In such uncertain times, home buyers are facing the challenging choice of investing money at a less than optimal time. With foreclosure numbers looking like they are not going to be declining in the near future and a real estate market already congested with short sales, it is easy to understand why. Learning the technical differences between the two may be the best thing any buyer can do.

How to define a short sale?

Whenever the bank is paid less than what is owed on a property, you are looking at a short sale. Given that they require a lot more paperwork than any other kind of sale, most agents do not enjoy doing them. With a two stage approval process there is not much that is certain going in to a short sale, so the terms and numbers are always flexible. With all of that flexibility in there, short sales can take months to complete.

The vast majority of people who are buying homes do not want to wait for months before they find out if they get to buy a home, so short sales are nixed from the list frequently.

What is a foreclosure property?

Frequently referred to as a “pre-foreclosure” property, these kinds of homes are ones in which a foreclosure sale seems eminent. Even though it has not been completed yet, a foreclosure date has been set and the bank is still willing to entertain an offer for a short sale. Given the latent phase of this real estate transaction, the time to wait for bank feedback regarding an offer is much shorter. All the terms still remain negotiable and a prospective buyer may still be left hanging after the wait.
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It would not be the first time to have a buyer wait clear until the foreclosure date and have the lender simply go ahead with the foreclosure and take the property back without accepting any short sale offer whatsoever.

What defines a bank owned property?

When a foreclosure has been executed and the property is safely and clearly in the portfolio of the bank it can be sold to recoup the money the lender lost. Since every lien but the primary lien has been eliminated or satisfied, the lender who holds the title has much more flexibility in the terms and price of the property. As you can imagine, getting a response from a lender in this situation is much easier.

Anyone looking to buy a home today, should start by looking at bank owned homes in order to expedite their purchase and get the greatest value.

Get your free list of REO and bank owned homes by clicking on boise banked owned homes or bank owned homes in boise.