I was in a short sale escrow that after many months the bank finally accepted. I was the one that backed out b/c it didn’t appraise. I think if you have patience, short sales can work. Remember, I’m still going the FHA route, too.
In my case, I think considering it’s spring and people are more inclined to buy (particularly before the 8k credit expired), if the place was worth it, it would be in escrow again. Since it’s active 2 months now, I think the banks are being foolish for not reducing.
sdc – what sdr said. The place may come back on the market again. Keep an eye on it. And if it’s a lower comp, it may cause other homes in the area to be priced accordingly. Don’t be discouraged or too frustrated. Things happen for a reason. Something better may come along. You never know.
