Foreclosures and short sales

So you think that you can get a "deal" by buying a foreclosure or short sale? You can but... The process of actually closing the sale is the hard part and requires patience, patience and more patience. Since the banks are dealing with tons of thousands of distressed property sales, they cannot possibly conduct a sale in the normal amount of time, 45 to 60 days. The bank also will not respond to your offer until it has satisfied itself that your offer is the "highest and best". This may take weeks. Meanwhile you the buyer, cannot have a home inspection until the bank has approved the sale. You cannot commit to a mortgage rate or pay for an appraisal for the same reason. The obstacles and frustrations are so many that unless you have unusual fortitude for "super" bureaucracy, I don't recommend buying a foreclosed or short sale property unless you are a highly experienced buyer of real estate.