The vast majority of U.S. real estate transactions begin as advertised listings, held by real estate brokerage firms. Sellers begin the process by selecting an agent to represent their side of the transaction and agree to a listing price. These listings are then readily promoted by the agent's brokerage firm, in hopes of attracting interested buyers.

This, however, is not the only way you can buy real property. Alternative buying opportunities, including short sales, and foreclosures, provide additional paths to homeownership. While listed transactions still dominate the real estate market, informed buyers will want to consider all their options.

If you decide to investigate alternative buying opportunities, make sure you take time to become fully educated on the process. It may be necessary to consult with a local attorney who specializes in these matters. Also, you will experience better results if you work with an Accredited Buyer's Representative who is familiar with these types of transactions. Short sales, and foreclosures are unique, involving specialized knowledge and training. You may find attractive opportunities, but you must also be prepared to avoid potential pitfalls.