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From Ask a Realtor - Realtor.com - http://www.realtor.com/news/ask-a-realtor/what-is-the-difference-between-short-sale-pre-foreclosure-and-foreclosure-2/
Short sale – the owner is selling and does not have funds/equity to close the transaction and needs short sale approval from lender(s). Typically owes more than market value of property and may or may not be in pre-foreclosure. If the lender(s) ...