There are many more homes that are considered short sales.  What is a short sale?  It is when the current homeowner owes more to the bank than what they can sell it for. 

If you are a homeowner, there is a process to selling your home.  Contact a qualified agent who has experience in handling this process.  Bank requirements are all different.                             

Purchasers, if you are looking for these kinds of sales, or happen to come across them in your home search travels, the process takes time.  You may be required to go to contract on the home before you even have an answer on your offer.  The length of

time to find out the answer varies from bank to bank.  Homes are sold 'as is', so make certain that you know what the repairs will be on the home.