Due to the economy, the number of short sales is increasing. You've no doubt had a hand in at least one short sale transaction - whether working with a buyer or seller - but if not, you've got to get familiar with at least the basics of short sales so you don't get caught short later.

A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.

To get you up-to-speed on short sales, KCRAR's got a new CE class on the subject: Don't Get Caught Short. The next class is 9 a.m. to noon Tuesday, Aug. 25 and again from 9 a.m. to noon Tuesday, Sept. 8. Register for either class here. Also, look for Free Friday Focus Workshops on this hot, hot, hottest topic SOON!

In addition to classes, there's tons of information out there regarding short sales and their required processes. We've gathered a lot of it for you, and it's easily accessible here. Check out info from NAR, including How To Succeed at Short Sales and Buyer and Seller handouts.

KAR will also host a short sales course in Overland Park on Thursday, Sept. 3. The class will cover Homeowners in Jeopardy, the Short Sale Package, Foreclosures and How Consumers Can Prevent Foreclosure. See more info here.