Short Sales are a different breed of home sales. Unlike ordinary sales where you're only dealing with a seller, a short sale also includes dealing with the seller's lender. Nearly every aspect of the sale will be agreed to by the lender, including price.

If a seller asks us to list their home as a short sale, we ask them if they'd rather remain in the home if they could afford to. If their answer is yes, we help them contact their lender and try to have their loan modified. (Read more "Free Foreclosure Help" link on the left)

We typically avoid advertising short sales here because of the frustration involved for both the buyer and seller. If the "short" amount isn't negotiated and set by the lender, it may take several months or more before you hear an answer to your offer. Sometimes you never hear back from the lender.

If you have the time and want to pursue a short sale and don't care how long it takes or wait a month or two to see if the bank is willing to negotiate, then a short sale is for you.

Are short sales a waste of time? Many buyers, sellers and agents will say yes, but a small percentage of them do close. The remainder become foreclosures or taken off the market if the owners loan is modified.

Many homes that are foreclosed and put up for sale are priced lower than when they were previously on the market as a short sale.