This is a question that comes up constantly from both buyers and sellers. A short sale is a sale where the sales price does not cover the mortgage amount. The lender must approve this sale as funds could be due at the closing table. The sale must be negotiated by a trained professional and can take upwards of 6 months to get a final determination from the lender. A REO is a bank foreclosure. This home is in the banks name so no approval from the lender is needed. These homes are sold "as-is" so an inspection of the property by a qualified home inspector is very important. These homes can usually settle in 45 days or less.
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