Cha-ching.

That’s the sound savvy home buyers are hoping to hear by trolling for deals on Valley properties teetering on the brink of foreclosure. Bargain hunters who do their homework can get tens of thousands of dollars knocked off a home’s listed price. One route is through a short sale — where the lender agrees to accept less than what a borrower owes.

But local agents say that snagging a good short sale deal can be a drawn-out, arduous process and buyers who think they can handle it should be prepared to sit and wait.

It’s taking weeks and sometimes months for agents to hear back from banks on a proposed short sale. In many cases, it’s likely that the lender is waiting for a better deal. And in the end, they might foreclose on the home anyway. The whole affair becomes even more complicated when a homeowner has a second or third mortgage and multiple lenders must come to an agreement.

So if you’re a first-time homebuyer looking to get your foot in the door, experts say, think long and hard about whether a short sale is the best route. Home buying is an emotionally-charged experience for many people, especially first-timers, who set their hearts on particular houses.

But if buyers can adopt the detached perspective of an investor and be patient then that screaming deal may be on the horizon.

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