The house shows as a Pending sale in the MLS. It was priced at $205k. The sellers bought it in 9/05 for $459k.
To answer your question about selling quickly, houses under $500k are selling quickly, whether as a short sale, or as a lender REO. In addition to selling quickly, there are usually multiple offers, and it is not unusual - in South Orange County, anyway, for such a property to close escrow at a higher than list price.
This house was listed on 12/3 and went into escrow on 12/30. It will probably close escrow by March 1st, and for a price higher than $205k. ( Short sales typically take a lot longer to guide through escrow.) In addition, the majority of short sales have 5 to 10 prospective buyers "thinking" they are the successful bidder, only to be surprised 2 weeks, or 2 months later, that someone else either outbid them, or out-qualified them.
Lender repossessions ( REO's.) are a much better way to go, in that decisions are usually made in hours or a few days, at most, rather than weeks - or months, like most short sales. If you would like some Realtor assistance to help you look for, locate, and make a successful offer on a lender repo, my 32+ years of local experience will likely serve you well. I can be reached at 949-643-2100. Good luck in your search.