Understanding the Short Sale Process can take a lot of learning and might become difficult, even though the process of a short sale is definitely not a new concept in real estate. However, there is much confusion when it comes to a short sale, which causes problems being that it is a sale type that is pretty regular in the field of real estate and has been for years. If you are the buyer, you might be unsure of where you should look, but in reality not even all of the real estate agents understand all the pros and the cons of a short sale process.
Overall, there are two reasons why the bank would let someone complete a short sell of their property. The first of those reasons is that the property owner is dealing with a hardship financially which means that they are otherwise going to lose their houses. Some hardships may include someone losing their job or have less income compared to their expenses. The homeowner may also just be moving to a different area for their job. Some more personal reasons that could occur for the homeowner are a death in the family or a divorce as well as medical problems or bankruptcies.