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Foreclosures Vs Short Sales

Each and every day in Northwest Arkansas we are seeing more and more short sales and foreclosures.  With all of these distressed properties coming onto the market people are asking, what is a better deal a short sale or a foreclosure?

Before I answer this question let me take a second to explain a short sale.  A short sale is a sale where the current mortgage lender has to approve the sale because selling the home will not pay off the mortgage.  There is more about short sales on our website at www.foreclosuresnwa.com.

Now to answer the question, the answer is it depends.
If you are in a situation where you don't have to close for at least 60 days then short sales are often the best deals.  Since a short sale has not gone through the foreclosure process yet there is a great opportunity for you to get a deal.  Once a property gets foreclosed on then all the fees that are associated with that process have to be paid by someone.

So what is the downside to short sales?  The waiting, sometimes you can have to wait for 30 days just to get a "NO".  The process can be very frustrating and many buyers actually pull out of the bidding before they even get an answer.

If you need to move quickly then a foreclosure is probably best for you.  Most banks today can get you an answer in as little as 24 hours.  With more and more foreclosures hitting the market each and every day banks are very happy to get any offer on a property.  This does not mean they are going to accept your offer and likely unless you offered full asking price they won't.

The negotiating process with a bank is often more challenging then most people think.  Just remember the average person buys 4 homes in their lifetime, the average asset manager at a bank deals with 40 homes a year.  They are expert negotiators and if the home stays on the books another month they donít have to make the payment.

With all of that in mind the opportunities for buying a home have never been better then they are today.  Foreclosures and short sale are at a all time high.  The best way to approach the deal is on a case by case basis, and employ the expertise of a foreclosure expert.  With a little patience and know how you could get the deal of a lifetime.

For more information on short sales and foreclosures or to get your FREE list of homes:

Visit us at www.foreclosuresnwa.com



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