A short sale is often the best choice for a first-time homebuyer who has plenty of patience for the process. Prices on short sales are better than ever, allowing first time homebuyers to get more house for their money. Even if the home has devalued at the moment, buying when the market is down means the home is more likely to increase in value over time, making it a great investment.

Short sale information is readily available to those hoping to get out from under an upside-down mortgage – the benefits include avoiding foreclosure or auction of the home, and although a short sale isn’t the best thing to have on a credit report, it beats a foreclosure by a mile.

However, many homebuyers don’t know about short sales, or don’t have the time to wait through a process that could take six to nine months as the homeowner’s lender and the homebuyer’s lender hammer out an acceptable agreement. The amount of paperwork involved is staggering, and it only takes one missing page to stall the works, so having a pro by your side to help you navigate the process is a must.

Benefits of a short sale include a smaller down payment, the chance to work with professional lenders who will ensure your mortgage is pre-approved, and the fact that many homes up for short sale are in very good condition, with little or no need for repairs. Short sales are an excellent choice for first timers, who usually aren’t in a situation where they have to move instantly and who are willing to be patient in order to get the perfect home at a rock bottom price.

If you are a first time homebuyer interested in a short sale, finding an specialist who specializes in short sales is the first step. Short sale specialists are not allowed to represent both sides in a sale, so make sure you have your own specialist who is dedicated to looking out for your interests. Realize that the process will take time, and be patient – in the end, it will all be worth it!