Hi there - a quick check of the MLS shows that 56% of the 260 actively listed properties in the combined Roselle Boro/Roselle Park are short or bank-owned. There is a classification in the MLS, "lender approval required" that makes it easy for an agent to search the field - to either target or exclude them.
While 56% are distressed, that means that 44% are not. So there is a slice of the market that is a straight up buyer/seller transaction and you can bet that the high proportion of distressed deals are weighing on their value. That means that you may well get a very good deal on a traditional transaction and avoid the hassle of a short sale, which can be time consuming, cumbersome, and ultimately uncertain. Bank-owned are more like traditional deals in their timing.
In terms of waiting, if you are in the position to buy, I would give it a shot. Prices are good, borrowing rates are so good as to almost be silly. Distressed deals will likely not go away in a year.
Good luck to you,
Unwavewring Commitment to Service, Unsurpassed Results