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If you're asking yourself what is a short sale, read further.

A short sale is property in which the amount owned on the home exceeds the value of the home.  With real estate prices dropping over twenty percent in some places last year, it's easy to see why homeowners who bought in the last couple years (even those who bought with 20% downpayment) are underwater.  The reality is, many homes especially in the newer neighborhoods are underwater. 

That said, the statistics for short sales that close is 30 percent.  That means on average, if you submit an offer and have mutual acceptance, spend all the time and energy on putting an offer on a property, after 60-90 days the short sale is likely to fall through and force you to go back to the drawing board.

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