I have people ask me all the time about Short Sales. These occur when a person needs to sell their house because they can no longer afford it and the amount they owe on the property is greater than the mortgage being held. This puts the Bank in the middle as a third party to whom you have to seek approval from. The first step is the seller qualifying for the Short Sale (lack of income, etc.) then the bank has to accept an offer from a potential buyer. If you are thinking of trying to buy a Short Sale put on your patience cap and get ready to wait. They provide a good opportunity but at the same time they can take a long time and most of the time do not pan out.