The time to buy in South Florida is now! While many buyers are still hesitant to invest in the current real estate market, many more are cashing in on the short sales and pre-foreclosure homes that are being sold at slashed prices. I live in Delray Beach and am very familiar with the area and the short sale process. Many of my investors are looking for condos and townhomes as they require less maintenance and are easy to rent until the market recovers. One of the more popular communities is Kokomo Key Townhomes, located just North of Atlantic Avenue in Delray Beach on the intracoastal.
Kokomo Key consists of 116 townhomes, with two to three bedrooms per unit. Currently there are two homes in preforeclosure. This presents the opportunity to purchase a home for far less that its actual worth as the seller does not want to go into foreclosure. The process is called a short sale. Typically, a real estate agent finds both a buyer and seller and negotiates the price of the home. Then, the agent takes the offer to the lender (bank) and fills out a large packet of information. The lender decides whether the sale shall occur as oftentimes the agreed upon price is less than what the borrower owes on the mortgage. Thus, the term "short sale", because the sale is short of what is owed.
As both a real estate agent and an attorney licensed in both Florida and Tennessee, I would be happy to assist you in this process as well as finding you the best investments possible. If you would like more information about short sales in Palm Beach County, please our website or contact Dena DeBusk or Joe Feldkamp, the office Broker, in our Short Sales Division at Exit Atlantic Realty at 561-870-4761.
Comments(1)