A short sale is when the bank is petitioned to accept a sale of the mortgaged home for less than they are owed.
Due to banks' inability to staff their loss mitigation departments adequately and train those people and ude to general lack of care, a short sales tends to be a drawn out, long and unreliable process for both seller and buyer.
If you're a buyer I would stay away from short sales with Bank Of America and Green Tree. However, most big banks tend to take a long time, and if you're unlucky you'd get an uncooperative negotiator.
If you ARE lucky and your realtor knows what he/she is doing you might be just fine.
Faith Home Loans