A short sale is exactly what it says, a sale that is short of what the bank is owed. Is it good or a bad thing? That is up to you and if you are going to lose your home anyway. Some banks can come after you for the difference and it will show on your TRW as a foreclosure due to a short sale. The good thing is that the banks and future creditors can see that you tried to settle your debt.

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I was a Broker in California during a very bad time in real estate, 10 years ago and I specialized in short sales and I will give you some pointers. I started in short sales when they first became popular so I basically learned from a newspaper article. I told my partner, "This looks like fun." So our first listing was a short sale and it was a real learning experience. The owner of the bank, insisted I go out with him. I was not married at the time but did not date either. So I have clients who need to sell their home and I have a man who is insisting I kiss his hand and foot. What should I do? Hmm, one answer, face the jerk and tell him what I thought. No, not a good answer.

I go to the credit office and I am with my partner and she is nervous. The papers had to be signed by 6pm or the deal was off and the house would go into forclosure. I go to meet the boss and shake his hand. He winks at me and I just smile. I explain to him that I need his signature and he agrrees. He told me, "You will have your papers by 6 pm, I promise." He then tells me, "What time will you meet me for drinks." I tell him, "Never." He laughs and falls out of his chair. I look at him and told him, "Do you want to sell your home or not? If not, I will give you the key tomorrow." He is so shocked at my tone and I walked away.

My partner is laughing so hard, I thought she would have to go to the bathroom. We left the office building and as the clock ticked, we wondered what would happen. The papers arrived at my office, signed. Oh my goodness, that was close and my very first short sale. The man calls me later and told me, "You know, you gave me a real hard time. I like that and I want you to have a listing of mine." From that day on, I knew if I was going to survive in the short sale world, I had to be tough.

I was the first Broker ever to negotiate with the governor's office on a second. They had never ever worked with a Broker before and they always took the loss. I was able to get in with them and basically used the same toughness with them that I was going to

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