Short Sales, Foreclosures, Standard Sales
SHORT SALES - In a short sale, the home will not sell for enough money to pay off the homeowner's mortgage. The payoff will be "short." (The process is actually long.) Because of this, the bank which holds the mortgage must approve the sale. It is never 100% guaranteed that the back will approve of the sale. (The homeowner must prove that there is a hardship.)
APPROVED SHORT SALES - This usually means that the bank has already processed and approved the sale of the property for a specific price, but the sale didn't close for a variety of reasons. Approved short sales can often be closed fairly quickly.
BANK-OWNED HOMES - Also called foreclosures or REO's (Real Estate Owned). These properties have already been foreclosed on. They usually sell in a few days. They are usually selling for higher than list price. They can also close quickly.
EQUITY SALES - Also called a standard sale, this is where the owner's mortgage is lower than the value of the home and the bank will be paid in full at closing. Buyers are loving these type of sales because they are dealing with a person, not a bank, and the transaction can be simpler. If the home is priced realistically (and some sellers are not realistic), these homes tend to receive multiple offers and sell quickly.