Lots of hype these days about short sales. Every national or local speaker is on the bandwagon claiming that he or she has the program, or the package, or the seminar that will make the attendee an expert in short sales.

The first secret - there are no secrets. Plain and simple, it is simple a win-win-win situation for all the parties involved, meaning the bank, the seller, and the buyer.

The definition is simple. Using straight forward negotiating with the bank, you are able to convince them to take less money than what is owed as payment in full on a property.

The most important factor in facilitating short sales is in understanding the needs of all parties involved in the transaction.

The banks are becoming more open to the short sale process. The only other alternative is foreclosure, and truth be known, banks do not want to own real estate properties, they only want to own the mortgage. It is very costly to the bank to foreclose, and after the property is owned by them, they now have to list the property, sell the property, maintain the property, and often times repair the property before marketing.

The seller is in financial distress; otherwise he would be making payments, or selling his property through normal channels. He is upside down on the equity factor with the home, and is probably sick and tired of hearing from the bank on a daily basis. He would probably like nothing better than to get through the process and move on, and be able to sleep nights.

The buyer is typically bidding the listed price which is usually less than market value. Many of the properties are in much better condition than foreclosed properties which have been neglected and sometimes purposefully damaged prior to foreclosure. In many cases, short sellers live in the property until the day of closing.

Most banks have set up special departments to handle short sales and loss mitigation. The best way to get results is to get on a first name basis with the person handling the file---most of these departments are overworked and understaffed at this time. They were not prepared for the upward surge in short sales and foreclosures. In time, they will have the process down pat, but for now, you will have to work hard to achieve good results for every offer.

Not every short sale offer will be accepted. Sometimes the bank will make a counter offer to the Buyer based on appraisal results or other factors. Sometimes the short sale officer is not knowledgeable enough in the location of the property, or in short sales, and does not accept the offer. Approximately 7 out of 10 short sale offers are accepted by bank or mortgage companies and reach the closing table.

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