re: anyone bought a house in short sale?

We did in New Orleans. Guy had 3 mortgages (2 Banks + SBA loan) and owed about $72,000 more than we purchased for. We put in the offer August 19th and closed December 31st. You have to be willing to wait it out and have patience. My wife was an emotional roller coaster during the whole process because we were close one minute and miles away the next. She "fell in love" with the house which made it much worse for her than me. We did finally close and now have a great house but it is definitely not for everyone. We also had a broker whose husband specializes in short sales and I think that made the difference in the end because GMAC was awful.

Last thing. A bank will RARELY ever make any repairs and so the most you can hope for are "concessions" at the closing.