The term Short Sale is when a Seller is selling short of what they owe to the bank. Their loan is under water "the home is worth less then what they owe on the loan" and they are unable to sell their home for the market value. They will loose their home to Foreclosure but instead are seeking a short sale because of less risk to them financially both short term and long term.
Buying a Short Sale can take more time then a traditional sale and the buyer will need to be patient. The minimum to close on a short sale is usually 90 days where as a traditional sale can close in 10 days with the right lender and seller sitiuation. You can find a good deal on a Indianapolis metro area short sale.
Check out the Indianapolis Short sale listings below.