The Real Estate Sage

One being a first-time home buyer, you will come across a lot of advice to go for foreclosed properties which is truly enticing due to the huge price drops that have happened in the past years. Experts will agree that these properties are truly good buys but for a better deal, you can opt for short sales which are easier than foreclosed ones. Short sales involves you (the buyer), the homeowner and the bank from which they owe money from.
The short-sale itself is not considered to be such till a deal is signed and ownership is established. Banks prefer such a process for it tends to have less needs for the bank to provide,making it a cheaper option indeed. They are actually acting as mere mediators between the two parties as the home is changing hands. They need less participation and have less costs, which is good for both you and the current homeowner as you decide on the details and price of course.