Short Sales- Know the Facts   While the real estate market in
Colorado purportedly is showing signs of life, there still are
thousands of homes in foreclosures and/or on the market for
short sales.  Although a short sale is surrounded by
complexities and mystifies homeowners who are not familiar with
the process, there is no question that short sales, although not
for everyone, have some substantial advantages over allowing a
home to go though the foreclosure process.  Simply defined, a
short sale is one in which the lender, usually a bank, is
willing to extinguish a deed of trust or mortgage for an amount
less than the balance due on the loan.  For example, if the
balance on the loan is $200,000, and the lender is willing to
cancel the note for $150,000 more or less, provided the seller
finds a buyer willing to pay the reduced amount.  A lender will
do this because accepting a lesser amount often is more
economical than shouldering the expense of a foreclosure and
then pursuing a deficiency which it almost n