Hope the bank approves the short sale and then finds out the agent misrepresented the seller and the bank. And the property was worth a lot more than what the agent is saying its worth.
The short sale will require the previous owner to wait 3 years to buy again via FHA. I am able to provide financing for owner occupied properties via cash, owner financing, regardless of credit history, so that Realtor's don't have to wait 3 years. Down payment is optional. Certain requirements apply and there is a minimum loan amount.
Magic would be nice...
In the past, when the market was declining and the property condition was very poor and detiriorating, and there still were comps for bpo that supported the value (at least 2 lower comps) - it could happen.
Otherwise - the banks are much better in evaluating the short saled properties now, so magic is needed more often...
Hope this helps,
Beachfront Realty, Inc.