{"id":105228,"date":"2025-08-29T08:33:00","date_gmt":"2025-08-29T15:33:00","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=105228"},"modified":"2025-10-06T14:05:27","modified_gmt":"2025-10-06T21:05:27","slug":"short-sale-vs-foreclosure","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/short-sale-vs-foreclosure\/","title":{"rendered":"Buying a Short Sale vs Foreclosure: What\u2019s the Difference and Which is Better for You?"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">Key take aways:\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Short sales<\/b><span style=\"font-weight: 400;\"> often have better conditions and more negotiation but take longer to close.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Foreclosures<\/b><span style=\"font-weight: 400;\"> are usually cheaper and faster but sold \u201cas-is.\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pick based on priorities \u2013 condition and flexibility vs. speed and price.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You\u2019re scrolling <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">house listings in Seattle<\/span><\/a><span style=\"font-weight: 400;\"> or higher priced <\/span><a href=\"https:\/\/www.redfin.com\/city\/11203\/CA\/Los-Angeles\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">properties in Los Angeles<\/span><\/a><span style=\"font-weight: 400;\">, when you spot your dream home priced below market value. It seems like a rare opportunity, but there\u2019s a catch: is it a short sale or a foreclosure?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what\u2019s the difference? In simple terms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Short sale:<\/b><span style=\"font-weight: 400;\"> The homeowner sells the property for less than they owe, with lender approval.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Foreclosure:<\/b><span style=\"font-weight: 400;\"> The bank takes ownership after the homeowner defaults and sells the home directly.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding these differences is crucial before making an offer. In this Redfin article, we\u2019ll break down the process, pros and cons, and help you decide which option might be right for your buying strategy.<\/span><\/p>\n<h2><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-105229\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-scaled.jpg\" alt=\"house forclosed or short saled\" width=\"2560\" height=\"1706\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-scaled.jpg 1801w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-300x200.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-1024x683.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-768x512.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-1536x1024.jpg 1536w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-2048x1365.jpg 1800w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-225x150.jpg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-945x630.jpg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/08\/shutterstock_2480809679-450x300.jpg 450w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/h2>\n<h2><span style=\"font-weight: 400;\">What is a short sale?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-short-sale-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">short sale<\/span><\/a><span style=\"font-weight: 400;\"> happens when a homeowner sells their property for less than the remaining balance on their mortgage, with the lender\u2019s approval. This usually occurs when the homeowner is in financial distress (unable to keep up with mortgage payments) but wants to avoid foreclosure. Because the sale involves the lender agreeing to accept less than what is owed, the process can take longer than a typical home sale.<\/span><\/p>\n<p><b>What buyers should know about short sales before making an offer:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lender approval is required:<\/b><span style=\"font-weight: 400;\"> The bank must approve the sale, so expect a longer timeline than a typical home purchase.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Financials matter:<\/b><span style=\"font-weight: 400;\"> Buyers should be prepared for potential delays while the lender reviews the homeowner\u2019s financial documents.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Condition is often better than foreclosures:<\/b><span style=\"font-weight: 400;\"> Because the owner may still live in the home, it\u2019s usually maintained more carefully.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Less competition, but be patient:<\/b><span style=\"font-weight: 400;\"> Short sales often attract fewer buyers than foreclosures, but the process can take weeks or months to finalize.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Opportunity to negotiate:<\/b><span style=\"font-weight: 400;\"> Buyers may have some leverage to negotiate terms or <\/span><a href=\"https:\/\/www.redfin.com\/blog\/contingencies-in-real-estate\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">contingencies<\/span><\/a><span style=\"font-weight: 400;\"> with the lender, making it a chance to get a favorable deal.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">What is a foreclosure?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-buy-a-foreclosed-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">foreclosure<\/span><\/a><span style=\"font-weight: 400;\"> happens when a homeowner fails to keep up with mortgage payments, and the lender takes ownership of the property. The home is then sold by the bank, usually to recover the outstanding loan balance.