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Bank Owned Vs Short Sale Listings

Recently, I have quiet a few buyers asking me about the difference between bank owned and short sale listings. To help clarify, here's a quick comparison chart:

	Bank Owned	Approved Short Sale	Un-Approved Short Sale
Who owns the property?	Lenders	Owners	Owners
Who approves the sale?	Lenders	Owners and lenders.	Owners and lenders.
Response time to offers?	1-2 days	1 weeks.	1 to 6 months.

Un-approved short sale will take 1 to 6 months to get a response from the lenders depending on number of loans on the property and lender's processing time. There is no guarantee of approval from the lender after waiting for months.

Buyers can secure very good deals with both bank owned and approved short sale listings.

Posted by Caroline Tsou on 10/15/2008 09:17 PM

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