i keep seeing the term "short sale" in reference to collateral liquidation. i am not familiar with the term.
could someone give me an explanation of what it is?
thanks.

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.[2]

A short sale means the bank agreed to a price less than the mortgage balance for payoff, without going through a foreclosure or deed in lieu. The borrower is selling but can't get enough to pay off the bank.