SAN DIEGO -- While many first-time homebuyers in San Diego County are frustrated by frequently getting outbid by cash buyers, there is hope that a shadow inventory of homes will provide relief.

Randy Williams has been looking for a home for the past two years. He is the manager of the Crystal Pier Hotel in Pacific Beach, but outside of work he's one of thousands looking for a home in the $200,000 to $400,000 range getting beat up by investors paying cash flat out just to turn it over quickly.

"Cash is king. The guy is walking away with a house," Williams expressed.

Realtors Karen and Mike Dodge have been helping Williams in his search.

Karen Doge said, "It's that yo-yo of are we going to get this one? We will wait two to three weeks just to know we didn't get it -- a cash buyer did and by the way he only beat you by $2,000.”

Mike Dodge said an FHA loan can take months with strings attached and a cash buyer can close in a little more then a week.

"The sellers are anxious to get out from under there homes. Some are upside down," said Mike Dodge.

Another obstacle is low inventory. According to the Web site HousingTracker.net, in 2007-2008 there was an average of 19,000 homes on the market in the county. In 2009 and so far in 2010, there are 12,500.

Experts said a shadow inventory of homes coming onto the market could be the saving grace for frustrated homebuyers.

"People have been waiting for this for a long time and it hasn't moved through the system very quickly at all," said Leonard Baron, a real estate professor at San Diego State University.

Baron believes that in the next six to nine months all the current short sale and foreclosures will be processed and ready to go on the market. He said the key is not to settle.