Currently in the Fresno, CA market only about 5% of homes listed as short sales close successfully. That statistic seems to be changing for the better in the past few months however. Lenders are increasingly more open to negotiating a short sale and are better equipped to handle the volume.
But, it is important to explore the other options outlined in the answers below prior to entering the path of a short sale. Once you commit to that path, if your home doesn't succeed as a short sale it will foreclose.
Choosing a qualified short sale agent is critical to increasing your chances of success. Ask an agent how many short sales they have successfully closed, how many total short sales they have had and whether they have worked with your bank in the past. Also, how often do they check in with the bank for updates? Right now about 50% of my short sale listings close successfully. If you would like more information regarding whether a short sale may be the best option,I can provide a free, professional assessment at
http://www.homesinfresno.com/selling-short-sales.asp
You can also learn more about my team at
http://www.homesinfresno.com/meet-the-team.asp - Sun Sep 28 2008, 11:46