Tara Farnsworth Homes

With their being so many short sale and foreclosure opportunities available, it is very common to want to know the difference between the two.

 Short Sale - This is a circumstance where the current owner/seller is having difficulty making the payments and they want to sell the home before it is foreclosed upon.  This process requires you as the buyer to make an offer to the owner/seller who will first accept the offer, then present this offer to their bank.  In nearly all of these circumstances, the bank will be taking a loss on the property and has to approve the sale.  Please keep in mind it can take up to 120 days to purchase a short sale, so be prepared to take some time.

Foreclosure - This is a situation where the bank now owns the property and you are most times making an offer directly to the bank.  The same timeline of up to 120 days applies to foreclosures. 

Please keep in mind in most of these situations you are getting an incredible price and with that goes the added responsiblity of possibly having to pay for some of the sellers costs.

As always you are welcome to call to discuss this further at 847.301.3166.