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I always hate the answer that starts with "It depends".....but....it does.
Short Sales go through several, possibly lengthy processes with the Lender. Depending on what has been done prior to the buyer getting involved greatly impacts the ease of the sale. Before submitting an agreement, find out what, if anything,has been done to that point and it will give you a good indiation of how long it may take and how difficult.
If the buyers need a loan, then the REO property would be easier. I have seen many buyers lose out on some great interest rates while waiting on a short sale approval.
Laura, in our Phoenix market, foreclosures are much easier for buyers to purchase and to successfully close, as I explained in my answer below. Some answers are coming from Realtors in other states where the market may be entirely different from ours. Hope this helps!
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For Sale: N/A