buying a short sale, mortgage short salePeople have been learning that buying a short sale can take a lot longer than buying a conventional home. The banks have allowed owners who owe more on a home than it's worth to sell the home as a mortgage short sale, which helps both the bank and the current owners to avoid foreclosure, but when buyers bid on these homes, it takes the bank a while to process the bid.

Some people believe buying a short sale is worth the wait because they get a lot of home for their money. I've read reports where people are buying a short sale for tens of thousands of dollars less than neighboring homes. If you have patience and are considering buying a short sale, it's worth it to hang in there while you go through the process of submitting your bid and having it accepted. If you use an experienced short sale Realtor who can help you with buying a short sale, he or she can advise you on how to bid on the property, and whether the bank is entertaining more than your bid, and how much over or under the appraised value you should go to "win" the home.