The advantage of a short sale is that buyer can often get the property at an excellent price.  The disadvantage of a short sale, compared to a regular purchase, is that the buyer has to wait for the bank's approval of the sale price.  Banks move on their time schedule.  However, the competence and experience of the listing agent is critical, and can shorten the short-sale process because they know how to prepare a complete file, how to price the property right, and how to present the market situation to the bank and its investors.  A smart listing agent will require that buyer shows commitment by wiring to escrow at least 1% of sale price as earnest deposit upon Seller's acceptance, followed by an increased deposit of 2% of sale price upon Lender's approval.  On average, it takes banks 30-90 days to review a short sale.  That time is shortened considerably when the Seller is able to turn in a complete file quickly and the listing agent is knowledgeable about short sales. 

At Weichert Realtors Elite, we use an experienced professional short-sale negotiation team who are licensed realtors and whose full time job is to negotiate the best possible outcome with the bank.  They communicate with the bank's negotiator regularly.  The short-sale negotiation fee is not paid by the buyer or the buyer's agent.  We update the buyer's agent on a weekly basis.  This prevents the sinking feeling that many buyer agents have after they submit a short sale offer and never hear from the listing agent.  My goal is to always create a win-win-win working relationship.  Give me a call if you are thinking of buying, selling or short-selling your home.