A great place to start is to define what a Short Sale is. A Short Sale is an agreement with a lender where a home is sold for less than what is owed. The bank or lender agrees to accept the short sale based on hardships, which are outlined in this video. As the seller, you pay no commissions or closing costs, and sell the house as-is, and you keep your personal property.
I encourage you to watch this video clip. If you have any further questions about short sales or avoiding foreclosure, please call me at 480.354.7344 or use the Short Sale Calculator to see how you stand.