Short sales can be a very lengthy process as stated below and will definitely try your patience. If the home is really the one your want and you have time to wait (my last one took 4 months to complete), go for it!
From price stand point it looks like a good deal but who knows until analysed!!
I have closed on short sales and it takes a very aggressive agent to get it done in less than the 60 - 90 day window the lender initially states. Make sure you have an agent that is experienced in working the short sales so they can get all the paperwork pushed through on the 1st submission.
I have seen great deals on Short sales here and I have seen nightmare's. It all comes down to your personal timeline and what your plans are for the house.
Great question and good luck!
Wilkinson & Associates
Do you really like this house? Or are you just thinking of buying it because it seems like a great deal? If you really like it, it might be worth pursuing. Just be aware that short sales take a great deal of time and patience; they're not for the faint of heart!
You really need to ask your agent to provide you with comps to determine the actual value based on recent sales. Once you have this information, you'll have a better idea if it's a good deal or not.