]Can you still tour a house and/or make an offer on a short-sale house that is in contingent status? Or is it already too late at that point?[/quote]

We have offers on two SS right now. Both offers were made when there were other offers in front of ours, but I don’t believe the propties were contingent at the time. Months later we are still in the hunt for both properties.

[quote=ybitz]What’s the consensus on buying short sales these days? Too much hassle for the slim chance of getting a good deal, or worth pursuing? Will the new government program for short sale encourage more underwater owners to put their house up for sale?[/quote]

Distressed properties (REO and SS) are about all we’re looking at. There’s not much on the market, and SSs are a good chunk of what’s there. A little patience is worth the huge amounts of money that you save in our opinion. Admittedly, we haven’t closed on anything yet. A key I think is getting an realtor that knows the SS process really, really well.