A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $500,000. The market value of the home is $350,000. Long story short, the lender accepts the offer for $350,000 and the home is sold.

That's a short sale.

Why are lenders so eager to take such a huge discount? Banks do not like bad loans. If they see an opportunity where they can sell the property without the huge loss of a foreclosure, they will do it. Some lenders report that if the home goes into foreclosure by the time the home actually closes with the new buyer, the lender will be lucky to net 50% of the original loan balance.

Bottom line from the lenders perspective!

They are in the business of lending money, not owning homes. If they can accept a short sale offer and rid themselves of the bad loan AND net more, verses the home going into foreclosure, they will do it every time. It's simply smart business.
Time is not on your side when you are considering a short sale. You must act quickly and work only with an agent who is knowledgeable and certified in Short Sales who will not just take your listing. The agent you choose must be able to prepare the entire package, counsel you on your options and be able to market your home and price it to sell.

So What is A Certified Agent In Short Sales!

Many agents in the Real Estate Business are going after homeowners who are underwater or behind in their mortgage payments simply because they see opportunity to make money in this market. The problem comes in when they are giving out bad information, like telling people not to pay their mortgage payment when they are able too.

A trained professional will be able to evaluate your personal situation and provide a detailed program and a plan of attack to resolve your issues.

When you are ready to submit your request the package is professional prepared with every document that the bank needs and wants to see and they are in the proper order.

What happens if the package to the bank is not complete?

If the agent you select does not prepare the package completely and in its entirety the bank will just toss your package in the trash and your agent and you will not know what is going on with your short sale approval. Tim G Robbins