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A "Short Sale" takes place when a seller's proceeds from the sale of their home is not expected to cover the mortgage and other liens against the property. When this happens, the holder(s) of the mortgage(s) and/or lien(s) have to approve the sale. This is typically noted as "Subject to Third Party Approval."
The third parties could include mortgage holders, home equity loan holders, the U.S. Government (in the case of Federal tax liens) the District of Columbia (in the case of tax liens or nuisance liens), WASA (in the case of water liens), contractors (in the case of mechanic's liens) and anyone else with a lien or judgment against the property.
The Seller of the property accepts the contract subject to third party approval. Third party approval works much like any other contingency which is to say the contract can be canceled if the third-party approval is not received.
While that sounds simple, third party approvals may take an extremely long time. DC law will require that the earnest deposit for the contract be deposited within one week of contract acceptance. Therefore, the purchaser's money is unavailable while the purchaser waits for third party approval.
So where is the pitfall? "While an infinite wait for an answer from the bank, is occurring..the house goes to foreclosure," according to Chuck Klein, the managing broker for RE/MAX Allegiance.
Many homes in the District are foreclosed upon while the third party is reviewing the contract.
Many people might assume that the Purchaser receives their earnest deposit back immediately upon the foreclosure, but that is not the case. To release the earnest deposit, the escrow agent must follow escrow law which means all parties to the contract must sign the release. If a Seller has just lost a house due to foreclosure, that person can be difficult to find and may not be cooperative if located.
The Purchaser, if the Purchaser wants the earnest deposit, may have to hire an attorney to file for a Court Inter pleader to bring a judgement. The cost for this is born by the Purchaser, and naturally there is time lost while this process is happening.
If you're considering purchasing a short sale, be sure to ask your agent how to protect yourself against this scenario. Also be sure that you've read and understand the Greater Capital Association of REALTOR's Form 1362 "Short Sale Addendum to Sales Contract" before enter into the sales contract.

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![CDATA[MORE than 40 per cent of Sydney's suburbs have become increasingly vulnerable to high oil prices and mortgage stress in the past five years, according to a study to be released today by Griffith University. While those on the far-western fringe of Sydney are the most car dependent and burdened by household debt, a new wave of vulnerability at the bowser has washed through middle-ring suburbs such as Liverpool, Hurstville and Blacktown. While vulnerability to oil prices declined in some pockets of the city, for example in the northern suburbs between North Rocks and Pymble, big areas became more acutely exposed to high prices. Parramatta and Blacktown increased on the scale, as did other areas such as Penrith, Hornsby, Mona Vale, Sylvania and La Perouse. The study, Unsettling Suburbia: The New Landscape Of Oil And Mortgage Vulnerability In Australian Cities, assesses the way car use, income and mortgage repayments combine in the suburbs of each capital city. Based on the 2006 census data, the research by Jago Dodson and Neil Snipe found an increasing number of Sydney suburbs were becoming oil vulnerableIn Sydney high oil and mortgage vulnerability is distributed across much of the city's western suburbs, including Hebersham, Green Valley, Cabramatta and Canterbury in the mid and outer west, the report said. The number of areas in which oil and mortgage vulnerability increased over the 2001 to 2006 period far outweighed those in which oil and mortgage vulnerability declined, the paper says. While people in far outer suburbs remain highly exposed to debt and car-related costs, they have been joined by increasingly vulnerable neighbouring middle suburban areas. About 18 per cent of Sydney's suburbs have become less vulnerable, the study finds. But this is eclipsed by those areas worse off, as 41 per cent saw their oil and mortgage vulnerability worsen between 2001-2006. The study relied on an index created by the researchers dubbed VAMPIRE - vulnerability assessment for mortgage, petrol and inflation risks and expenditure. It combines census data on the proportion of people in each district that commute to work in a car, households with two or more cars, the median weekly household income, and the number of households being bought through a mortgage. Big swathes of Sydney are already changing their travel patterns in response to rising petrol prices, by switching to public transport in record numbers and cutting back on non-essential car trips. The study says the wider effects of recent oil rises are yet to be felt. The full impacts of the dramatically higher 2008 fuel prices will probably not be seen until the early years of the next decade. In this context the problem of household socio-economic vulnerability and exposure to the impacts of higher fuel prices and mortgage interest rates remains highly relevant. The authors say state planning policies have often contributed to the increasing social isolation of many suburbs where people rely increasingly on cars. The problems of suburban infrastructure deficits, especially in public transport, reflect the consistent failure of state governments to expand infrastructure to keep pace with the rate and scale of land development, the paper says. These problems have been exacerbated by the planning of suburban areas around automobile travel. As a result of housing, employment and transport planning in Sydney, the poorer communities carry the greatest burden of oil stress. Households in middle and outer suburbs face higher levels of car dependence and fewer alternative travel options than those in the inner areas a4¦ This means that the costs of higher fuel prices will be borne most heavily by those with the least capacity to pay.

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