Are short sales good deals?Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in financial trouble and must sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be closer to true market values rather than below.
How do I buy a short sale? Always do your homework before making any offers. Using a qualified real estate professional from The Peg Delp Team to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer. Hire an agent with short sale experience. The real estate agents at The Peg Delp Team are all CDPE's Certified Distress Property Experts, they can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Put our experience and knowledge to work in your favor. Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 3 to 6 months. Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At The Peg Delp Team, when we write an offer, we are looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, The Peg Delp Team can help. Utilize our experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the entire process.
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M. Peg Delp Realtor, CRS., GRI., CHMS, CPMS, CDPE, Associate Broker, Realtor®
700 East Atlantic Ave. Delray Beach, FL 33431 Office: 561.436.5560 561.436.5560 
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