The conclusion to both is the same. When you have third party approval and your offer is accepted you are celebrating your new home. In most cases a foreclosure gives you more control and easier acceptance if you have no competition in the bidding. The short sale is a bit more time consuming and frustrating especially when your offer is passed over for an other.
My mother used to say shopping is like waiting for a bus, if you missed one there surely will come an other.
Regards and Good Luck
In 5 years, you'll be happier with your choice if you focus on the house, the neighborhood and amenities than who you purchased the home from. Short sales can take 6-9 months or even more. During that period other homes will enter the market and be purchased by other buyers.
Getting a good deal is important, but getting a house you love is more important. If you fall in love with a short sale, and are willing to commit the time, frustration and uncertainty while you wait for a banks response, get what you love. If the home is Bank owned, investor owned or private party owned have the best available agent negotiate the best deal possible and enjoy your home.
If you are strictly looking at investment property for use as a rental or flipping, pay more attention to location and overall desirability for tenants or resale. Auctions would be your best bet, but only if you are able to pay cash and know the market. Best of luck with your purchase.
It is about the neighborhood, the block, the street, the lot, and the property itself.
What does your Realtor say?
No offense meant, but it sounds to me as though you need to have a more in-depth conversation with your Realtor or their broker.
Read the link below, take it to your Realtor, have them explain it.
All n all, I think foreclosure is your safest bet, since bank price the houses slitghly better than short sale departments do.
Faith Home Loans
Latest Post: Naples Luxury Home on Fire
You get a better deal in FLORIDA...PERIOD
It does not matter whether you are looking at a regular sale, a foreclosure or a short sale...everything is on sale.
Why is this true? Properties have to appraise. Appraisals are based on like properties that are nearby and their features. That's it...not what kind of sale they are.... ONLY.... what their features are.
So...Florida Real Estate in On Sale and they are going fast!
Debbie Albert, PA
Coldwell Banker Residential
I have come across a bill board that answers your question directly. Allow me to share it with you and see if you agree.
"Why buy WHOLESALE in Real Estate when you can buy cheaper and safer with RE SALES ?"
Just thought that it is a clever sign unfortunately I cannot take credit for it but I do agree with it. If anyone knows who is the sponsor of this billboard I would like to congratulate them.
There are so many good deals out there that one cannot pin point the direction. It seems that in all matters keeping it simple is the answer. Unfortunately short sales and foreclosures are not simple and in many cases disappointing. Seek a true professional in your area and give them your specific need and price range.You will be surprised how many good deals are waiting without the complication of either of your quests when you stick with re-sales.
The main factors to consider are how much time you have and how much you like the home.
Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL
Best of luck!
Broker Associate/EcoBroker Certified