A short sale is when the bank is willing to accept less than what is owed on the loan. You can end up with a great deal, but you do have to be patient. Lenders do not always respond to your offer as quickly as you would like. Also make sure you are working with a realtor who specializes in these types of sales. Jack Barry, also known as "Short Sale Jack" is a Philadelphia realtor who has a great deal of experience with Short Sales and knows all of the ins and outs of the short sale process.
If you want more information on short sales, including a FAQ section, visit: http://voices.yahoo.com/the-real-estate-short-sale-answers-essential-questions-7540178.html?cat=3
If you are interested in Philadelphia Short Sales, contact Jack Barry at Jackbarry01@gmail.com or by phone at 215-627-3500