9. When considering a short sale Don't try to buy with a short sale -- unless you don't care about the time. Short sales, in which a lender will agree to accept less than what the homeowner owes and thus avoid the expense of foreclosure, are becoming more common on Long Island, says Philip Tesoriero of Gelip Inc. Consulting of Amity Harbor, a broker and consultant who teaches seminars about short sales for real estate agents and brokers around the country. But they can take much longer than the typical real estate transaction. "In this current market, you have to be prepared to be patient," Tesoriero says. Whereas, a regular house sale could close within 30 days, a short sale could easily take eight to 12 weeks, he says. Are they worth waiting for? "I think they could be excellent deals for a person who could be a do-it-yourselfer or a contractor," he says. But since these houses were owned by homeowners in financial trouble, he says, don't underestimate necessary repairs -- which could make what seems like a good deal a poor deal. Short sales, he says, "could run into a lot of money."