I came across this great informational video clip regarding short sales (link below)
If you are facing possible foreclosure on your home, consider a short sale and keep your credit clean...Buyers, if you are looking for a really good deal, then consider a short sale verses a foreclosure. When a home forecloses, Banks usually relist the bank owned property at or above market value since they have already lost more money foreclosing, because they are trying to get as much as possible back. With a short sale, a lender will consider a payoff amount much lower than market value verses foreclosing and risk having another home on their hands, this usually allows a buyer to walk into a nice line of equity upon purchase. The downside to short sales is that it is not a short sale, meaning, it can take up to 30 days for a bank to finally accept or respond to your offer and another 30 - 60 days (or more) before it will close.
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