In my experience, a bank owned property is usually a better buy than a short sale for several reasons.  The two main reasons are price and time frame.

I know of several homes that had short sale offers on them, but for whatever reason, went to auction and the bank bought them.   The bank listed them for less than the highest short sale offer.  The reason this is common is because most homes in a short sale position have a first, a second, and maybe other liens.  So if you can find a home that has already gone through the foreclosure process, it has removed those.   Our office has a lot of bank owned pr0perties listed and I know that they go under contract quickly.

The second reason is time.   Who knows when a bank will approve a short sale.  It depends on which bank, the asset manager, how the offers are being submitted by the agent and on and on.  There are investors that make offers on properties all the time, and for them a short sale may be just the ticket.  However, for the Buyer who is moving up or it is there first house they may want to consider a bank owned property first.  After all, time is money.

Tags: American Fork Bank Owned Homes, American Fork Foreclosed Properties, American Fork Foreclosures, American Fork Short Sale Homes, American Fork Short Sale Properties, American Fork Short Sales, Northern Utah County

Posted on Sunday, September 6th, 2009 at 7:06 pm and is filed under Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.