Foreclosure's, Most are offered by HUD, if so you must find a Realtor who is Registered with HUD, only they are allowed to submit an offer.
Dan Kniffin is CDPE and HUD certified
Call me at 505 440-6878
A short sale you do not have the large addendum from the lender but the time frame can be 30 days to never. Some short sales should never have benn listed and will never close. You may get an answer back from the lender in just a couple of days or it may take months to find out that they want a higher price.
Investigate short sales if you have a open time frame and have the patience to wait months for an answer.
With a short sale you are dealing with the current owner first, not the bank. The current owner tries to sell the property for market value. Once they have an accepted offer they will take it to the bank for approval. The bank can accept, counter offer or deny the offer. It could be several months before you hear back from the bank. It will depend on the bank and how many short sales they are dealing with.
Foreclosures are already bank owned to you are dealing directly with the bank. It can go a little quicker, but again it will depend on the bank and the amount of foreclosures they have.
Once the bank accepts the offer they will give you a closing date. You need to be ready to go, the banks don't like delays once the deal is ready to close.