Lakeland Short Sales

Lakeland FL Short Sale and Foreclosure Housing Report – June 2010

Lakeland FL Real Estate – Short Sale – Reduced Price – 5920 Buck Run Dr.

Reduced Lakeland FL Short Sale – 5920 Buck Run Drive – Deer Brooke Community – Southwest Lakeland

There are about 500 homes situated throughout the Deer Brooke neighborhood located in Southwest Lakeland.  It has a rural atmosphere with its tree lined scenery.  These homes were developed from the mid 1980′s to present and currently range in price from the low $100′s to $350′s.  Deer Brooke community is surrounded by farms, horse farms, and homes with acreage.
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4209 Arietta Lane Lakeland FL – Another Lakeland Florida Short Sale “Sold”

Just Sold – Short Sale in Carillon Lakes – Lakeland FL

Hiring an experienced Realtor when buying a Lakeland Short Sale is essential.

I represented the buyers for a home in Carillon Lakes in Lakeland, Florida that was listed as a short sale and my buyer did not walk away – a successful short sale transaction from start to finish.

Showing Lakeland homes listed as Short Sales requires extra precaution when representing buyers.  I always tell my buyers to be patient, have a pre-approval letter from a reputable lender or proof of funds. My estimated closing date is about three to six months out.  If a potential buyer is looking for something to move in right away, a short sale may not be an option.

Before we made an offer on this Carillon Lakes home, a comparable market analysis is completed to make sure that the home is priced right.  Too often the home is priced too low enticing buyers and agents to make an offer only to find out later that the short sale will not be approved after waiting for months.

• 4026 Whistlewood Drive, Lakeland Florida 33811 
• Sold for $149,000
• 3 bedroom, 2 bath,
• den,
• lanai
• hardwood floors,
• low monthly homeowners association fee
• 24/7 security guard
• Listing Date October 2009
• Contract Date December 2009
• Date Closed May 2010

Interviewing the listing agent is key to find out if the seller turned in all the required documents needed to complete the short sale process. All too often, it turns out that there are still documents missing or the sellers are not cooperating, delaying the process even further.  Asking how many lenders are involved and if there is private mortgage insurance on the home. More importantly getting updates from the listing agent and keeping my clients, the buyers up-to-date on the status is a key factor having a successful short sale closed.

Buying a Lakeland short sale is not for the faint at heart and patience is required process.  Hiring an experienced real estate agent who is experienced on both sides of the transaction is basis to a successful closing.

Lakeland FL Short Sale and Foreclosure Market Report – March 2010

For the month of March, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 54%. There were a total of 126 properties sold in March, compared to 86 in February and 68 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Currently there are a total of 1,945 Lakeland homes for sale and 566 Lakeland homes under contract (04/27/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.

• Bank owned properties – Inventory share is 13.50%
• Short sale properties – Inventory share is 24.81%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

• Average days to contract for bank-owned properties are 51 days
• Average days to contract for other distressed properties are 179 days.

• 35 Short Sale Sold – average sold price $117,486 – median sold price $106,500
• 91 Bank-owned (REO) sold – average sold price $90,390 – median sold price $80,000

Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.

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 to search for distressed Lakeland properties.

Fix Up Distressed Lakeland Real Estate with a FHA 203K Streamline Mortgage

Looking to take advantage of a Lakeland short sale, bank-owned, or otherwise distressed property? Consider a Lakeland FHA 203K streamline mortgage.  It’s a great way to get a good value and some money to fix up your home as well.  First and foremost, make sure you are working hand in hand with an experienced mortgage broker, who is knowledgeable about this program and goes over the costs, time and requirement with you in great detail.

Like many other areas of Florida, the Lakeland, Florida real estate market has been hit pretty hard by foreclosures, leaving many properties in the hands of Banks, which aren’t exactly known for their property management capabilities.  As such, many Lakeland homes for sale as short sales, REOs, bank-owned properties and the like, though offered at a great value, are often in need of minor to moderate repair to be considered “move-in ready.”

I just sold a bank-owned home that was financed with a FHA 203k Streamline Mortgage with the maximum allowable rehab costs of $35,000 where I represented the buyer.  It is not for the faint at heart, it requires organizational skills of the buyer and the buyer’s agent with coordinating the estimation for repairs with vendors who have to meet the FHA guidelines.

Master Bedroom - no flooring and mold

Master Bath - w/o cabinets - mirror and mold

Enter the Lakeland FHA Streamline 203K mortgage…

The following Q &A on FHA 203K Streamline Mortgages should give you a general idea of how this home loan option can allow you to get into a distressed property at a good value and get up to $35,000 to fix up the property.   You’ll be surprised at the repairs that qualify under the FHA Streamline 203k program.

