Short Sales in Lakeland, Florida are becoming more and more common in recent months and notably though, a lot of homeowners still don’t have any idea what a short sale is and what are the required documents the lender requires.
First of all you the property owner, the most important thing you must know and understand that you the property owner and seller of your home, you still own your home, you still hold the title to your property, and more importantly you still make the decision of what offers will be accepted or not. Your bank/lender does not own your property.
Your bank/lender may have filed a Lis Pendens and foreclosure proceedings may have begun, but until your property is sold on these local courthouse steps, you the owner are still the person that rightfully and legally owns the home.
What is a short sale?
A short sale is when a lender accepts less than the mortgage balance to avoid a possible foreclosure auction on the court house steps or bankruptcy.
In this case instead of buying the home from the seller, a buyer is purchasing directly from the lender for a discount. The reason for this sale is straightforward, banks do not like surplus inventory and bad loans on their books; therefore if they see an opportunity, where they can sell the property without a great loss, they will approve such a sale. Moreover, banks could lose a lot more money if the property goes to auction as well as additional fees they would have to pay to the court. Taking the discount before the property goes to auction is financially feasible for the banks.
What are the required documents the lender requires?
However, there are documents required by the lender to approve such a short sale.
- Handwritten hardship letter explaining your hardship
- The last 2 years of tax returns for all signers on the mortgage
- The last 2 pay stubs for all signers on the mortgage
- Completed financial statement that your Realtor® received from your lender.
- There are more documents you or your agent will have to put together after an offer is received from a buyer.
What does not constitute a short sale?
If you purchased your home at the height of the market and now your home value have declined does not constitute a short sale.
If you used the home as your ATM machine in which you may have maxed out the equity of your home and are now in debt does not constitute a short sale.
Just because you want to move out of your house and your house is worth less than what you owe your lender does not constitute a short sale.
A short sale is not an escape clause – short sales are only for homeowners that are in dire need for help. It is an option that requires due diligence on my part as your Realtor® and it requires your honesty as the seller.
Copyright © 2009 http://www.petranorris.com| All Rights Reserved
Lakeland Florida Short Sale Information – What is a Short Sale?
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919
The Internal Revenue Service announced today that an expanded tax break is available for eligible First-Time Homebuyers. You don’t have to wait until next year to receive your $8,000 tax credit and the best news of it all you don’t have to pay it back, according to IRS Commissioner Doug Shulman.
Lakeland Florida has an abundance of homes available for sale with home prices falling back to 2004 level. Low interest rates and great available mortgage programs such as VA, FHA and USDA you don’t want to miss out on this great opportunity to own your first home.
Check out this reference chart in one of my earlier blog post here
Hi folks! Here are the numbers of my weekly update. The numbers of homes newly marketed have decreased from the previous week of 94 homes to 51 homes listed with area Realtors®. The average sales price for the newly listed homes is $184,268 or $91.35 per square foot. Currently, Lakeland’s total inventory as of Wednesday, February 25th, 2009 continued to decline modestly to 2,199 homes listed for sale. The average sales price is $215,633 and with an average size of a home is 1,863 square feet, which calculates to $115.75 per square foot.
1 condominium listed at a sales price of $177,000
3 mobile homes listed with an average sales price of $54,900
47 single family homes with an average price of $192,680
Lakeland has seen a steady increase of its numbers for distress properties on the market. Such properties are found in every price range and this is the case with our priciest home newly listed. A 2007 custom built pool home by Mark Brown located in the Grasslands Golf and Country Club Community; it features 4 bedrooms and 4 ½ baths with over 4,500 square feet of living space currently offered for $995,000. On the contrary, the cheapest home on the market newly on the market is a bank-owned 2 bedroom 1 bath home which is listed for $24,500 – $39.26 per square foot.
The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 07 at an average sales price of $75,757
33803 – 04 at an average sales price of $424,950
33805 – 06 at an average sales price of $116,450
33809 – 02 at an average sales price of $213,500
33810 – 11 at an average sales price of $184,000
33811 – 06 at an average sales price of $164,216
33812 – 02 at an average sales price of $159,900
33813 – 09 at an average sales price of $284,222
33815 – 04 at an average sales price of $38,700
Weekly update on distressed properties in Lakeland
A total of 476 properties are currently facing foreclosure. Newly listed were 20 Lakeland homes for sale in the distressed category with average prices of $152,220. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
For more information on the location of the properties newly listed in Lakeland, pricing and size of the homes click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Would you like to do your own search for properties? Look no further, click on the “Search for Homes” icon or contact me directly at (863) 619-6918.
