In this market, where there is a prepondurance of foreclosures and short sales, it is hard to figure out how long the market will continue to fall...or if it will ever go up again! For the first time home buyer, this is a very confusing time, but one that is worth taking a look. Mortgage rates are still at historic lows. Prices have come down to reasonable levels. There is an enormous amount of inventory to choose from. With all of these positives in the market, this is a good time to purchase! Here is a "checklist" or explanation of some of the terms that you may hear when you begin your search. Foreclosure- bank owned property that is always sold 'as is'. Always sold at a discount to the current market and usually needs work. Short sale- many are afraid of this type of sale, but can be a great value, if you have patience. The length of time from offer to closing can be as short as 30 days to upwards of 6 or 7 months. This time period is getting shorter as banks have finally added the additional staffing and are beginnning to preapprove sales in some areas. A good Realtor is key to having a successful Short Sale experience.