When it comes to distressed properties, is it better to buy a short sale or a foreclosure? The answer: It depends on where you want to buy.
Both types of distressed properties can provide an opportunity to purchase a home at a substantial discount. Whether a short sale is a better bargain than a foreclosure (or vice versa) depends a great deal on the neighborhood in which you’re buying. In some areas, there are more short sales on the market than bank-owned properties (also called REOs or foreclosures). Higher inventories can make it easier for buyers to get a great deal. Low inventories make it much more difficult and drive prices up.
In other markets, foreclosures are more plentiful, which provides a great opportunity to purchase that type of distressed property. Want to learn more? We would be glad to show you the opportunities available in your area of interest!