Short sales have gotten more and more common in the past few years, since the real estate bubble popped and banks have become more eager to avoid the costly foreclosure process. While a short sale can be a long and frustrating ordeal, the end result is really a win for all of the parties involved. The seller is no longer saddled with that debt, the buyer gets the property at a bargain and even the bank often benefits in the end.
Whether you're selling or buying, there are a few things to keep in mind if you're considering a short sale. Let's take a look at some of the most important ones.