short sale, foreclosures and short salesPeople are coming back into the housing market now, recognizing that there are some good values out there, with the rise of foreclosures and short sales. Unless you are looking for that home of your dreams, chances are you can get some great buys in distressed properties if you take a look at the foreclosures and short sales in the neighborhood in which you want to live. The best way to buy a short sale home is to make a reasonable offer on it. The bank has to approve the offer you make, and if it is too far below the appraised value, chances are that they will not accept your offer.

The bank may be incredibly busy processing bids on their foreclosures and short sales, so if you don't hear back from them for a few weeks, don't get nervous. Chances are they are swamped. But if two to three weeks pass and you haven't heard anything, it's likely you offered too low a price, and if you want that particular home, make another offer for more money.