what is a short sale and does it apply to a foreclosure, and if so how? i.e.the property is vacant and run down, the last sale of house was in 2006 for 305k and all comp seem to suggest the average sale in 2007 was 330k and there are no sales for 2008 but we know that the value has fallen, and to top it off, the house needs at least 30k of work to become livable again. can this turn a profit?