A short sale is a home for sale where the Seller owes more money than the market value of the property.  In essence the Seller would have to bring monies to closing to pay off the difference of the loan balance and closing costs.  As most Sellers do not have the funds to do that, they submit to the lien holder (Bank) to forgive the difference.  The process is sometimes very arduous, lengthy (two to six months to close) and is fraught with risk. Don’t get me wrong, there are some fantastic deals to be had in short sales.  However, it requires a buyer with extreme patience, willing to do work on the property and more.  For more information, feel free to contact us directly.