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A very common question that I am asked these days is ” What exactly is the difference between a short sale and a REO?” Typically I then go into a detailed explanation of the negatives and positives and eventually make then understand that REO’s are for sure the way to go. I’ve had a few deals in the last couple of months that really bring that realization to light.

For over a year now, I have had the pleasure of dealing with a wonderful family. They in North Hollywood, and have been searching for their perfect house in this area for quite awhile now. The first few times we looked around, we didn’t find anything that would have benefited their situation. The family had decided to take about a year, waiting for prices to drop, before they wanted to search again.

Finally, a few months ago I took them out again, and we found a cabin that was exactly what they were looking. The scenery of Oak Trees and the spic and span cabin was definitely a plus. The cabin was priced at $149,000, but still a steal of a deal. The only problem I had anticipated we would have, was that the cabin was listed as a short sale. Even after explaining to the family the complications and time that can come along with a short sale, they loved the cabin so much they didn’t want to give it up.

Over a month into the process, and we still hadn’t heard a response back. It was around this time that I had come to the conclusion that the selling agent hadn’t done his part in filing the short sale paperwork. I informed my clients that the only option we had now was to wait until the bank responded. The selling agent contacted me over a month later to inform me that the bank had snatched this property from him, and didn’t respond to our offer.

Which just goes to show you that short sales can be very unpredictable. I am sure this saga will continue…

Submitted by: Marie Strahg knows all about shopping a Big Bear, CA foreclosure and Big Bear realty in general. Check out more of her articles on the web.