A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.

Why Real Estate Short Sales are Profitable
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due.

Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. If you are considering buying a short sale, there could be drawbacks. For your protection, we suggest that all borrowers: 

• Obtain legal advice from a competent real estate lawyer
• Call an accountant to discuss tax ramifications

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.

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