Ah the joys of short sales...

Although foreclosures and short sales seem like a terrific idea, think again. Yes, you may have the opportunity to get a "deal" on a place, but at what "price?" Most normal sales contracts begin and close on average in about 2 months. Short sales and foreclosures are a completely different animal. For example, I am currently working with a long term client on a short sale. We began looking in late December, and then found his dream house in the second week of February. We quickly jumped on the short sale opportunity, putting together a terrific offer, with limited contingencies, and a closing within 30 days. We are still waiting to hear back. Because the property is contingent on a third party approval (IE the bank), we are just sitting here patiently waiting to hear back. It has been about 2 months already, and I have already informed him to start looking for other properties, or be patient knowing this simple "OK" from the bank may drag on another 6 months.

So, if you have time to wait, go for short sales. But, if you are one of those people that likes getting things done efficiently and need something soon...my best advice is stay away from short sales.