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What is a short sale?

I am house hunting and came across a few short sales for some of the houses that I am interested in. Does anyone know what is short sale? Plus, which house is better to purchase from? short sale, bank owned, or foreclosure? Thank you for your time in answering my question. Have a great day!

Public Comments

1. Short sale - house price is lower than amount owed. DO NOT BUY THESE. Bank-owned = foreclosure. BUY THESE ONLY WITH THE HELP OF AN EXPERIENCED REAL ESTATE AGENT.
2. A short sale is when the bank is willing to accept less than what is owed on the loan. You can end up with a great deal, but you do have to be patient - lenders do not always respond to your offer as quickly as you would like. Be sure you are working with a buyers agent in the purchase of a home and definitely have a home inspection done. I wouldn't say that any of them are a "better" situation - just be cautious and ask a lot of questions.