With many home owners finding themselves in sticky situations these days, it seems short sales are becoming more popular. What most people trying to purchase a short sale don't realize is that they not only have to have the acceptance of the sellers, but also the acceptance of the lender who has their best interest and the interest of the investors who may also own the loan in mind. This means instead of a normal 30 day closing, buyers may be waiting weeks or months to hear back from lenders who may reject the offer completely. Many buyers attempting short sales are finding it a frustrating and difficult process. Therefore, if you are a buyer looking at purchasing a short sale home, you need to know these realities up front and not go into the process with too high of expectations only to be disappointed. This is not to say that all short sales fall through. It is just important that you and your agent are setting correct expectations up front about the short sale process so it doesn't lead to total disaster and discourage a buyer in the process. On the seller's side, it is not as easy as it sounds to do a short sale. I have found that most lenders want an offer in hand along with your entire financial picture, including bank statements, assets, pay stubs, etc., before they will even consider a short sale. Then it is a matter of whether the seller is truly considered to be in a "financial hardship" and if the lender is willing to cut its losses. Many short sale offers are rejected after weeks or months of waiting to hear back from a lender. This needs to be taken into careful consideration if you are not only in a financial bind but a time crunch as well. This is not a quick process. The best way to approach a short sale is to contact the loss mitigation department of your lender company and get all the necessary paperwork you will need faxed or mailed to you. Then you need to pull together all your financial information needed for the short sale, so that you have your paperwork prepared when you do get an offer on your home. According to the National Association of Realtors, short sales currently account for about 18% of home sales. They can be done, but you as a buyer or seller need to have the right expectations about the process so you will not be completely frustrated and disappointed if things don't go exactly as you planned.