Legal Question in Real Estate Law in Georgia

You don't ask the right question. If you breach your contract and don't pay the bank as agreed, they can sue, get a judgment and garnish wages and accounts.

Depending on what terms are agreed to, yes. In some cases you will still owe a deficiency.

Do NOT try to market a home as a short sale until and unless you first consult with a lawyer. Short sales are often problematic, and while occasionally, if properly done, can be a good option, often are a very bad option.