Most buyers prefer to purchase foreclosures rather than short sales. With foreclosed properties having purchase time frames ranging from 30-45 days vs. 90-120 days on average for short sale properties, according to Steve Koffman, a real estate broker with Century 21 in Cape Coral.
Foreclosed properties are already owned by the banks so they are often highly motivated in selling, which makes for a faster and more defined sales process. Bank-owned properties nowadays are frequently priced below replacement cost.
Don't shortchange on the appraisal, though, because you're getting a steal. It is even more essential (if that's possible) on foreclosures, to make sure of what you're getting and it's real market value. For the sake of a couple of days, you'll have not just peace of mind, but good documentation.
It can even be helpful when you're considering the tax assessment on the property. With prices so low, many tax assessments aren't keeping pace. Check out our [information] for more on property tax assessment.