Copyright © 2009 http://www.petranorris.com| All Rights Reserved
Lakeland Florida Homes for Sale – Weekly Update on New Listings 02/15/09 – 02/21/09
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919
There are folks that call Shakespeare’s “King Lear:” his greatest work; some folks call it the darkest, most compelling tragedy ever written. D. A. Ward’s contemporary adaptation of Shakespeare’s classic saga of pride and greed has been cast at Harrison School for the Arts. This biting tale renamed “Lear Inc.” is set amid the sleek, high-tech world of a military defense contractor’s corrupt corporate family clan. ”Lear, Inc.” unveils a workplace of treachery, lust, fraud, avarice, and . . . murder!
Vice Principal for Harrison School for the Arts Daryl Ward and author of this contemporary adaptation said, “Shakespeare’s work is meant to be acted, so you need to see it played out in front of you,” ”In ‘Lear, Inc.’ I tried to consciously create scenes that work on a physical level, but also on a mental and emotional level – you have to experience the work as if you are a part of it.”
“President Obama said ‘…know that your people will judge you on what you can build, not what you can destroy.’ The members of Malcolm Lear’s corporation learn this too late or not at all,” states Ilene Fins, director. “Enlightenment through entertainment has been my guiding artistic principle for the last 25 years. I feel truly blessed with the creative talent that is bringing this piece to life.”
With this being said by the creator of this adaption and the Dean of Theater for Harrison, you certainly will be astonished and mesmerized by the performances of these fine theater students.
Meet the cast!
Brendan Troost as Lear, Britt Michael Gordon as Edmund, Lance Taylor as Edgar, Skyler Knopp as Kent, Misti Rucks as the Clerk, Sterling Chesney as Grayson, Laurel Finch as Cordelia, Joey Wells as
Al, Amanda Keen as Gabrielle, Amelia Marler as Regan, Ryan Shults as Duke, and Justin Nipper as Ozzie.
Olympia Lamar, Ruthie Ellison, Demonte Cheeks, Nicole Richard, Courtney Lang, Beth Rousseau, Brandie Perez, Baron Simmons, Anna Erdman, Chris Holseth, Aaron Acevedo, and Aaron Brannan portraying as Yes-Men.
Lear, Inc. plays Thursday, Feb. 26, Friday, Feb. 27 and Saturday, Feb. 28 at 7:30 p.m.; and Sunday, Mar. 1 at 2:00 p.m. at the Lois Cowles Harrison Center for the Visual and Performing Arts, 750 Hollingsworth Road, Lakeland, FL.
Tickets are $10 for adults, $8 for seniors and students. Tickets are available for purchase online at www.harrisonarts.com
The Harrison Box Office will be open at 6:00 p.m. the evening of the performances. (863) 499-2939.
Check out these great photographs by Andy Glogower Photography taken during rehearsals.
Photo credit – Andy Glogower
Mark your calendar for these upcoming performances of The Harrison Fine Arts Series for 2008/09:
- Connections & Combinations, Visual Arts Exhibit & Reception, Mitchell Gallery, Feb. 27 – Mar. 27.
- Evening of Opera, Mar. 19.
- Piano Concert, Mar. 24.
- Jazz Band and Chamber Orchestra Concert, Mar. 26.
- Chamber Music Concert @ Jenkins Recital Hall, Florida Southern College, Apr. 14.
- Reflections on the Ground, Visual Arts Exhibit & Reception, Mitchell Gallery, Apr. 17 – June 4.
- Side by Side by Sondheim, Apr. 17 – Apr. 19.
- Spring Dance Concert, May 1 & 2.
- Spring Orchestra Concert, May 14.
- Spring Music Concert, May 21.
Copyright © 2009 http://www.petranorris.com| All Rights Reserved |
Lakeland Florida Harrison School for the Arts presents “Lear Inc.”
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919
Lakeland’s historic Lake Morton District area extends from Florida Southern College encompassed by tree-lined brick streets showcasing recently renovated many astonishing fine historic Victorian homes, brick homes, older bungalows, cottages and Mediterranean style homes that were constructed in the early 1920′s reaching downtown Lakeland.
