Short Sale Snag 

 The meaning of a short sale is a lending institution (bank) allowing one of its client or borrower to sell a property for less than what is owed, when the borrower falls behind in monthly payments, instead of taking the house back in foreclosure, the bank allows the house to be sold for a lower amount (upon approval of a lower price)  than what is owed, with the balance of the debt (Shortage) to be forgiving. As the Real Estate industry explode with short sales you must remember that not all lenders will agree with the sales price of a property that's up for sale. many agents in this office have experienced many different outcomes with various banks , from how fast can the deal be closed to the bank is not willing to take that much of a loss and would prefer to make it (the property) be a part of their inventory in other words foreclose. Now I have been taught that the bank does not want your property , they would rather work something out with the seller/homeowner than to take back the house.Unfortunately the board  in the loss mitigation department with this bank  disagree  with the CMA or comparative market analysis, they disagree with their own BPO or brokers price opinion,they disagree with everything that they have herd in the media, well perhaps those bankers in another state know something more about selling homes in this Florida  Real Estate industry that we as Realtors don't.  Now being part of a network that sees lis pendens (action before foreclosure) as the lenders files them in the county court house. I can tell you first hand that in Broward county alone the count is sometimes over a thousand a week in lis pendens alone.   And to all my active duty millitary friends and associates out there, if the borrower or the borrower's spouse is on active millitary duty. the Civil Relief Act of 2003 prohibits a lender from foreclosing on the mortgage. In addition the borrower may qualify for an intrest rate reduction or even a temporary suspension of mortgage payments.   Know with the real estate industry the way it is and more inventory entering the market, it is now a buyers dream market,  So if you are trying to compete as a seller remember if it is priced right it will be known, it will be seen, and more importantly it will sell. And don't forget our foreign neighbors are still buying our properties and are getting some real good deals, so dont be left out waiting for prices to drop lower .