Tags: Foreclosures in Orlando FL, foreclosures vs short sales in Orlando FL, How to buy a foreclosure in Orlando FL, How to buy a short sale in Orlando FL, Orlando FL foreclosures, Orlando FL short sales, Orlando FL short sales and foreclosures, Short sales in Orlando FL, short sales vs foreclosures in Orlando FL
Many Homebuyers and Investors are asking this question. Should they buy a short sale or foreclosure? This is a very valid question as we hear both positive and negative instances to both scenarios. There are also a lot of great deals available in both categories.
A short sale can be a great buy for the person who wants to hold out for a lower than market value price. A short sale is also better fitted for someone with time on their hands. If you are 7 months pregnant and want to be moved into your new home before the baby is born, a short sale is probably not the best option for you.
Buying a foreclosure can be a more direct approach. You no longer have to deal with a seller and lender through the transaction. You only have to deal with the Lender or who ever holds the lien on the property. Most Foreclosures are listed through Realtors. I would recommend working with a Realtor that can supply you with a list of REO’s (foreclosures) and you can start your search here.
When you are ready to make an offer you only have to have the bank accept your offer. In a short sale the bank has to still release the seller and in a foreclosure this has already been done. This allows the purchase of a foreclosure move a lot quicker than a short sale.
Either way you decide to go remember you are after the best house for the money. Don’t be afraid to make lower offers, not insultingly low offers but a little below market value can be accepted.