The immaculate spherical 40-acre Lake Morton is just a short distance away from downtown, a selection of its 1 mile shoreline was recently restored with rock material to prevent erosion and planting aquatic vegetation along the shoreline. Lake Morton is the home of the world-famous swans along with birds, ducks, geese, white pelicans, and other species. Remember, while driving around Lake Morton, keep in mind that swans, geese and ducks do have the right of way.
Lake Morton is the setting of the annual Mayfaire-by-the-Lake festival, which is held generally the weekend of Mother’s Day. The neighborhood is surrounded by historic homes, businesses, Lakeland Chamber of Commerce, Lakeland Public Library, and Polk Museum of Art, churches, senior assisted living and apartments. Folks from all over the town and world flock to Lake Morton to take a stroll for relaxation and feed the swans, ducks, geese and birds.
The $789 Billion stimulus package was unveiled signed, sealed and delivered to the American people.
First-Time Homebuyers listen up! It is now the best time to buy homes in Lakeland, Bartow, Winter Haven, and all the surrounding cities in Polk County, Florida.
- Prices for Homes in Lakeland, Florida and throughout Polk County have dropped to 2004 level.
- Interest rates are at an all time low, lingering around 5%
- Housing Inventory have reached it’s highest level
- Now, you can deduct $8,000 when buying your first Lakeland home.
Click here to search Lakeland area homes
Check out this reference chart! There was some confusion about the tax credit with the $15,000 credit being axed by the plan and the new $8,000 tax credit compared to the $7,500.
Hi folks! Here are the numbers of my weekly update. The numbers of homes newly marketed have increased from the previous week of 61 homes to 94 homes listed with area Realtors®. The average sales price for the newly listed homes is $157,516 or $92.30 per square foot. Currently, Lakeland’s total inventory as of Wednesday, February 18th, 2009 declined to 2,204 homes listed for sale. The average sales price is $214,417 and with an average size of a home is 1,861 square feet, which calculates to $115.22 per square foot.
4 condominiums listed at an average sales price of $136,425
8 mobile homes listed with an average sales price of $106,137
2 townhomes/villas with an average sales price of $109,400
80 single family homes with an average price of $164,911
Now, you always find homes in different price ranges and it would be too extensive to list them all here. Therefore, without further ordure the priciest home that came newly on the market is a 2001 custom built pool home located in the Eaglebrooke Golf Club Community; featuring 4 bedrooms and 2 ½ baths with over 3,000 square feet of living space currently offered for $549,000. On the contrary, the second cheapest home on the market in all of Lakeland is a bank-owned 3 bedroom 1 bath home which is listed for $12,500 – $14.14 per square foot.
The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. Take a look at the breakdown by zip code:
33801 – 10 at an average sales price of $119,570
33803 – 17 at an average sales price of $151,482
33805 – 08 at an average sales price of $105,725
33809 – 12 at an average sales price of $146,312
33810 – 21 at an average sales price of $144,023
33811 – 08 at an average sales price of $201,137
33812 – 07 at an average sales price of $220,542
33813 – 10 at an average sales price of $216,680
33815 – 01 sales price of $89,900
Weekly update on distressed properties in Lakeland
A total of 470 properties are currently facing foreclosure. Newly listed were 38 Lakeland homes for sale in the distressed category with average prices of $138,736. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
For more information on the location of the properties newly listed in Lakeland, pricing and size of the homes click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
For more information on my recent Lakeland market reports, please visit by clicking on the links below:
Lakeland Housing Review in Recent Years
Would you like to do your own search for properties? Look no further, click on the “Search for Homes” icon or contact me directly at (863) 619-6918
Copyright © 2009 http://www.petranorris.com| All Rights Reserved
Lakeland Florida Homes for Sale – Weekly Update on New Listings 02/08/09 – 02/14/09
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919
Walking into “The General Store” in Downtown Lakeland, you discover soon that nostalgia takes you back in time and therapy comes alive. The General Store has everything from Band-Aids & Fix-A-Flat to Marlboros & Toiletries, Ice Cream, Chick-O-Sticks & Moonpies to Gift Baskets, Pet Toy’s & Ice Cold Grape Crush, even Nostalgic Toys (no batteries required) & Historical Lakeland gifts.
