I am not a fan of short sales. (http://www.lbre.com/pages/news/2008/why_buyers_should_avoid_short_sales.html) . But I am a big fan of analogies. And I finally figured out the most appropriate analogy.
A short sale is like dating a married guy, when what you are looking for is a commitment.
Certainly a married guy may leave his wife. If COULD and DOES happen. But odds are against it, and what about all of the other great guys (other homes) you will miss out on because you are waiting for an unlikely dream.
I am not saying that you shouldn't write an offer on a short sale. But why patiently wait around committed to a seller that can't commit to you. Your smartest move is to stay a free agent and keep looking at all available properties until the time that the real decision maker (the lender) approves the short sale at the price that you wanted.

Labels: short pays, Short sales