If you have not noticed the Housing Market across America is depressing more and more. Realtors in general are now jumping on the short sale bandwagon. Short sales are simply when the bank agrees to release the lien on a property for less then is actually owed on the property. It should be noted there are more than the single option of a short sale. The other options include short payoffs, rate and term adjustments, forebearance agreements, deed in lieu of foreclosure, payment options and more.
DO NOT BE TRAPPED INTO BELIEVING THAT YOU HAVE ONLY ONE OPTION.
If you need more assistance in regard to short sales and the other options available please let me know.