With the economy as it is, many potential buyers in the market are hoping to capitalize on the lowest house prices, and thus are pondering on how to buy a short sale. The simple truth on this subject is that not all short sales will be the same - some houses will need repairs, some houses may still seem expensive, and others won't - but there are some basic steps involved that you should be understood. First off, the buyer will, of course, need to find a short sale in order to buy one. Currently, the economy has allowed for a large increase in short sales, so they are not in short supply. When you find a short sale, which may be called a "pre foreclosure" you can gauge its price by comparing it to the approximated value for the property. If listed at an appropriate price, do the proper research concerning the home in question - see the home, find out the property value, research liens on the property, etc,. To finalize the short sale, you will now need speak with a lender regarding financing and the legal side of the procedure. Due to the nature of a short sale, it will be necessary to complete paperwork that is very specific to a short sale - an application, proposal, and short sale application, among other documents, will need to be completed.