As others have stated this is a 55+ Community, no pets, $490 monthly maintenance, 2011 taxes were $3056 and a "Short Sale" that is showing Active with Contract meaning there is a ratified contract between the Seller and Buyer contingent on the Seller's lender(s) approval, since the price of the condo is less than the Debt.
The reason "Short Sales" (which are anything but short) are left Active with Contract is to be able to accept back up offers, incase the first buyer gets tired of waiting. Lenders are requiring a minimum commitment and escrow deposit from Buyers (they want to see that the Buyer has skin in the game). After the 3-4 month waiting period, which is often extended, the Buyer may choose to walk. There is no guarantee, even with a full price that the lender will accept the offer. Sometimes Buyers will wait for months, only to have the lender say No they are going to foreclose instead. Lenders are looking at how they will lose the least amount. Lenders are also looking to get closer and closer to market value. Some people think just because it is a short sale they can low ball offer....this is NOT the case. Also even if there is only one loan, one lender it may have been sold off to multiple investors and now each investor has to agree to the terms in order to close a short sale.
If you have time contraints that you need to be in a home by a certain date ...whether 1 month or 6, any time restriction is probably not a good candidate for a short sale. There are no guarantees it will ever close. The fall through rate is very high.
Sometimes the best deals are the homes with equity and motivated Sellers. I usually tell clients..if you have NO time contraints you can look at everything, but don't limit yourself to bank owned or short sale properties. If you have ANY deadlines...avoid short sales.
I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761