Is buying a short sale property riskier then buying a foreclosure.?
California: I believe you mean riskier from the standpoint of a “Buyer’s Perspective”, which takes into consideration the possibility of the transaction not being completed through no fault of your own. If this is what you mean then the answer to your question is, yes! Short sale purchases can fall apart if the original borrower does not get their short sale “approved”. If for some reason out of your control, the short sale that you have an offer on does not get approved by the bank then your offer is void. Bank Owned homes on the other hand are already owned by the bank and they are already listed at an approved price. Buyers like the idea of bank owned homes having a shorter escrow period, so like I said earlier, there is more competition for bank owned homes. Some bank owned homes get up to 50 offers within days of being listed. Even though short sales have a chance of not being approved, if your offer is the one submitted to the bank then you will be the offer that is accepted, onc
