Contrary to what the name might lead you to believe, short sales have nothing to do with the speed in which you can take possession of a home. Basically a short sale occurs when a seller owes more on a house than it is worth. In these situations banks will often agree to release sellers from their loan obligations in exchange for a partial repayment of their mortgage. This process can be extremely lengthy so it’s best to pursue short sales if you have some flexibility with your time frame.