Short Sale vs Foreclosure. What's the difference?

We are getting many questions as to what is the difference between a Short sale & a Foreclosure. Here is your answer:

Short Sale
1. Homeowner owns the property. .
2. Buyer enters into the executed contract with the homeowner,
subject to lender approval.
3. Property is generally occupied by the owner or tenants.
4. Sold As Is.
5. Timeframe from executuion of Contract: 3-6+ months. Maybe more.

Foreclosure
1. Lender owns the property
2. Lender enters into the executed contract.
3. Utilities are often disconnected.
4. Property is vacant.
5. Sold As Is.
6. Timeframe from execution of contract: 30-60 days or more.