What is a Short Sale?

A Short Sale is a home that is trying to be sold for less than the current homeowner owes on the property. For Example, someone purchased a condo for 150k 2 years ago and got 150k financed. The condo is only worth 75k and they are trying to sell it for 75k. They need to be able to prove a financial hardship or not be paying on their loan for the current lender to accept a short sale.