If you can wait for a foreclosure, you could save tens of thousands of dollars more than if you buy a short sale. Unless they’re preapproved by the lender, short sales can take months to be approved. If you’re the only bidder on a short sale, or if the lender is taking a long time to approve a short sale, you may be better off waiting for a foreclosure. In a foreclosure, the bank has seized the property and is making the sale itself. It may be willing to take a lower price in order to get the property off its books.