A short sale is when a home is sold for less than the amount owed on the mortgage. It can be a better option than foreclosure and has benefits like less credit damage and the ability to buy a new home sooner. However, not all homeowners qualify for a short sale, which requires the property to be worth less than the loan balance and for the mortgage to be in or near default. The document provides contact information for a real estate agent who specializes in short sales.