As things are today, this may be the best time to purchase a property that is a short-sale: that is, a property whereby the bank is willing to be paid less than the owed value, without having to go through the costly and time-consuming foreclosure process.
Why is now a good time to get one of these properties? The government may shortly enact legislation that will encourage, or subsidize a bank's ability to reduce the collateral property value and interest rate, thereby making it possible for the owner to afford the property, and obviating the need for a short-sale, or ultimately, a foreclosure. This may occur during this 1st quarter of 2009.