Suzanne's response below was well stated.
"Unfortunately 60% of short sales do not go through, but more than half is because of buyers bailing, then nearly half is because the banks come back too high "
Real Estate professionals do track the sales data regarding short sales. For many short sales the process takes nearly a year, in one case of mine over 2 1/2 years, only to fail in the end.
Generally, in Florida, a buyer can save 15% through the purchase of a short sale. In a recent community in which I just published a "Market in a Minute' report, the short sales saved 37%. This is an EXTREMELY rare occurrence.
Short sales are suitable for a select set of buyers. Check with your agent to see if your needs are compatible with a short sale. For over 70% of buyers, short sales have proven to be incompatible in Florida. The complex nature of short sales and assortment of individuals or organizations involved in the process make the successful closing of a short sale, as close to a miracle as anything I have witnessed recently.
If you believe in miracles, short sales may be for you.
However, miracles are not discounted and take an eternity.