First-time homebuyers made up 39.7% of short sale transactions completed in August, 2011, the HousingPulse survey found.  This accounts to a three month slide in the share of short sales that went to first-time homebuyers.  Short sale transactions have a reputation for being a problem for both buyers and sellers alike with typical approval times of several months which have discouraged many homebuyers.  According to Campbell Surveys, average short sale prices are 27% less than non-distressed properties, however, prepare for a longer than normal wait time for an accepted offer.