We wondered what the difference was between short sale and bank owned, and recently we learned a few things. I'm open to any correction here because we got this info from someone involved in real estate.
- Bank owned sales sometimes move faster because the negotiation is only between you and the bank, like a traditional where it's just between buyer and seller. Short sales go through many more hands (buyer, seller, realtors, lawyers, negotiators, title agency, etc. etc. etc. depending on the situation of the home)
- Bank owned homes may not have clear titles
- Both are usually great deals
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