The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is insolvent and must sell their home fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the discounted price may in fact be closer to true market values instead of below.
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