Are you thinking about buying a distressed property? If you are, you will need TIME - a Short Sale or an REO (Bank Owned property) will both take longer than the typical sale. There are certainly benefits to buying a Foreclosure or short sale, that being a lower price. However since we have a Lender involved in the final acceptance of the buyers offe to the seller it could take 60 - 90 days for the negotiator for the lender to make the decision. The decision isn't always that they will accept the offer. As a buyer you must be prepared to counter-offer what the negotiator has proposed. This could take another 2 weeks or so for the final decision. If you don't have the time or patience to wait this is not for yoy. However, if you do you could make yourself a considerable savings.