From the LA Times:
How to unload your home through a short sale
This is helpful information not only for sellers, but for buyers, too. Buyers need to know where the seller is in the process. If the seller has not taken the proper steps, and is not working with an agent that knows how to handle a short sale, then writing an offer is likely a waste of time for the buyer--there's no guarantee that the bank will even approve a short sale depending on the financial circumstances of the seller. It could take months to sort it out.
I have seen many of these "short sale" listings not sell, and then become foreclosures.
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