Foreclosure Vs. Short-Sale
- You make the deal with the bank directly, no middle men.
- It is a signed deal that is agreed upon, no more negotiating.
- You make the deal with the seller, who tries to make a deal with the bank through negotiators
- It is a signed deal, but a deal contingent on approvals of the bank, so negotiations or denial all together are common.
- BOTH will cost you more money to purchase vs. a traditional sale
- Attorneys fees are higher because they do extra work
- The buyer picks up some costs traditionally associated with the sellers like survey
- General fees charged to the buyer by the banks for the opportunity to purchase that property