In spite of the current excitement over the supposed opportunities offered by short sales & foreclosures the buyer should beware and carefully consider the downside of moving in this direction. You are advised in the strongest possible words to get an attorney before moving into this area. Short sale and foreclosures must be approved by the bank. This can take time. The banks often use their own contract forms, and they always add addendums to standard contracts. These are not familiar to the typical real estate broker. Additionally, the unsuspecting may incur additional expenses from title issues to serious repair issues since most houses in foreclosure or available at a short sale have been vacant and/or in a serious state of disrepair.
And why take the above risks? If you and your broker work diligently you can purchase a property in the standard manner at the same price as you would get in a foreclosed or short sale property, and without the headaches.
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