With the foreclosure market on pause, many people are beginning to talk to their agents about short sales. Now don't let the name fool you. It is not a short process by any means. Most short sales take longer to finalize than regular listings, but they do have the discounted appeal that draws most buyers' attention. Both the sellers and the property must qualify for a short sale with the lender, not all will be approved. A short sale is when the owner can no longer continue paying the mortgage and is working with the lender to have the home sold to pay off some of the remaining balance. It's similar to a foreclosure except the homeowner is cooperating with the process. If time is of the essence, you probably will not want to go the short sale route when buying a home. It is only wise to go forth if you have a lot of patience and you absolutely love the property. Otherwise, it might not be worth all the extra waiting and paperwork. Talk to your licensed agent to see if a short sale might be a good idea for you.

Blog inspired by article written by Sarah Max featured in The Wall Street Journal and can be seen here: http://online.wsj.com/article/SB10001424052748703794104575546312207379980.html?mod=WSJ_RealEstate_LEADTopNews