If you currently are making the payments and have the resources to continue making them a bank will not consider a short sale. Perhaps you should consider renting the condo and using it as a long term investment. If you are in the same situation as most who bought when you did you will probably be in a negative cash flow situation. If you and your fiance can swing the payments on the new place I would hold on the condo. I would suggest you contact a reliable lender in your area to sit down with you and put together a plan of action. I am dealing with a client in a similar situation and he is working with a local bank to do a portfolio loan rather than one that has to meet Fannie Mae guidelines. Check out all your financial options before you make a move but selling now and having to come up with the cash difference doesn't seem to be a wise move.