Short Sale vs Forclosure...which should I buy?

Real Estate Agent with Keller Williams

The answer to this question really depends on you and your ability to tolerate some frustration .  I have had a lot of experience with both and the biggest difference between the two is time.  Many times with a short sale property the bank has not given the green light to the seller for the price you see on any of the search engines you are using to target homes.  This means that the listing agent or 3rd party they may be using to do all of this work needs to submit a bunch of paperwork and hopefully get the bank to approve the offer price and because the bank may not have already given their blessing to the asking price; a full price offer may still be counter offered by the bank or flat rejected.  Foreclosures on the other hand are owned by the bank and they have set the price knowing what their bottom line will be.  For this reason I find the foreclosure negotiations are much more responsive and timely getting you into the home you want and at a good price much faster than a short sale.  Remember, both can be really good deals and you need to determine first what your expectations are and how quickly you need or want to close.

For a list of foreclosures in St. Charles Co. Missouri go to Happy Hunting! to visit my website

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