If You Live in A High Rise, Can You Have A Short Sale?

That's like: "If your nose is running, are you getting any exercise?"

Short sale is a banking term meaning: the bank sells short of what they invested.

In this schema, the main problem for the investors is the declining real estate market as illustrated by the calendar of the example home.

If the buyers, for whatever reason, cannot afford the mortgage payments they end up with few options. Since the house is valued at less than the value of the mortgage, they cannot refinance and they cannot sell outright for the same reason.

The option is to contact the bank with a short sale offer.

The bank will talk to the investors, who would then approve/reject the offer.

Some people just abandon everything (a bad option), others try to sell the property on their own.

Buyers of short sales have done okay in those cases where the investors have approved the sale.

If you're in either side of a transaction, consult a competent real estate Agent to defend your interests.