I finally closed a Short-Sale.

It actually happened, I closed a Short-Sale in Lynnwood for my Buyer clients (albeit closed about a month later than originally planned.) I've read that only about 25% actually close and that doesn't surprise me. The Listing agent does a lot of work in the north end and does a lot of Short-Sales. His personal experience is that they can and do fall apart all the time, even up to the day before closing. Lessons learned; don't plan on hearing quickly from the lien holders on the house and once you do they usually want very quick action. Short-Sale Sellers have nothing to lose so it's have to hold them to the contract. You have to be VERY diligent to make sure the contract is followed and the home is clean and trash-free by closing. If they don't perform your only recourse is to walk from the deal, which would usually be within days of closing.