There are NO advantages to buying a short sale.
A bank owned foreclosure is ACTUALLY for sale.
A short sale requires the approval of many, many, many organizations who can impose what ever they choose upon the buyer or seller and in the end the seller may just quit the process.
Or the investor may ask for an additional $100,000 (my waterfront experience) or the court appointed trustee demands a $15,000, off the HUD payment, (my Palm Harbor experience. Trustee owns a real estate company) all resulting in a year of enduring the process only to encounter a NO SALE at the end.
Short sales are not suitable for everyone.
Know what you are engaging in, buckle your seat belts and get ready for a wild ride.
Short sales are the "Wild, Wild, West of Real Estate where there is an illusion of rules but anything can and does happen."
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL