Buying Nashville Foreclosures vs Short Sales
This is a tough question with no cut and dry answer. It depends on the situation and your priorities as a buyer. In order to make the best decision, let’s look at the benefits and drawbacks of both.
The Nashville Foreclosures described in this article are bank-owned properties. These properties were sold at the steps and re-purchased by the bank. Buying Foreclosures at the public auction adds another layer of difficulty and should be reserved for the most savvy real estate investors.
Benefits of Buying Nashville Foreclosures
- Many Foreclosures sell at a larger discount than short sales.
- Most Foreclosures can close faster than short sales.
- Foreclosures offer more negotiation opportunities.
Drawbacks of Buying Foreclosures
- Foreclosures are typically vacant for months at a time.
- Most Foreclosures will require some amount of work.
Benefits of Buying Short Sales
- Many Short Sales require fewer repairs.
- Short Sales help the homeowner avoid foreclosure.
Drawbacks of Buying Short Sales
- It may take a month or longer to get a response on a Short Sale.
- Many Short Sales are cancelled and never close.
The Bottom Line on Nashville Foreclosures.
For the average buyer, a foreclosure is going to be the best option. You will likely get a better price and have some assurance that the property will close in a reasonable time. The Nashville Real Estate market is better than the national average; therefore, many lenders do not feel the pressure to sell homes as a short sale in this market.
If you have time on your hands, and really want the specific home; then a short sale may be right for you.
In either situation, make sure that you have an experienced agent guiding you through the process. It will make all the difference in the world.
Would You Like to Buy a Foreclosure or a Short Sale this week? Call Steve Jolly Today at 615-519-0983!