Along with foreclosures, short sales are a characteristic feature of the real estate crisis. These sales constitute an arrangement between the bank and the homeowner which allows the home to avoid falling into foreclosure. In this arrangement, the seller agrees to sell the home for less than the outstanding balance on the mortgage. The bank accepts this amount as full-payment and the seller walks away. Of course, the buyer is the individual who truly benefits from this scenario; being able to purchase a home for a fraction of its true market value.

These sort of sales are common at the moment, even in luxury areas. Short sales in communities such as Arizona's Fountain Hills are more and more common and are allowing individuals who may never have been able to afford such a stately residence to buy themselves a piece of luxury. This particular community, preplanned, private, provided with four separate golf courses and close to the city while offering serene, natural surroundings is typical of what's available on the market right now: luxury homes at sensible prices which are more in-line with what one would expect for a standard, single-family home.

Realtors are able to keep apprised of what homes are being offered on short sale terms and to inform their clients about when such opportunities arise. While the market may have just crashed, savvy investors and home shoppers know that this is a tremendous opportunity. The prices are likely to remain at this level for a very short period of time as the real estate market is already showing signs of gathering steam once more. Fountain Hills is a good example of what someone with the funds and a good eye for opportunity can achieve in this market, even in the most exclusive areas of town.