Q: I’ve heard about FHA 203K Streamline loans, but what exactly are they and how do they work?

A: The FHA Streamline 203k mortgage allows home buyers to purchase properties in need of minor to moderate repair while factoring in some or all of the needed repair costs into the loan.  As long as the repairs on your Lakeland home don’t exceed $35,000 (including fees) and are not structural in nature, you can “refurbish and rehab” the property with the costs built into your mortgage.

Q: Are there cases where the repairs you perform can exceed $35,000?

A: No- the streamline 203k is capped at $35,000 including any “soft costs.”

Q: What exactly are “soft costs?”

A: Soft costs are the those costs that don’t involve repair, but are necessary to close the loan.  These include closing costs  – including up to 2 inspection fees (approx $150/each).  These costs also account for an appraiser compliance inspection report (roughly $125), as well as a supplemental origination fee (the greater of $350 or 1.5% of the rehab costs, and a contingency reserve of 10% – to be determined by the underwriter).

Q:  What sort of downpayment will I need for an FHA 203K Streamline mortgage?

A:  The regular FHA downpayment limit of 3.5% applies.

Q: Are there limits on the types of properties that qualify for this program?

A: Yes, the FHA Streamline 203K mortgage applies only to single family residences, condos, PUD’s and 2-4 unit properties.

Q: Can this program be used to build a new property?

A: No the property must be existing at least 1 year old to be eligible for the streamline 203k.

Q: Is it possible to use this loan on a property for which I will be considered a non occupying co borrower?

A: Yes – the credit piece of this loan is the same as an FHA 203b – standard FHA qualifying

Q: How long after closing will I have to complete the repairs on my Lakeland home?

A: Work on your property has to begin within 30 days of the loan closing, and must be completed no later than 6 months from when your loan has closed.

Q: Is it required that I occupy the home while repairs are completed?

A: You are not allowed to be displaced from the property for more than 30 days during the allowable 6 month rehab time.

Q: Am I allowed to do my own repairs on the streamline 203k?

A: Yes, but only if you are qualified – as in if you work in the construction business, are a licensed contractor, etc.) and you complete the self help forms.

Q: What are the contractor requirements for work being done on a 203K Streamline loan?

A: Contractors are to be licensed and bonded and will need to complete a W9 prior to closing.

Q: What if there are repair funds left over after the work has been done?

A: Any remaining money left over after the work is completed will be applied to your principal mortgage balance.
As I said, if you’re looking to take advantage of a bank-owned property that is in need of repair and need to factor your repair costs into the mortgage, the FHA 203K streamline mortgage program is a great option.

Announcing Petra Norris – NAR Short Sales and Foreclosure Certification – SFR

FOR IMMEDIATE RELEASE:

Contact: Petra Norris

Contact Person: Petra Norris

Company Name: CDV TransAtlantic, Inc.

Telephone Number: 863-619-6918

Email Address: petra@petranorris.com

Web site address: www.lakelandfloridaliving.com

Petra Norris Earns NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR^® Expertise in Distressed Sales

Lakeland – Florida, March 20, 2010

Petra Norris, Realtor®, managing Broker with CDV TransAtlantic, Inc Real Estate Brokerage has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS^® offers the SFR certification to REALTORS^® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

Petra Norris has been helping homeowners negotiate short sales and buyers helping with the purchase of short sales and bank-owned properties (REO) in Florida, primarily in Polk County including cities, such as Lakeland, Auburndale, Bartow, Mulberry, Lake Alfred, Polk City, Highland City, Kathleen and Winter Haven. She is a member of the Lakeland Association of Realtors®, the Florida Association of Realtors®, and the National Association of Realtors®. You can contact her office at 863-619-6918 if you are having difficulties making your mortgage payment.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.  For many real estate professionals, short sales and foreclosures are the new “traditional” transaction.  REALTORS^® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS^® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR^® who has earned the SFR certification for these kinds of purchases.”

Contact: Petra Norris

Contact Person: Petra Norris

Company Name: CDV TransAtlantic, Inc.

Telephone Number: 863-619-6918

Email Address: petra@petranorris.com

Web site address: www.lakelandfloridaliving.com

CDV TransAtlantic, Inc. Real Estate Brokerage Lakeland Florida 33809

# # #

Are distressed homeowners making the right decision?

One of the most talked about subject you read or watch on television today is the housing crisis.  Homeowners walking away from their homes they can no longer afford.  Are distressed Lakeland homeowners making the right decision? As I was reading an article titled: “To walk or not to walk: underwater homeowners face dilemma”, I asked myself what I would do when faced with the decision of walking away.

