In a nutshell:
A conventional sales is when the home is owned out-right or the seller owes less on the mortgage than fair market value. Conventional sales involve quicker transactions between both parties unlike foreclosures, short sales and probate sales
Why should I go with a conventional sale?
We typically recommend conventional sales for our buyers, especially first-time homebuyers, to help them avoid the complications they could run into when dealing with distressed properties or probate sales. For a majority of buyers who are looking to purchase and move into their dream home as soon as possible, conventional sales are the way to go. Often times, distressed properties can take many months for the seller's bank to approve an offer or for a court date to bet set in the case of a probate sale.