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Is it Worth your Time to Pursue a Distressed Property?
As a buyer you may be wondering if it is really worth your time to pursue a distressed property.  Foreclosures and Short Sale Homes continue to be the hot topics these days.  Purchasing one of these proerties can present multiple challenges that is not found when closing on a typical home.
Is it really worth your time?  You will need a lot of patience as these can range from being a big time fixer upper to being in great condition.  They can also receive multiple offers which drives up the price and take a long time to close.  It's also quite possible that the lender can decide to sell it to another bidder which may take you out of the running.
Differences Between a Short Sale and a Foreclosure
In a Short Sale the sellers lender must agree to take less than, or 'short of', what the seller owes on the property.  Even though the property is not owned by the lender, the seller does not have the final say on the price.  The seller may accept and offer that you are very happy with and then months later you find out that the lender counters at a much higher price.
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