Profile picture for LynnorBenson

Foreclosures Beat out Short Sales for Savvy Buyers



One of the biggest complaints I hear from buyers is that "It takes too long to get responses on offers for short sales".  The best way to get around the short sale waiting game is to look at foreclosures sales over short sales.  

As long as a buyer can keep an open mind on their needs, a foreclosure can be an incredible way to move quickly on a purchase and get a great deal! 

-Response times for a bank owned property take between a week to a month. If you have an aggressive agent, she will stay on top of the seller to get answers and move the process as fast as she can.  

-Foreclosures mean you are working with a dis-interested seller.   The seller looks only at the bottom line or their net from the sale. They don't care about all the other factors that short sale seller's focus and nit pick.

-Some foreclosures are government owned and offer buyers incentives in regards to down payment assistance or wrapping improvement cost into the loan.

The best way you can get a great deal on any property is to work with a knowledgeable experienced buyer's agent.



  • July 19 2012 - San Diego
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Answers (1)

Profile picture for Ofe Polack
I agree 100% with your comment.  Foreclosures are easier to deal with than the abominable short sales.  If you can, wait for the property to foreclose and then put an offer.
  • July 20 2012
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