how do Short Sales differ from a standard Real Estate Purchase?

Simply put they are the same with some added nuances.

1. Your Purchase Agreement is not binding until the bank accepts it. This can take up to 120 days from submitting.
2. Your funding has to be in place prior to submitting offer. If you are paying cash monies, then a verified statement is needed. If you are financing, then you must have an Approval in place from a qualified lender or bank. A Pre-Approval will not suffice

There are other items that may arise, however they are usually unique to a transaction and are not the norm.

Always use a Real Estate Agent with Short Sale knowledge...no exception!