A home goes on the market as a Short Sale with the owner having every honest intention of getting it sold. In fact, they have a very strong sense of URGENCY to get it sold since more than likely they are in financial distress...perhaps even on the brink of foreclosure. So, when they put the home on the market, in order to substantially increase the likelihood of getting a contract, they often price the home substantially below comparable homes in the area. After all, particularly when there is a glut of inventory on the market, price will drive the offers. That all sounds well and good...except for one thing: the owner of the home may not actually have the full authority to sell it! He can only sell it IF his mortgage holder/s permit it! What makes matters even worse is that those mortgage holders will not tell an owner whether they would accept a short sale before the owner gets a contract on their home ... and in fact are taking a minimum of weeks, but more generally months ... sometimes many months ... to tell the seller whether or not they will agree to the short sale. This leaves buyers and sellers alike dangling in mid-air wondering whether or not they really have a deal.