Mistake No. 4: Equating 'short sale' with 'deal'In real estate, a deal is a deal, and the terms "short sale" and "real estate owned," or "REO," are marketing buzzwords designed to lure bargain-hungry buyers.
All too often buyers run into the trap of buying a foreclosure or short sale thinking they are buying way below market value, when they are really overpaying.
A good deal is a matter of the property's historic price, current market conditions and the home's features, as well as the buyer's own needs. Weighing all the factors isn't easy. But buyers dramatically decrease their chances of making emotional mistakes by working with professionals who know the local market.