Is anyone buying short sales anymore?

[Danny Day]

I'm wondering if anyone is even considering short sales as a buy. I've never had a good expierence with a short sale, always due to the bank dragging their feet and delaying the deal.

Buyers get antsy and walk away. Deals are not approved before they are listed. BPO comes in higher than list amount. Banks must get approval from 15 different departments.

Is it worth buying?

I'm going to do a analysis on the Houston market for short sales compared to foreclosures, on list price to sale price percentage, to see which ones get the steepest discounts.

I'm guessing short sales, but who wants to go through that process? Who does?

[J Scott]

I put in a decent number of offers on short sales that are being listed and negotiated by someone else. It doesn't take much time to put in the offer, and even if I only get 1 out of 20 for the price I want -- and even if it takes 6 months -- it's still another deal.