PROCEED WITH CAUTION

The term that is being thrown around lately is "short sale". This simply means that the current mortgage holder may ot may not accept a sale price lower then what is owed on a property. Most short sale situations the mortgage holder will take up to 90 days to make a decision after reviewing all offers, they also reserve to right to foreclose on the property anyway. Do not be fooled by artificially low list prices in order to lure multiple bids raising the price. Keep your eyes open for traditional sales as well, sometimes they are the better deal in the end.