A Short Sale is when a property sells for less than the balance owed on its mortgage. A short sale can be an underwater home, an apartment building or even vacant land. If there is a mortgage balance that is greater than the market value of the home, that property is a short sale. There are 4 essential ingredients to a short sale: 1) A property needs to be underwater or worth less than its balance owed on its mortgage. 2) A bank that is willing to allow a short sale 3) A seller with a hardship for example a job loss or sickness. 4) A buyer willing to purchase the underwater property. Short sales have been a great option for buyers that are looking for a deal. If you are bidding on a short sale patience is a virtue. The key to getting a good deal on a short sale is to be the first bidder to make an offer and push to have your offer submitted to the bank as only one offer can be sent. Let us know if we can assist you with a short sale. We can help guild you in finding a great home at a discounted price.