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Definiton of a Short Sale:
A lender agrees to accept less than what is owed on a debt.

Ex. If a borrower owed $100,000 on a mortgage. The lender may be willing
to accept $80,000 if they were paid in full. The lender would consider
this over taking a property to sheriff sale by means of a foreclosure.
In short, the lender saves money by accepting less money now compared to
lossing more money holding out for the foreclosure.