I’m working on a story about short sales, and I’m wondering if you’ve participated in one or are thinking about it – on the buy or sell side. A short sale essentially unloads a property for less than what’s owed on its mortgage or construction loan. The bank agrees to the deal and cuts its losses to avoid the hassle of foreclosure.

I have found dozens of short-sale listings in the South Sound, though they amount to less than 2 percent of what’s listed. Still, these discounted yet potentially complicated deals are out there and I’d like to know your thoughts on the concept.

So far, I can offer two anecdotes. One from Browns Point, where an under-construction home originally listed at more than $1 million is now listed for half that with an offer being negotiated. The agent tells me it will sell for somewhere between the new $499,950 list price and the more than $700,000 owed on the construction loan. The second anecdote comes from friends of mine in California who tried to purchase a short-sale condo over the summer. The bank took so long to negotiate (we're talking months), they finally gave up.

Any thoughts or anecdotes of your own?