<\/span><\/p>\n<p><b>What buyers should know about foreclosures before making an offer:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank-owned property:<\/b><span style=\"font-weight: 400;\"> The lender owns the home, so the previous homeowner is no longer involved.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold \u201c<\/b><a href=\"https:\/\/www.redfin.com\/blog\/should-you-buy-a-house-as-is\/\" data-wpel-link=\"exclude\"><b>as-is<\/b><\/a><b>\u201d:<\/b><span style=\"font-weight: 400;\"> Foreclosures are often sold without repairs, so buyers should be prepared for potential maintenance or renovation costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Faster timeline, higher competition:<\/b><span style=\"font-weight: 400;\"> Once listed, foreclosures can move quickly, but investors often compete aggressively for these properties.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below-market pricing:<\/b><span style=\"font-weight: 400;\"> Foreclosures are often priced lower than comparable homes, sometimes offering significant discounts, but buyers should weigh the condition and repair costs.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Short sale vs. foreclosure: How the buying process compares<\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Step<\/b><\/td>\n<td><b>Short Sale<\/b><\/td>\n<td><b>Foreclosure<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Find property<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Listed as short sale<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Listed as bank-owned<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Submit offer<\/span><\/td>\n<td><span style=\"font-weight: 400;\">To homeowner, then lender<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Directly to bank<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Review process<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Lender reviews seller\u2019s financials and offer<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank reviews offer, often favors cash<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Negotiation<\/span><\/td>\n<td><span style=\"font-weight: 400;\">More flexibility on price\/terms<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Limited flexibility, sold \u201cas-is\u201d<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Inspections<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Allowed before closing<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Allowed, but repairs usually on buyer<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Closing speed<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2\u20136 months<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Often faster once accepted<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Short sale vs foreclosure pros and cons\u00a0<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">Short sale pros:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Potentially less competition:<\/b><span style=\"font-weight: 400;\"> Fewer buyers typically pursue short sales compared to foreclosures or traditional listings.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Better home condition:<\/b><span style=\"font-weight: 400;\"> Owners may maintain the property to protect their credit, keeping it in livable shape.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Opportunity to negotiate:<\/b><span style=\"font-weight: 400;\"> Buyers can sometimes negotiate price, contingencies, or minor repairs with lender approval.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Price point advantage:<\/b><span style=\"font-weight: 400;\"> Motivated sellers may accept offers below <\/span><a href=\"https:\/\/www.redfin.com\/blog\/assessed-value-vs-market-value\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">market value<\/span><\/a><span style=\"font-weight: 400;\"> to sell quickly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Utilities and basic maintenance:<\/b><span style=\"font-weight: 400;\"> Sellers often keep utilities on and handle basic upkeep, reducing immediate costs for buyers.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Short sale cons:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lengthy approval process:<\/b><span style=\"font-weight: 400;\"> Lender approval can take weeks or months, delaying the closing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No guarantee of approval:<\/b><span style=\"font-weight: 400;\"> Even if the homeowner accepts your offer, the bank may reject it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complex paperwork:<\/b><span style=\"font-weight: 400;\"> Multiple liens or debts may need to be resolved before the sale can close.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property risk:<\/b><span style=\"font-weight: 400;\"> Deferred maintenance or hidden issues may exist due to the owner\u2019s financial struggles.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Buyer effort required:<\/b><span style=\"font-weight: 400;\"> Buyers must stay in frequent contact with agents and lenders, provide documentation, and follow up consistently.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Foreclosure pros:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Faster transaction:<\/b><span style=\"font-weight: 400;\"> Since the bank owns the property, foreclosures often move more quickly once listed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Below-market pricing:<\/b><span style=\"font-weight: 400;\"> Foreclosures are usually priced lower than comparable homes, offering potential value for buyers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Motivated seller:<\/b><span style=\"font-weight: 400;\"> Banks want to sell quickly, giving buyers a more straightforward path to closing.