A short sale occurs when a lender agrees to accept less than what is owed on a mortgage to avoid the costs of foreclosure. There are three stages of foreclosure - pre-foreclosure, foreclosure, and post-foreclosure. Short sales are most common in the pre-foreclosure stage. Qualifications for a short sale include mortgage default, lack of assets, financial hardship, and declining home values. Steps involve the seller listing with an agent, finding a buyer with an offer under the mortgage amount, acceptance by seller and contingent approval by lender, and closing once contingencies are met. Short sales can take 30-90 days to close and are "as-is", but allow buyers to purchase homes for