This site will go more into detail explaining short sales.  In short (sorry for the pun) a "short sale" is when the seller owes more for the home then the value plus any cost associated with selling.  The third party approval the seller needs is the lender.  The lender has to approve of course receiving less money back then the seller owes.  You may wonder why the bank would take less money than is due, it's because if a bank goes through foreclosure the cost of the foreclosure will be added on top of the banks cost. 

Many buyers looking for Orlando homes for sale start out looking at "short sales" for that deal of a century.  Not uncommon though frustration sets in when buyers spend a lot of time and energy putting in offers and not hearing back and watching banks take other offers. One of the strategies agents take in short sales is to list the home under what a bank may accept, understanding no one knows for sure what that number is.  What this strategy does is gets more buyers looking at the home and therefore more offers an agent summits for approval.  The bank then waits for the best offer which many times can be over the list price. Don't get me wrong there are deals to be made in short sales but you need to be patient and also a little realistic of the value of a home.  The bank of course is trying to get as much as they can for the home and are not willing to just give it away and would rather wait it out. 

Really, some of the better deals can be BANK OWNED.  Here there is no seller or I should say not your typical seller, the bank now owns the home. They tend to get back usually within 48 to 72 hours of an offer compared to 7 to 10 weeks for short sales.  Other great deals can be found with your everyday motivated sellers and don't forget inventory homes by the builder (which are homes that are already built).  I always recommend talking to an attorney with any real estate transaction.

For Orlando homes for sale updated throughout the day!