Short-sales are found all over the Triangle area. Short sales occur when a seller needs to sell the home for the less than amount of money they owe the bank. With recent declines in property values this situation has occured quite often.
The sellers must prove a hardship to the bank and receive their good graces to sell the home for less than their outstanding mortgage balance. Short sales are a long process so be prepared to wait several months to have a short sale be approved.