Best way to buy is with cash or through Homepath foreclosures program financing.
Condos are not easily financeable, California Club included.
Pick a good real estate agent, get pre-approved for a Homepath financing, so you are ready.
Short sales may or may not happen.
Short sales lenders have to approve both the seller and the property.
They want to make sure that they "forgive" the seller because the seller is in deep hardship.
And - that the property is not sold below about 95% of market value.
So, when a buyer makes an offer, besides waiting for months, a lot of things can happen.
Your offer could become too low (property values go higher), the seller can find a job and become solvent (not broke any longer), the seller can choose a loan modification etc...
Foreclosures are usually a more sure way of buying.
However, when buying a condo, condo associations could have their unresolved maintenance fees argument with the foreclosure lender, which could slow down or kill the deal.
Make sure to check the property for mold and other serious issues.
Too many to handle - don't buy!
Hope this helps,
Beachfront Realty, Inc.