If you are a buyer, looking for a bargain. You are looking at short sales and foreclosures. Foreclosures are more of a sure thing, if you have an accepted offer. This is because you are dealing with the actual seller/owner. Short sales are not a sure thing, because although the owner would gladly take your offer, it is up to the bank to decide, if they will agree to take less than what is owed on the mortgage.
Either way, you want to make sure that you are represented by someone experienced with successfully negotiating short sales and foreclosure properties. It can make the difference between winning the deal or walking away with nothing...
If you have any other questions, feel free to call me.
Arlene Garcia Hanner, Broker
A foreclosure is owned by the bank and all negotiations are done directly with the bank and their agent.
This is just a high level explanation -- I would be more than happy to go into further detail if you like.