You have already gotten some good advice from some realtors. Here are some tales from the trenches: I have been involved on both the buy and sell side of short sales. In our market, the banks have been surprisingly resistant to approve transactions below full list price. In one case, there were 6 written offers on a house, and the bank rejected all 6, saying that the "value of the house" was higher. I would posit that the most current market value of that house would be represented in those 6 written offers....in two other cases, after months of processing, the bank rejected offers of 90% of list price, saying that they would not accept anything less than full price. I am sure this is not the case for all short sales, but it HAS happened. Recent experience has shown that the bank can put a monkeywrench into an otherwise clean contract if they value the house on the high side. I would not have expected that. So as you go through this process, watch that bank appraisal and if you can, try to get it done early in the process, anbd provide the best data to that appraiser to help them make an informed decision.