Is it easier to buy a short sale or a foreclosure? - Zillow Real Estate Advice

Is it easier to buy a short sale or a foreclosure? - Zillow Real Estate Advice - Click Here to see all answers.

MY RESPONSE:

A short sale under the right set of circumstances may be the easier way go. The banks want to negotiate, so you can still get a good price. The process has been streamlined, so it doesn't take an eternity anymore. If you can find a short sale, say with one loan to payoff on a primary residence, then I would seriously consider it as an option.

Over the past year and a half I've found it harder to buy a foreclosure, especially in South Florida. Prices are typically at rock bottom when they hit the MLS. This leads to multiple contracts and bidding wars, causing you to pay higher than the list price Most of the time, it's not even what you offer, but who you know or if your agent properly presents your offer to the listing broker. I've also heard that the banks are approving less foreclosure sales for the rest of the year, in order to take less losses this year. That would make buying a foreclosure very hard indeed.

Neither one are easy but with patience & perserverance you can get a great deal either way.