The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.
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