Why are short sales such a great deal? A short sale home has a lot of similarities to a foreclosure. The owner of a short sale home has been coming up “short” on their house payments, but the bank has allowed the owners to try to sell the home to make up for the debt that they still owe on the home. The owners, therefore, are very motivated to sell the house quickly. They do this by listing the home at an incredible price. You can consider yourself if you are able to purchase a short sale home! The only draw back to buying a short sale home is that it may take a while to close on a short sale home. The bank has to approve the price it is being sold for, and that can take anywhere from 2 to 6 months. If you are quite flexible on your buying time period, these may just be a perfect option for you.