Short Sale...lender response

A short sale Fairfax model in Bay Meadow has come back on the market with a "bank approved" price of $205,000. The home was under contract at one point but the buyer did not consumate the deal.

The seller on this home purchased it in September of 2005...almost the exact high point...for $397,900...almost $220/sq ft , and it appears that they financed 100% of the purchase via what is known as an 80/20 loan...this is where the buyer gets an 80% 1st mortgage, usually to avoid the payment of PMI, then concurrently gets a 20% home equity line of credit to cover the rest.