You are definitely not the odd ball.  

This is purely an issue of old lien not off the records as someone dropped the ball. 

Whoever was handling the short sale either dropped the ball, or couldn't negotiate a settlement satisfactory to the hoa.

Is the realtor your best friend’s nephew’s daughter’s mom recommended getting frustrated with your multiple low ball offers?

They don't know you and can't be sure you won't bail at the 1st bump in the road or if another shiny ball bounces in front of you.Just as importantly, you trying to finance 110% (40% from owner + 70% from HML).

Also, Yes you are correct that 200 days is horrible and they are probably getting angry with each other and want their inheritance money by now.My guess would be that the property is fully paid off and they have the luxury of time to wait without mortgage payments.I suspect the property is in rough shape and investors have been low balling them and they haven't dealt with reality yet.

A good agent  who works the area in question (I only do the tiniest parts of Anne Arundel near Laurel, Crofton, so I wouldnt know) or a landlord with several rentals in the area should be able to give you a ball park idea of rental demand in an area, how long it will take to rent a unit out, how many applications you might see, what type of tenant base you are looking at.

IE you could put a ball down on the back door and it would roll right out the front door.. so imagine as a lender you get a house back half finished and all goofed up LOL.these are the realties when lending on new construction. not to mention your GC does not pay subs etc etc.It very serious in Orygun were a properly filed materialman lien is a super lien IE jumps in front of the construction loan... ask me how I know :(out our way we have banks that will do loans for owner occ ... but your not going ot get into them with a low down profile.. need substantial equity and a builder the bank approves.

Thank you Neil, I really appreciate your input I am going to talk to a agent asap and get this ball rolling.

its a classic sub too rip the rents scenario.. and why I personally think Sub too is extremely dangerous for the average seller.. there are NO assumptions any more.. banks dont' do that.your person who is on the loan has now got her credit trashed because of this.. they don't own the home its a nightmare situation.. of the first order.you would have to find the sleaze ball who bought the deal and get them to deed it to you..