Foreclosure Vs. Short-Sale

             Foreclosure

• You make the deal with the bank directly, no middle men.
• It is a signed deal that is agreed upon, no more negotiating.

• Short-Sale
  • 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