Short sales

[Lonryco Robinson]

Hi BP Community,  can anyone tell me what a short sale is and how they work.

[Ben Lukes]

I'm curious about the mechanics of short sales as well.  I know what they are, but I don't know how they work.

For example:

1. If a house is listed on the MLS as a short sale, has the bank approved that listing price?

2.  If they have approved the listing price, will the process go fairly quickly if you offer that price?  I hear short sales take forever, but maybe that's only when you try to offer less than the asking price.

3.  Does it help speed the process if you meet with the bank after making your offer?  What if the mortgage holder isn't a bank?