A Short Sale is a property that sells for less than the balance owed on the loan to the bank. It is in the bank's best interest to approve the short sale if the bank will make more money than through a foreclosure. Not all properties qualifies as a potential short sale. A bank must agree to grant a short sale.
A buyer considering the purchase of a Short Sale must have some Patience! Some buyers wait as long as 6 months or more for a response then to only be told "NO". Buyers sometimes gravitate toward Short Sales because of the attractive price or they tend to think the sellers are desperate. Those are not also the facts.
Just be careful if you are considering a Short Sale and do your homework.... or have a Buyer's Agent to assist you!