With a non distressed sale you will most likely pay closer to market value as seller's emotions and motivations are often involved but things usually move along at a reasonable rate. If things need fixed, there is a good chance the seller can and will fix them. They are usually the easiest all around.

With short sales, you first have the homeowner who may have no to little to normal motivation to move and second a bank with potentially long response times etc. There is no money to fix problems as the seller gets nothing from the sale. Banks sometimes assist in repairs but not often. That can create a problem with FHA or VA loans if the loan is dependent on repairs but short sale homes are usually purchased at a discount from market value. The long wait can play havoc with buyers on a more rigid moving schedule and there is the distinct possibility the home will go into foreclosure while you are trying to buy it. I have had it happen. At that point you may have to start over when it comes back on the market as a foreclosure.

Foreclosures are usually easier. The bank must sell at whatever price they can get. There is no emotion involved and no option to just keep it. Their price may not be very flexible the moment it gets listed but as time goes by the price will go down or become more negotiable until it sells. Response time is usually reasonable. Like short sales, repairs can go either way depending on the bank but most of the time they want to sell as is and if that means taking a lower price so be it. The greatest savings over market value can be had with foreclosures and they tend to be easy and fast provided there are no major repairs for the loan to be approved. You often have to pay both sides of the transfer tax but often the bank will pay for title insurance and that makes it almost a wash.

As for your personal decision of which to buy, you will have to weigh the +'s and -'s. Financing is probably the biggest factor. It is far easier for most people to finance a $200,000 home needing no repairs than to buy a $150,000 home needing $50,000 in repairs as they have no way of getting the extra 50k after the purchase unless they do the 203k loan. That loan in itself is a fair bit of work as you have to have estimates for the repairs from contractors ahead of time. If you have good access to money and a flexible purchase window, a foreclosures and short sales are great options. You may have to be more patient in choosing one that fits what you are capable of where as a non distressed sale homes have more likelihood of being ready to occupy as is.

If you're looking to purchase or sell a home, come to New Mexico Mountain Properties and our enormous selection of homes for sale in Angel fire as well as our Taos homes for sale. If its land you're looking for, we have the biggest selection in Angel Fire and Taos. We also have scenic condos in Angel Fire. Give us a call at 575-377-2626 in Angel Fire, 575-758-5852 in Taos, or call our agent direct at 575-770-3306.