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Types of Sales in Today's Market
I thought Vicky Chrisner of Leesburg, Virginia, did a great job of explaining the various types of sales in today's market. Thanks, Vicky.
This post is intended to assist you with familiarizing yourself as a buyer with the types of sales we are seeing in the marketplace today.  Read separate posts on Short Sales * REOs * Auctions for more detail.
Traditional Sales
If the prices are right, these are the best transactions!  The contract is more "normal" in nature, allowing reasonable negotiations between the parties.  Each party genuinely hopes for the sale to be completed and therefore works together to meet deadlines and ensure everything is resolved to the mutual satisfaction of all parties.  These contracts are generally more predictable. 
Generally, private homeowners can not compete with the aggressive pricing strategies of a bank. Properties are often in better condition, requiring less fix up.  Owners may also complete some repairs. Private owners generally do not consider a cash offer more valuable than common financing terms.  Short Sales
In these sales, the Seller must negotiate with their lender(s) for approval.  They may be asking for full or partial debt forgiveness or a note payable for any deficit.  Banks agreement to these ... more

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