Most everyone knows that South Florida is a buyer's market. If you are looking for a really "Great Deal", then searching for a pre-foreclosure or short sale is definitely one way to find it. Delray Beach happens to be one of my favorite places in South Florida, so I am always on the look out for a good pre-foreclosure. I work with several investors and most of them prefer to invest in townhomes. One of my favorite townhomes for the money is Kokomo Key Townhomes.
Kokomo Key is an intracoastal community with approximately 116 3 bed and 2 bed townhomes. There are currently 2 townhomes which are in pre-foreclosure. This presents an opportunity for a win-win situation for both the buyer and seller. The buyer may be able to purchase the property for well below market value and the seller may be able to sell the property without having to go through foreclosure. The one variable not yet mentioned though is the lender (or lenders).
If the seller owes more than what the property is worth, than the lender will ultimately take a loss. The lender will have to agree to accept this loss. This is called a "Short Sale". Whether you are a seller or a buyer in a short sale, you need a Real Estate Agent that knows the whole process of short sales and has the knowledge to negotiate with the banks.
If you would like more informaton on Short Sales in Kokomo Key or any other community, contact Joe Feldkamp and Dena DeBusk, Esq. with the short sales division of Exit-Atlantic Realty at 561-870-4761.