It’s not over yet! NAR released a set of statistics indicating that we can expect to see the influx of a large shadow inventory of real estate short sales. Depending on your market area, anywhere from 12% to 20% of properties going into default will hit the market in the next 12 months.  You can track this information on Zillow and Trulia.  Remember, a real estate short sale is when the sales price of the property will not be enough to pay off the debt against the property. Short Sales are not for the faint of heart buyer. Short Sales take longer to close; the offer you make to purchase a short sale property will be evaluated at the lender’s leisure. They will be looking into such things as whether the owner’s mortgage insurance can cover part of their exposure or debt, and whether or not your offer is better than other offers that may not have come in yet. As a buyer, you will have to evaluate whether your buying power can withstand the time it takes to close a short sale. Don’t take it personally! Keep looking while you wait. The short sale real estate market will reveal some good opportunities for a savvy buyer.