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Clean title:<\/b><span style=\"font-weight: 400;\"> Foreclosures typically come with cleared <\/span><a href=\"https:\/\/www.redfin.com\/blog\/can-you-sell-a-house-with-a-lien-on-it\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">liens<\/span><\/a><span style=\"font-weight: 400;\"> or back taxes handled by the lender, reducing legal complications for buyers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Opportunity for investors or renovations:<\/b><span style=\"font-weight: 400;\"> Buyers willing to invest time or cash into repairs can get a good deal and potentially increase property value.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Foreclosure cons:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold \u201cas-is\u201d:<\/b><span style=\"font-weight: 400;\"> Foreclosed homes usually come without repairs, so buyers should budget for maintenance or renovations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Property conditions may be poor:<\/b><span style=\"font-weight: 400;\"> Homes may have been neglected or abandoned, requiring significant work.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High competition:<\/b><span style=\"font-weight: 400;\"> Investors and cash buyers often compete aggressively, making offers more competitive.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash or strong financing preferred:<\/b><span style=\"font-weight: 400;\"> Lenders often favor buyers with cash or pre-approved financing, which can limit options for some buyers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited negotiation:<\/b><span style=\"font-weight: 400;\"> Banks may be less flexible on price or contingencies compared to a short sale, especially if multiple buyers are interested.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Which is better for buyers?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Deciding between a short sale and a foreclosure depends on what matters most to you as a buyer.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Looking for a home in good condition?<\/b><span style=\"font-weight: 400;\"> Short sales often offer properties that are better maintained, since the homeowner is still living there.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Want a quicker transaction?<\/b><span style=\"font-weight: 400;\"> Foreclosures typically move faster once listed, as the bank owns the property and wants to sell quickly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prioritizing negotiation room?<\/b><span style=\"font-weight: 400;\"> Short sales give buyers more leverage to negotiate price, contingencies, and other terms with the lender.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Focusing on price savings?<\/b><span style=\"font-weight: 400;\"> Foreclosures may be priced lower than comparable short-sale homes, offering potential value for buyers willing to handle repairs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The bottom line is short sales are often better for buyers who value condition and flexibility, while foreclosures may suit those seeking speed and lower prices.<\/span><\/p>\n<p><b>Pro tip:<\/b><span style=\"font-weight: 400;\"> Work with a real estate agent experienced in distressed properties to navigate either option successfully. They can guide you through lender requirements, paperwork, and potential pitfalls.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FAQs Foreclosure vs short sale<\/span><\/h2>\n<h3><span style=\"font-weight: 400;\">1. Can I get a mortgage for a foreclosure or short sale?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, standard loans apply, though some lenders may require more documentation for short sales.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Are short sales cheaper than foreclosures?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It depends. Foreclosures often sell below market value, but short sales may allow negotiation.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. How long does a short sale take?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Typically 2\u20136 months, depending on lender response.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Can I negotiate repairs in a foreclosure?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Rarely. Most are sold \u201cas-is,\u201d but some lenders may offer credits.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn the differences between short sales and foreclosures, including pros, cons, and which option is best for your home buying goals.<\/p>\n","protected":false},"author":585,"featured_media":105229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34276],"tags":[34617,34642],"coauthors":[34682],"class_list":["post-105228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","tag-home-buying-process","tag-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buying A Short Sale vs Foreclosure | Redfin<\/title>\n<meta name=\"description\" content=\"Learn the differences between short sales and foreclosures, including pros, cons, and which option is best for your home buying goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/short-sale-vs-foreclosure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying a Short Sale vs Foreclosure: What\u2019s the Difference and Which is Better for You?\" \/>\n<meta property=\"og:description\" content=\"Learn the differences between short sales and foreclosures, including pros, cons, and which option is best for your home buying goals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/short-sale-vs-foreclosure\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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