It takes a while to get a short sale closed, however, the process on this particular property has already been started. Depending on your immediate needs would determine wheather or not you should pursue shortsales.
This home has been on the market for 25 days and it is still active and doesn't mention any offers. There must be more damage to the property than what we can see in the pictures. The tax value was what Durham County appraised the property at as of 1/1/2008.
If you have any other questions let me know.
Regarding the tax value, yours is a common question; however, tax value and market value have very little to do with one another. As Realtors, we rarely, if ever, look to the tax value to determine a list or offering price.
Feel free to contact me if you are interested in more information.