A short sale means that someone has sold their home for less than they owe the bank. As terrible as that sounds it's much better than a foreclosure!
So what happens if the seller doesn't have the rest of the money to pay the bank? The real estate agent can negotiate with the bank to have the bank possibly waive the unpaid debt.
Some people are all for this and feel that the it's the least the banks can do since their careless ness in writing loans to buyers that they knew could not afford them is a major contributor to our skyrocketing foreclosure numbers.
Others feel that the buyer got themselves into the mess and should not expect the bank (or anyone else) to bail them out.
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