Few Buyers are really ready for the challenge, patience, determination, and persistence that buying a Foreclosed property or a Short Sale will take.
Many buyers think they are up for the challenge of buying a short sale, but the rejected offers, headaches, frustration, and excruciating long wait times demand an extreme amount of patience on the buyers part, as well as a skilled Real Estate Professional with experience in negotiations.
Many times the amount of paperwork, red tape, and the long process involved in negotiating a Short Sale proves to be too much for the buyers and sellers.
The foreclosure process itself is extremely complicated (depending on which state you are in and which lender is involved), and a novice must learn to navigate the foreclosure waters which takes a great deal of time, research, training, and experience, as well as patience.
The good news is there are many homes, even Luxury Homes, waterfront & luxury Condominiums, that are deeply discounted and currently available, that are NOT Short Sales or Foreclosed properties.
In order to get a great buy on a home, it does not necessarily mean that you must purchase a Foreclosure or a Short Sale. Sellers have had to adjust their list prices and must factor in all homes that are competing properties, including the short sales and foreclosures that are on the market in their marketplace as well as recent sales.
Many of the Foreclosures are bargains, but need major repairs, and have not been maintained properly. Homes in poor condition may fetch bargain prices, but be prepared for the added expense for needed repairs.
If you are searching for a bargain, and want to purchase a Short Sale Property or Foreclosure, always deal with an experienced Real Estate professional who has knowledge in handling short sales and foreclosures and preferably one that has been certified and trained in negotiating Short Sales, Foreclosures, and REO's.