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