What does Short Sale mean?

In the ecomony as it is now we are hearing a few terms that might need some clarification. Simply Short sales mean that the Mortgage holder is willing to take less than the balance of the mortgage to sell the property. This simply means that if you home current mortgage is 150,000 and you get a offer that is for 140000. The bank will decide if this is an acceptable figure to sell the home. The difficult part is finding an agent that is knowledgeable with this process.