what is the difference between short sale and forclosure?
Hi Zaza. You’ve received some great answers to your question already. I’ll just add that if you decide to purchase a property in a short sale situation, make sure the Realtor who is the Listing Agent is experienced with the process. There are many factors that affect processing times and big variations in length of response times between lenders/investors holding the lien . The Buyer’s Agent who represents you can ask the right questions on your behalf. In my office we work as a team of three people specializing in short sales. Many bank owned properties on the other hand are priced below market value for the express purpose of attracting multiple bids in hopes of attaining the highest price possible. These properties usually go quickly, however, don’t be surprised if you are out-bid by an offer that exceeds the asking price. An experienced Buyer’s Agent in this case could make a difference in being the successful bidder. Darla Schroeder, Realtor, GRI, e-PRO Century 21 Real Estate Cham
