It is possible to find great details on properties that have been “distressed” financially. These properties generally fall into two categories. Foreclosures are properties that are bank-owned, while short sales are still owned by the homeowner. In general, foreclosures take less time to close, but can often be physically distressed as well as financially distressed. Short sales usually take longer to close, but are often in better shape because they tend to be occupied and maintained by the owner.