If you do not need to be in a home for at least 3 months from now, then you can look at shortsales. Yes, they do take time to close and it is not guaranteed that the seller's shortsale lender will approve the transaction. It is not even guaranteed that the seller has the property on the market in good faith, they ,may just list the property to stall foreclosure proceedings. However about 60% of the inventory are shortsales, so if you are not pressed for time, you should definitely consider shortsales. Other shortsale issues to consider, you will not get any repair credit, you have to purchase the property as is, and if you are relying on an FHA loan, be prepared to pay for all lender required repairs. BUT, if time or money is not an issue, consider shortsales.
Also consider REOs but be prepared to not get enough disclosures regarding the existing condition of the property and it is also difficult to get the REO owner to pay for repairs. Their purchase contract addendum usually transfers the risk of everything that could happen to the buyer. So it may be difficult to get damages if it turns out that the property you purchased is a lemon.
Clearly, regular sales are the most convenient for timing and negotiating terms that benefot you the buyer and getting adequate disclosures regarding the condition of the property. However, if timing, money, disclosures or financing are not issues for you, you should consider all 3 types, shortsales, REOs and regular sales.
I will be happy to review your situation, specifically and advise you better. I have closed 100% of my shortsale transactions so I will be happy to assist you with shortsales, REOs and regular sales. Please call me at 818-825-6996 or visit my website at http://www.BogunRealtyAndLuxuryHomes.com.
Other useful links:
Best Home Deals in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Foreclosures + Bank-Owned Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Short Sale Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Fixer-Upper + Bargain Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Seller Financed, Owner-Will-Carry, Lease-Option Homes: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Fast-Track Short-Sales are Available to Home-Sellers in Distress - APPLY HERE!: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Don't Pay Another Cent in Rent to Your Landlord Before You Read This FREE Report:: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Bogun Realty and Luxury Homes
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