question on short sale (follow my question to Miat yesterday)

Please see my yesterday's post below.
Since this is a short sale, is there any risk if we decide to make an offer? (I have seen the inside condition yet, but I know it is rented out for $4000 per month now. The owner will stop paying the mortgage in 3 months. )

old post:
Hi, Miat, I'm in a state where the economic is probably the best in the current condition in US. Unemployment rate is the lowest. Housing market is slowing down now. But price drop is only 5-10%. Average price is now about $300K for a 3000 sq ft house.
In this kind of state, what do you expect for further dropping?
Currently I found a new house on short sale in a normal/good school district area. The normal price should be like $600K (5600 sq ft), but it only asked for $400K. I'm thinking to change to a bigger house like this. Do you think this is a good deal now? If I wait longer, will I miss the bus?
More details:
The peak price in 2007 was over 700K. Also this house is in an old school district area surrounding by 50-year-old houses pricing $250-350K. This area is just adjacent to the best school in the city, only 5 miles away to downtown. Very convenient to everything. Usually there are no almost land to build any new houses. This is a rare new house built in 2006.

所有跟帖： 

• how can a owner get a short sale while he is still paying the mo -hmo- ♂ (156 bytes) () 12/31/2008 postreply 09:20:33

• 回复：how can a owner get a short sale while he is still paying the -sourbaby- ♀ (545 bytes) () 12/31/2008 postreply 10:22:29

• 回复：回复：how can a owner get a short sale while he is still paying -hmo- ♂ (204 bytes) () 12/31/2008 postreply 12:25:07

• Short sale price does not mean much -dslr- ♂ (152 bytes) () 12/31/2008 postreply 19:44:01