Inventory is very low in Santa Clarita and houses are going out in multiple offers. There was a time when short sales were harder to sell so some agents would price them really low just to generate an offer and get the processes started.
The banks however get their own appraisal on the house and usually want more money. The first buyer usually backs out because their offer in was an unrealistic price.
In this challenging market an experienced agent is more important than ever.
It's a short sale that has already received an offer, and is either under contract, and or in escrow. I feel that property is priced below market value. Which is somewhat common, for short sales. However, that does NOT mean the bank will approve that price, when doing their due-diligence, to either deny or approve the short sale.
You can contact me anytime for more information on this particular home, or others in that same neighborhood. I'd be happy to tell you which homes are actually available to you for consideration. Have a great day! - Robert