Foreclosure vs Shortsales

What do buyers prefer?
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May 05 2010 - Scarsdale
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Answers (4)

Typically buyers will prefer foreclosures (REOs) over short sales, primarily due to timing issues.

With a foreclosure, the list price is a guaranteed price and the only concern is potential competition from other buyers.

A short sale price is rarely guaranteed, and the approval process can be lengthy. In addition, the short sale listing price is often well below what the bank will accept, so the buyers may have to respond to counter offers from the bank.
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May 08 2010
It depends on the buyer, the property and buyer precieved value of property, the lender and the agent that educated the buyer.  Short sales can be very good deals depending on buyers goals and time line. It is more important to have a experinced agent with a short sale to ensure the buyer is aware of risk and that expectations are set.

REO's there are less restrictions but often times more competition if it is decent property.  The issue will be acting quickly and verifiy condition and title issues immediately.
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May 08 2010
Shortsales have taken up to 6-8 months or longer. Supposedly this is improving. If the property has beed forclosed and the bank in fact owns it, the time to complete the deal will be shorter. Longer time works better for some and not so good for others.
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May 06 2010

It depends on the buyer. Different buyer may have different levels of patience. Impatient, cash buyers are likely to be a better fit for foreclosed properties. While those who don't mind what can be a very long wait are the best suited for most short sales.

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May 05 2010
 
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