Sure, but why limit yourself! Are you a first time home buyer? Investor? In a hurry to move? Need financing or paying cash? Just looking for a deal?

We’ve got 3 different types of properties: Arm’s Length with real, live Buyers and Sellers negotiating and making decisions, the dreaded Short Sales and REO (bank owned) which people think are the best deal.

Arms Length: “Traditional” transaction where property is listed and sold on the open market at fair market value without duress or special circumstances that affect value. Typically, property conforms to lending requirements and closes upon agreement of the parties.

Short Sales: Transaction where property value is less than outstanding Mortgage. Once Seller gets an offer that’s viable, Seller will have to prove their financial hardship and need to sell in order to get the bank to release the lien and approve the sale. This added layer of time and uncertainty to the closing process turns many Buyers and Real Estate Professionals away from even looking at these properties which certainly affects value. This is why “Short Sales” may sell for less.

REO/Bank Owned/FORCLOSURE: The Bank or Lien Holder is the Seller. Property condition is “AS IS” and terms of sale are usually non-negotiable. Because of lending requirements, these properties are tough to get financing and many are for investors or cash only Buyers because they need 10’s of thousands of dollars worth of work.

In many cases these situations spell out the type of Buyer but there are always exceptions to the rule so don’t rule out the possibilities. Never forget that every Seller wants market value but…..It’s a Buyer’s market with opportunity for a deal everywhere. Call the REALTOR® that you know and love to tell them your criteria, concerns and motivation for buying (assuming they’re your Buyer Agent). Your REALTOR® knows the local market and can be your best advocate for homeownership or investment.