The first thing that will help you more than anything is to work with an agent who is profeicient in dealing with the mortgage companies on short sales as it is a very difficult process at times. If you have further questions, we provide coaching, training, representation, and referral service to your local area for short sales.

One of the questions to ask is if the bank has already approved a short sell. Usually, they will wait for an offer to come in along with the seller's financial situation before they even start to consider a short sell. The process may be long and the buyer has to have patience as the banks are swamped with foreclosures and short sell request. So, if the buyer has time and patience and are ready to buy with good financial credentials they came find some great deals through short sell.

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. A lot of lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes.