The percentage of short sales that ever sell before being foreclosed are tiny. Maybe 5% to 10%, with one of the main problem being more than one mortage company involved. Even with just one mortgage company involved, they are still often unwilling and unable to successfully close transactions. You are so much better off putting in an offer on an REO. The banks at that point are ready to sell and best of all you have access to the "yes man" as we like to call them. There is someone available to make a decision and pull the trigger, unlike a a short sale. The REO stands for Real Estate Owned, as in real estate the bank now owns. They are much easier to close and generally you get a responce within 2 to 7 business days if not quicker. I was a real estate paralegal for 10 years before getting into real estate about 20 years ago so the legal background comes in handy on these short sales and foreclosures. If you need any further help, please don't hesitate to call me at 407-898-9090.