I just wanted to update this website with a Short Sale Real Estate Tips resource below:
Tips About Short Sales-VISIT
What I tell many people to explain what a short sale is, in a nutshell, I say it is a home for sale on the market, short of what the seller owes the bank. Example, If a seller owes $200,000 on his or her mortgage and the list price is $190,000, then if the seller gets a full price offer, they will need to present to the bank, short of what they owe. An offer for $190,000.
This process is a lot more organized than it was around 2006 when the bubble burst, but can still be a long process, so be patient.