Which to buy: short sale or foreclosure?
Rolling the dice on distressed properties
In this buyer's market, some homebuyers ask themselves: Will purchasing a short sale or foreclosure end in disaster -- or yield a jackpot?
And which type is best to go all-in with: a short sale or foreclosure?
"There's really no cut-and-dry answer," says Gwen Daubenmeyer, a certified distressed property expert with Re/Max in the Hills in the Detroit area. "It really depends on the buyer and what the buyer's priorities are."
Before starting their search, homebuyers who want to play their cards right should know the benefits and drawbacks of buying either type of "distressed" property: foreclosures and short sales.