I turn and walk away when someones says shortsale as I've seen nothing but lies misinfo and problem associated with them. This is a good article that lays it out better than any i've got time to write.
Enjoy- rb
http://homebuying.about.com/od/4closureshortsales/qt/021208_BuyShort.htm
There is a lot more risk on the buyers side as well. Risk of at any time the transaction not closing. You have a buyer that wants to buy and a seller that wants to sell but neither have the ability to keep the transaction together, even if the bank did "agree" to the short amount. They (the bank) normally doesn't sign anything and you have 2nd mortgages, HELOCS, Mortgage Insurance companies,tax liens, and other liens, that could break the transaction apart at any time.
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