what advantage or disadvantage for buyer when buying ... - Zillow ...

The advantages mentioned by previous post are correct for judicial states. However, I see that you are posting in?Massachusetts, where lenders may foreclose on deeds of trusts or mortgages in default using either an entry by possession or non-judicial foreclosure process.

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

The average amount of time for the entire process of foreclosure in a non-judicial states is 90 days. I live in GA, another non-judicial state. I have had many short sale attempts stopped dead in their tracks because the lenders/banks could not get their act together fast enough to beat the amount of time that the home was sold on the courthouse steps. THAT IS THE DISADVANTAGE!

I was working short sales in Georgia during 2006/2007, before it was the trend. I gave it up for investing in REO properties because of the short window of time of the non-judicial process ruining the majority of my cases.

Source: http://www.zillow.com/advice-thread/what-advantage-or-disadvantage-for-buyer-when-buying-short-sales-home/485895/

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