Short sales often look like other listings in the MLS, except they may have a lower asking price than comparable properties.

The term “short sale” is a bit of a misnomer, though, as this type of transaction can take much longer to complete than a standard home sale.

The buying process is similar to a standard purchase. You still apply for financing the same way, and order inspections the same way, for instance. But complications in the selling process aren’t uncommon, and you’ll need patience and a solid real estate agent to deal with them.

The good news, though, is that times have changed. Many banks have streamlined their processes for short sales, making it much simpler and less time consuming for buyers and sellers. Market data shows that the time it takes to close a short sale has steadily decreased over the past few years.