A short sale is when a bank will allow a home seller to sell for less than they owe the bank. Sellers often need to move and buyers often want to buy but the current home value is less than the mortgage amount. Banks are all that stand in the way. Ironically, they end up losing more money by foreclosing, relisting the property, and managing the assets. According to CNN:

"Lenders are taking much longer than necessary to approve short sales, according
to Duane LeGate, of House Buyers Network, a short sale specialist."

If you have more questions about short sales or foreclosures let your Las Vegas Realtor know.