Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Buying a Short Sale
As a buyer watching the real estate market, you are undoubtedly aware that there are more "short sale" properties on the market, at least in many areas. A short sale is a home where the market value of the property is LESS than the loan amount owed to one or more lenders. And buyers often believe that these are the best deals, along with foreclosures.
Note that there may be state or regional differences in the requirements and paperwork - ask your agent.
Don't be scared off by these short sale properties as they may turn out to be a great deal for you.
But you need to know a few things before you decide IF you want to pursue a short sale purchase:
A seller must disclose if the home either IS a short sale or likely will be due to the market value. A short sale MUST be approved by the lender. Even though a seller might accept your offer, it will be subject to approval by the lender Lender will (likely) send out an appraiser to evaluate the property in light of recent sales - they are looking for market value, too, and you cannot expect a short sale to ... more

__________________________________________________
Are you on The Rain? Grow Your Network!