Buying a foreclosure is an excellent way to invest in a home for less because the owner of the property is a bank which is trying to liquidate the property. The difference between a “short sale” and foreclosure is ownership of the property. A short sale is an owner trying to sell the home for less than is owed on the home. Most shot sales take a month or more for the bank to respond to any offer given for the property because of the amount of work the bank needs to do in order to find the value of the property. A foreclosure is a property that the bank owns and has done its diligence and research in regards to value of the property.
All foreclosures and short sales are sold “as is” with the bank having no guarantees regarding the condition of the property. You have a period of time in order to do a home inspection to find the defects in the property after your offer is accepted.
