1541 Derrylin was listed since Oct 10, 2008 as a short sale and was in escrow 3 times. Last list price was $299k. Was withdrawn from the market on March 23. Fannie Mae took charge of home on May 22, 2009 and put on market on May 28 for $302,500. On July 13 the home went pending sale and closed on August 10 for $295k.
This looks like a situation where the lender would have received more money had they been a bit quicker on the short sale. But that's a lot of the reality out there.