It wasn’t that long ago there wasn’t anything short about short sales. Today’s market is REO ( bank owned ) and short sale driven and thankfully, this process is getting faster and better with time. The short sale involves a bank agreeing to allow the home to be sold for less than the money owed. Short sales have always been around just not to the extent of today’s market. With more and more banks streamlining the process and the ability of seller’s to price homes aggressively, there are definately buys to be had with a short sale. Are short sales guaranteed to close? No. Are short sales fast and easy? It’s definately getting better and the percentage of homes closing is higher. Short sales might not be for the faint of heart that need a guarantee but if you’re willing to do your homework and make offers, you might end up with a very sweet deal on a house the seller probably paid hundreds of thousands more for, just a few years ago. Other than the lender approval, everything else including inspections, contingencies, etc. is treated like a standard sale and not avoiding short sales because of a few unknowns will certainly open up a large segment of the market to you. Many homeowners have come to the conclusion that the market is not going to go up as fast as their adjustable mortgage payment is, leaving them stuck in a house they owe more on and needing to move forward with their life. For some homeowners, selling their home in a short sale and being able to move forward can be the best alternative out there.