I bought a short sale in 1995. First offer was a low ball 30% less than list. I had my agent call back a month later and ask what they thought of my offer. They countered verbally with a little over 20% off from where the price was when I had made the offer. We closed escrow in mostly normal fashion. Maybe a few years into this short sales will be working more smoothly. I think the bank has to be ready that’s all. I would not hesitate to do it again for myself or a client. I was lookinng at an REO a few months ago and their were too many people intersted in it so that was a pain. I take the attitude that you never know. and it doesn’t take much to put in an offer. Then I say look at it this way…”If not this something better” and go on about the business of driving a bargain. It always turns out to be something better. It takes work and patience most of the time.