What is a short sale and how long you have to wait to buy another house again?

I heard a short sale in when you can pay or can sell your house for the amount you bought it for… For example I bought my house for $ 235k and now it cost between $ 170k to $ 190k, so it is upside downs for around $ 60k. I heard that I can hire a realtor he will sell it for a less amount and the rest the bank will “eat it”. But I have to wait certain years to buy another house again. How many years do I have to wait to buy again?

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