Difference between owners and short sales...

[Account Closed]

I don't know if this is a starting out question and hope it's not obvious be ause I'm excited to ask my first pointed question on this great forum. Here goes:

I have a line on a few properties that are in trouble and heading toward being foreclosed on. I can approach the owners of these properties to see if they're interested in selling. My question is: if they agree to sell and are underwater does that mean it will still have to be done as a short sale with all the associated cost and wait times?

Is there any benefit to approaching them as opposed to just keeping an eye on them to see when they actually do start going through the foreclosure process?

Thanks and just let me know if I can provide more info or if my question is not so clear.