Short Sales are showing up more frequently than we would like.  Does it always mean there is an advantage for the buyer?  Not always.  You will need patience, and the uncertainty of knowing if the bank is going to accept your offer.  I recently closed on a short sale in Cliffside Park, NJ of Bergen County.  I put the home on the market in March 2009.  I put the house on the market at a very aggressive price to encourage many offers.  I succeeded.  I got 22 offers, and the home sold for $100,000 over the asking price.  I had the right buyer.  She hung in there through all of the months of waiting, appraisals, inspections, and knew that no credits would be given for any defects.  Through many negotiations with the bank, and being handed over to many different negotiators, we finally closed in March of 2010.  Is a Short Sale for you?  You decide.