Short Sales provide an opportunity to get out from underneath a home that is worth less than you owe on it and can be a good deal for a buyer, but beware this is one trip where it is the destination and not the journey that makes the experience worthwhile.
With challenges presented by unresponsive or uncaring banks that oftentimes appear to act completely irrationally, the process is typically not a lot of fun for any of the parties involved.
This New York Times article compares them to a roller coaster ride with lots of uncertainty and many ups and downs.
You need to understand what you are getting into before signing a purchase agreement and appreciate the consequences of getting approved for a short sale. It can help to have a real estate professional assist you through the nuances of the process, but even then buying or selling a house won't be like the boom days of just a few years ago.
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