Short sales continue to be a major player in todays market in the Twin Cities area.  Many homebuyers are trying to buy a home that is in a short sale.  A short sale is where the homeowner owes the bank more than they can sell their home for.  Many buyers are trying to get good deals on these homes.  Buyers can get good deals, they just have to be patient.  Banks have been flooded with short sales and forclosures, and don’t have enough staff to keep up with the demand.  Some short sales are taking up to 2 months to get an answer from the bank.  The whole time the home stays on the market, so there will probably be more than one offer that is presented.  If you are a buyer in the early stages of a short sale, expect to wait, and expect there to be multiple offers.  Most short sales are priced so there are a lot of interest in the property and hopefully more than one offer.  If you are thinking about offering on a home that is in the short sale process, be prepared to get a good deal if you are willing to wait.