Can someone explain short sale and buying a house that's on short sale?

[Student_Loans_Kill]

I'm looking at a property that's empty and on short sale. Presently it has 4 offers and listing agent is telling me Closest to asking price, largest down payment and least amount of tests?

[namvet]

A short sale is when the selling price is less than what is owed to the owners lender.  It treated just like any other sale except that the sales price has to be approved by the seller's lender.  It will take longer to get a contract approved due to the red tape. 

[Anonymous]

I've been waiting 3 months to hear from the sellers bank. The same property has been under contract twice before and at 4 months, both buyers walked because they ran out of patience. Most miserable real estate transaction I've ever experienced.

[Student_Loans_Kill]

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@Anonymous wrote:

I've been waiting 3 months to hear from the sellers bank. The same property has been under contract twice before and at 4 months, both buyers walked because they ran out of patience. Most miserable real estate transaction I've ever experienced.

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Th agent told me it can take a full year to close and she thinks this bank wants to foreclose. Are the credit requirements any stricter

[Anonymous]

Credit requirements are the same/FHA anyway.

It is possible that you may be in the short sale process with one branch of the sellers bank while another branch is foreclosing and the two parties have no idea what the other is doing. If my deal doesn't close soon this house could be foreclosed on. The only thing that stops a foreclosure on it is that foreclosures across the nation have all but stopped until lender banks figure out how to streamline foreclosures after late last years foreclosure and robo signing scandles. Almost the entire realestate market in Las Vegas is short sales now. More available houses than in any time in history and you can'r beg somebody to sell you one. Absolutely discusting.

[BreezyWe]

So true strateup- my realtor told me last week that there were only 500,000 homes on the market and 97% were short sales!! Enough to last 1.5 months.... Banks are holding onto REO right now for some reason