Better Buy: Short Sale or Foreclosure? | Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 9, 2010

in Buyers, Latest News

NEW YORK (MainStreet) — Everyone knows what a home foreclosure is, and after three years of bad news in the housing market, most people have also heard of a “short sale.”

Both involve sellers who are in trouble, and both can produce bargains for savvy buyers. But there are some critical differences that make a short sale much trickier for the buyer than a sale out of foreclosure.

In a foreclosure sale, the buyer deals with the previous owner’s lender or the servicing company that received the former owner’s monthly payments. After the buyer has defaulted, or stopped making payments, the lender or servicer takes possession and sells the property.

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In Irvine and the surrounding areas of Orange County, we are no strangers to foreclosures and short sales! Which are you more interested in and why?

Posted on Irvine Orange County Real Estate Market News

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Post by Robert Mack

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