Foreclosures vs. Short Sales: You can get a good deal on a foreclosure or short sale but they have some differences. Short sales are still owned by the owner but the bank that has the mortgage agrees to take a lower amount than what is owed on the loan. First the owner would accept an offer and then it would get submitted to the short sale bank. Most banks are taking between 30-90 days to give any kind of answer. Then you would have 45 days to close. Therefore, they can take a while and require patience. Foreclosure homes are already owned by the bank and their main objective is to sell it as fast as they can for as much as they can. They normally respond to an offer within 3 days. They are easier to deal with. If you have questions about this or about real estate in general, feel free to contact me.
Destination Real Estate