Properties sold in short sales account for about 22 percent of all residential sales, according RealtyTrac.

RealtyTrac recently identified some of the best markets for buying a short-sale property.

“The average amount short was more than $100,000 in seven of the top 15 markets, indicating banks are willing to realize a significant loss with a short sale in exchange for avoiding the increasingly complex and costly foreclosure process,” according to RealtyTrac.

The following are some of the best markets to buy a short sale, according to RealtyTrac data:

Santa Barbara, Calif.

Average sales price: $283,825

Average amount short (the difference between the sales price and the loan amount owed to the bank): ($178,201)

Visalia-Porterville, Calif.

Average sales price: $126,496

Average amount short: ($71,102)

Fresno, Calif.

Average sales price: $145,313

Average amount short: ($89,140)

Grand Rapids, Mich.

Average sales price: $91,145

Average amount short: ($53,158)

Vallejo-Fairfield, Calif.

Average sales price: $192,432

Average amount short: ($177,748)

Bakersfield, Calif.

Average sales price: $115,107

Average amount short: ($87,269)

Las Vegas

Average sales price: $124,555

Average amount short: ($140,811)

Source:  http://realtormag.realtor.org/daily-news/2013/03/07/7-great-markets-for-short-sales