Reator.org is a wonderful resource to find out details on a wide range of topics. First starting with the topic of short sales, here’s the definition by A. Siudzinski, Senior Information Specialist, straight from the Realtor.org library: http://www.realtor.org/library/library/fg335
What is a short sale? A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and advice for the real estate professional.
With this one basic definition, one is ready to proceed to the full details of all the aspects of a short sale, the type of persons to rely upon, and even what to expect in the process. Click here for the full details: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/short+sales+tips+for+buyers