Join me as I share with you the nostalgic of Lakeland, Florida’s only “real” General Store.
Terisa Glover and Terry Lauretta, long time friends, decided in 2007 that it was now or never to open up what Downtown Lakeland really needed – Groceries, Sundries & Memories.
Located at 125 South Kentucky Avenue in historical downtown Lakeland, the store is within walking distance from Munn Park and Lake Mirror nestled in nearby children’s museum, hotels, restaurants, cafés and specialty shops like clothing, antiques, pottery and art galleries. Folks from all over the world have visited and purchased items from this General Store. People stop by and ask for directions or have questions, which are kindly answered with a smile on their face.
Buyer opportunities will flourish with continuously decreasing prices! Lakeland’s average sold prices have fallen to $131,335 ($65.60 per sq.ft.); although only a slight drop of 2 ¼% from the previous month, it is a significant stumble of 24% for the month of January of the previous year. The amount of 113 sold Lakeland homes has also taken a dive of about 16% from the previous month of December 2008.
Sellers still facing challenges by chasing the market to pricing the home accordingly of what has been sold. Moreover, competition of the evolving market of distressed homes, more importantly the bank-owned (REO) properties that are dictating the real estate market here in Lakeland with 51 properties sold in January.
With over 2500 properties currently for sale and pending, we are experiencing a 24 month of supply for the regular homes and distressed homes.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.
Common properties only – Inventory active and pending 1892 homes resulting in 39 month of supply.
Distressed properties – Inventory active and pending 618 homes resulting in an 11 month supply.
Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – Of the 113 homes sold last month in Lakeland, 60 distressed homes were sold with an average sales price of $110,930 ($60.07 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 60 properties were bank-owned (REO) and these homes make up 53% in total sales in Lakeland, Florida.
There are currently 462 homes facing foreclosure.
159 homes are in pending status waiting for bank or lender approval to close.
For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Let’s take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven – 44 properties sold – average sold price $114,306 – average $68.30 per sq.ft.
Bartow – 7 properties sold – average sold price $78,921 average $50.83 per sq.ft.
Mulberry – 10 properties sold – average sold price $124,289 – average $71.29 per sq.ft.
Auburndale – 9 properties sold – average sold price $139,600 – average $59.22 per sq.ft.
Polk City – 1 property sold – average sold price $75,000 – $52.45 per sq.ft.
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.
Copyright © 2009 http://www.petranorris.com| All Rights Reserved|
Lakeland Florida Market Report January 2009 – Challenges and Opportunities for Buyers and Sellers
Petra Norris – CDV TransAtlantic, Inc. – Licensed Florida Real Estate Broker -
PO Box 92050 – Lakeland, FL 33804-2050 -
Telephone (863) 619-6918
It’s time again for my weekly update on newly listed properties on market. The numbers of homes newly marketed continue to decline from the previous week of 67 homes to 61 homes listed with area Realtors®; carrying an average sales price of $184,743 or $99.31 per square foot. The total amount of current inventory as of Wednesday, February 11th, 2009 declined to 2,214 homes listed for sale. The average sales price is $215,889 and with an average size of a home is 1,863 square feet, which calculates to $115.88 per square foot.
1 duplex listed at $56,700
1 condo listed at $245,000
2 mobile homes listed with an average sales price of $97,250
3 townhomes/villas with an average sales price of $96,600
54 single family homes with an average price of $194,136
The priciest home that came newly on the market is a newly renovated 1980 Spanish Mediterranean pool home located in the Lone Palm Golf Club community; featuring 4 bedrooms and 4 baths with over 3,600 square feet of living space currently offered for $999,900. On the contrary, the cheapest home newly on the market is a bank-owned 3 bedroom 1 bath home listed for $37,500 – $35.24 per square foot. The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 08 at an average sales price of $99,312
33803 – 07 at an average sales price of $213,957
33805 – 05 at an average sales price of $183,740
33809 – 08 at an average sales price of $181,384
33810 – 10 at an average sales price of $152,450
33811 – 06 at an average sales price of $198,816
33812 – 02 at an average sales price of $117,250
33813 – 13 at an average sales price of $200,053
33815 – 02 at an average sales price of $527,400
Weekly update on distressed properties in Lakeland
