Is the process as long in a forclosure as it is in a short sale?

Asked by Sullyj, Troy, MO Fri Mar 5, 2010

We would like to take advantage of the tax credit , I know there are only a couple of months left. We would like to find a good deal, but know that the short sale process is very long. Is it the same with a forclosure? If we found one (forclosure) today, is it possible to close by the deadline?

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Bill Eckler, Agent, Venice, FL
Sat Mar 6, 2010
Sullyj,

Since foreclosures involve the disposal of property the bank is in full possession and total control of, these transactions are typically much more quickly accomplished than short sales. The normal foreclosure time frame is very similar to a regular transaction...perhaps slightly longer.

Good luck,

Bill
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Richard Mals…, , Fresno, CA
Fri Mar 5, 2010
Get that offer in NOW! Yes, you should be able to close in time to take advantage of the tax credit. Foreclosures go much MUCH quicker than a short sale. The bank is obviously aware that the home is for sale (not always a given in an short sale), and they have decided on a price. Come in around the asking price, don't ask for a bunch of small things in the offer, and you should be good to go.
Best of luck!
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