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Old 04-19-2009, 12:52 AM
 
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Hi.. i'm a first time home buyer. There are so many foreclosures and short sales available these days. Has anyone had a good experience with it? please share~
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Old 05-04-2009, 05:52 PM
 
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I have and it was a night mare
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Old 05-04-2009, 05:58 PM
 
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Short sales aren't as big of a deal as foreclosures- a short sale is basically just the owner getting the bank to agree to let them sell the home for less than the mortgage balance. Foreclosures are an entirely different issue- you're buying the house as-is, with no room for negotiations regarding repairs, and no recourse in the event of an issue down the road. You're also often dealing with homes that were neglected prior to going into foreclosure, so you've got a good chance of their being problems.
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Old 05-04-2009, 06:01 PM
 
249 posts, read 724,780 times
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Default Short sale

Waiting for the bank or banks can take many months.
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