Maybe ... and maybe not! Every home buyer is different ... and every situation is different, so there is no standard answer. What you need to know is a little about your motivation for buying, the current market conditions, your timeframe for moving in, how much money you want to spend, and how much work you will be willing to do at a property.
Buying forclosure homes can be a great idea ... but there are many things to think about. You should read our Guide to Purchasing Bank-Owned (REO) Properties so you will know what to expect. Many times, the banks that are trying to sell a foreclosure home have made all of the repairs that are needed. In some cases, though, the homes may need lots of work. They are usually priced according to the condition.
Short sale homes can be very challenging. In most cases, buyers should avoid short sales IF they have a deadline for relocating. On the other hand, if the home buyer is in a position that they can wait for the short sale process to run its course ... which could be anywhere from four to eight months or longer ... then a short sale might be a great idea. Be careful, though, not to enter into a contract on a short sale without first determining the fair market value. A short sale that is priced too low will never get third-party approval and you could waste a great deal of time! We are available to discuss the process with you, so before you start the home buying process, Contact us to schedule an appointment to discuss your needs.