Previous short sale canceled and still owned?

[Ken Frauenthal]

Hello,

I'm a newly licensed agent and hopeful wholesaler in the Phoenix area. I have been jogging my neighborhood lately and have taken notice of any 'run down' looking properties (jogging for dollars, if you will). Of the several I've found, one looks hopeful but it's history is a bit confusing...

The property looks like it is empty - I've driven by and ran by several times in the past few weeks but haven't seen any activity. There is some damage on the outside, and the yard (what we call yards in Phoenix, at least) is unkept. Doing an MLS search for it, it was listed in 2010 for less than half it's purchase price, and the realtor notes say it is an approved short sale with no offers. But, it was cancelled half-way through the year. The tax records indicate that the taxes are up to date, and there are no changes in title (not even to a bank) from the original owner.

Is this a dead end? Worth while pursuing? There's even the old realtor's sign post still in the yard, so I find it hard to believe the person brought the mortgage up to date before the short sale to save his home if he's not going to live in it...

Thanks, I look forward to hearing what I should do next!