The rise in foreclosure filings in Florida and around the country were first blamed on mortgage fraud and predatory lending practices. That is not the only case any longer.  Here in Florida, especially in Polk County, folks are faced with lay off’s resulting in double digit unemployment rates and now folks who still have a job, like my husband are faced with less than 40 hours work week reducing their income by 20% or more.

My parents never owned a home and when my husband and I purchased our Lakeland home in 1993, it was our American dream. When we signed the promissory note that states: “I promise to pay” we and most homeowners here in the United States have good intentions to keep this promise.  However, unexpected circumstances such as job loss, divorce, illness, reduced income, relocation, business failure or even death of a spouse can derail the promise once made.

I want to point out that I’m not an attorney and the tips outlined below are for informational purposes and not legal advice.  Please seek the advice from a qualified finance, tax, and legal professionals.

I am a real estate agent in Lakeland, Florida working with homeowners every day who are faced with this dilemma educating myself regularly by taking classes, talking with fellow real estate agents and researching available options.  I’m also a homeowner asking myself this very same question, “to walk or not to walk”.

Would I walk away?

Assuming there is a job loss or an enormous reduction in our income. I would not walk away from my home, at least not as a first step! I have to live somewhere. Making a budget should be the first thing a homeowner should do not only when faced with such a decision but on a regular basis.  People are stunned when they discover they can have an extra $100-$200 a month by eliminating going out to dinner, reducing their cable bill, installing a few energy efficient items to reduce their light bill, and reducing their cell phone bill.

Walking away from your Lakeland home will result in foreclosure. It will definitely hurt your credit rating by as much as 200-300 points and you will not be able to get another mortgage for number of years.

What would I do?

First of all, each homeowner has to make the decision by themselves and at their own best interest and while each homeowner’s situation is different here are the steps I would take:

I would not ignore the letters from my lender – I would call them immediately explaining my situation and take notes of the conversation.

I would try to work out an arrangement with my lender – For example, forbearance may be considered by the lender, if a new job is in sight, upcoming bonus or a tax refund.  Tell the lender about it and ask if you could make a partial payment, skip payments and tell them about your plan to catch up.

I would seek professional legal and financial advice – each homeowner’s situation is different and therefore I strongly recommend that you seek the counsel of an attorney and accountant experienced in foreclosure and bankruptcy.

If my lender would ignore, not communicate or decline my plea to a workout – I would try to sell my home as a Short Sale.  While the time of a Short Sale on your Lakeland home process can be long and stressful for the homeowner and their family, the buyer and their Realtors®, Lakeland Short Sales do get approved!

Despite all of the suggestion you hear from relatives or friends, read in the newspaper and online or watch on television; it is ultimately your decision and should be based on educating yourself, your options and discussion with family members.

Would you walk away?

Lakeland FL Foreclosure and Short Sale Market Report – January 2010

The foreclosure and short sale market has affected all of us here in Lakeland, Florida with the ever decreasing home values in most neighborhoods if not all neighborhoods in our city.  High unemployment rates, influx in foreclosed properties for the foreseeable future and shadow inventory that has yet to hit the real estate market.  Therefore highlighting the Lakeland foreclosures and short sale market for sellers, home buyers and investors is very important in determining their options whether buying or selling.

Starting with this month Lakeland Florida Short Sale and Foreclosure market report, the distressed market report will have its own report.

For the month of January, Lakeland’s real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Currently there are a total of 1,910 Lakeland homes for sale and 498 Lakeland homes under contract (02/18/2010). By calculating total inventory, homes that are under contract because these properties have not closed is included in my inventory share.

• Bank owned properties – Inventory share is 12.17%
• Short sale properties – Inventory share is 25.42%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

• Average days on market (DOM) for bank-owned properties are 45 days
• Average days to contract for other distressed properties are 136 days.

25 Distressed Homes Sold – average sold price $146,724 – median sold price $139,900

63 Bank-owned (REO) sold – average sold price $88,319 – median sold price $81,000

Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.

If you are interested in Lakeland Foreclosures and Short Sales, feel free to contact me at petra@petranorris.com or click the search button below.

Mortgage Mess Continues – Sweetheart Deal FDIC – Indymac/OneWest Bank

Recently details of a “Sweetheart Deal” came to light as FDIC Sale of Indymac/OneWest Bank assets.

Our voices of the Real Estate industries has to be heard.  It is sad when deals are being made to the expenses of taxpayers and homeowners who face short sales, foreclosures and are in the midst of getting the impossible – loan modification.

Check out this video by clicking on this link to see for yourself

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