Buying Short Sales Vs. Foreclosures

By | April 22, 2010

Click Here To Search The Sarasota MLS!

It’s an interesting market, to say the least.  A simple internet search will turn up tons of listings that are tagged with ‘foreclosure’ or ‘short sale’ (incidentally, if you’re interested in foreclosure listings, you can sign up here for free Sarasota foreclosure lists delivered right to your e-mail.)  Some of the prices look too good to be true; some of them are.  Here’s a quick comparison of short sale vs. foreclosure transactions.

Short Sales Foreclosures

Making the offer

Short Sales

The beautiful thing about short sale contracts is that they’re fair and straightforward.  Short sales, for all their special needs, are regular transactions – a private buyer purchases a property from a private seller, and the funds from the transaction pay off the remaining mortgage.

The problem is that there aren’t enough funds at closing to pay off the entire mortgage – so the bank needs to release their lien.  This can take some time. Sometimes, it can take a lot of time.

Foreclosures

Some Local Foreclosures

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… And Some Local Short Sales

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1 Comment

atlanta homes on December 1, 2010 at 10:00 pm.

superb blog & writing skills. you make this look easy lol. Keep up the great work I’ll be back to read more of your posts later my friend!

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