Short Sale! South Lakeland FL Home for Sale – No Deed Restrictions!
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Petra Norris
CDV TransAtlantic, Inc. Real Estate Brokerage
(863) 619-6918 pnorris500@gmail.com http://www.petranorris.com
Listed by: CDV TransAtlantic, Inc Real Estate Brokerage |
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Lakeland FL Short Sale and Foreclosure Market Report – September 2011
For the month of September, the Lakeland real estate market of short sales and bank-owned (REO) properties has declined. There were a total of only 86 distressed homes sold that were in some kind of distress, compared to the 107 homes the previous month and 132 home the previous year.
Current inventory for Lakeland foreclosures as of 10/30/11 is at 83, while 74 homes currently are under contract and awaiting closing.
What are the price ranges, buyers and investors are most interested?
Lakeland Foreclosures Market Report
$49,999 or under – 16 homes
$50,000 – $99,999 – 14 homes
$100,000 – $149,999 – 8 homes
$150,000 – $199,999 – 1 homes
$200,000 – $249,999 – 2 home
$250,000 – $259,999 – 1 home
Current inventory for Lakeland Short Sales as of 10/30/11 is at 348 homes, while 325 homes are under contract and waiting to close.
Lakeland Short Sales Market Report
$49,999 or under – 7 homes
$50,000 – $99,999 – 20 homes
$100,000 – $149,999 – 12 homes
$150,000 – $199,999 – 4 homes
$250,000 – $259,999 – 1 home
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
Average days to Closing for bank-owned properties are 137 days
Average days to Closing for other distressed properties are 236 days.
44 Lakeland FL Short Sale properties sold – average soldprice$95,053 – median sold price $91,600.
42 Lakeland FL Foreclosures (REO) sold – average sold price $77,082 – median sold price $63,500.
Low Lakeland foreclosure inventory may be the answer for you if you are contemplating short sales and your family and friends telling you that buyers only work the foreclosure. Don’t be fooled, putting your home on the market as a short sale may be your best option and buyers who are frustrated in the bidding war against investors are willing to look at buying short sales.
Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent - Petra Norris at (863) 619-6918 and find out about our options.
Why Wait To Do an Inspection on a Lakeland FL Short Sale?
When buying a Lakeland FL Short Sale, time and patience is key to a successful short sale transaction. Home Inspections are generally carried out after the seller accepts the buyer’s offer during a traditional sale and bank owned property, which is usually completed within a couple of weeks.
Generally, Lakeland homes for sale as short sales are being sold as-is with right to inspect. So, why would a buyer want to wait until receiving an approval from the seller’s lender?
Buyers would argue the time of inspections due to lengthy process receiving an approval for the short sale. However, the sooner the inspection is completed, the sooner the buyer can move on to another property should the property require extensive repairs. The buyer can exercise the right to cancel the contract.
Buyers also argue that they don’t want to spend the money on a home inspection fearing the short sale does not get approved. On the contrary and in my experience handling Lakeland FL Short Sales representing mostly buyers, by being proactive as a buyer completing an inspection prior to lender approval is testimony that there is an interest in the property in which the lender just may speed up the process.
More importantly, a buyer requesting an inspection after short sale approval can’t expect the lender to approve the buyer’s laundry list of repairs. Buyers may have a better chance receiving a credit for repairs when the short sale package together with the sales contract is submitted to the lender after the home inspection is completed.
After all, as a buyer receiving a nice discount on the Lakeland FL Short Sale will make up for a few hundred, perhaps a few extra hundred dollars spent on a homeowner inspection.
Waiting three, six or perhaps nine months until the lender approves a short sale is really a waste of time for the buyer to do a home inspection.
Make Sense?
The phone rings a desperate voice asking me what should I do? Should I make my mortgage payment or should I stop making my mortgage payment?This is one of the most toughest question a client or a consumer can ask me and this question comes up every time when talking on the phone, emails or at a listing presentation.
There are quite a few myths floating around with regards to making mortgage payments when considering doing a short sale. One of them is that you do not need to be in default with your lender in order to do a short sale.
While I am not a lawyer and can’t give you legal advice, I am well versed in Short Sales and this question when asked should be answered by a real estate attorney who specializes in foreclosures and short sales.
Reasons to take into account on whether or not to continue making mortgage payments should you consider a short sale
You may not have a choice because of your financial hardship where you have to put the monthly mortgage payment towards food and utilities.
You may save the monthly mortgage payment for moving expenses.
While it is not required to be behind on the mortgage, lenders may act upon to approve a short sale quicker than if you are current on your mortgage payment.
You may stand a better chance in getting the deficiency waived by your lender due to financial hardship. Why would a lender spend their resources chasing an empty wallet?
Your credit score will definitely have a major impact whether or not you do a short sale or your home will be foreclosed on. While a foreclosure has generally the most detrimental impact on your credit score usually 200-300 points a short sale on the other hand drops generally 100-200 points depending on your credit history.
You will not be able to receive a Fannie Mae backed loan for two years now to purchase another home while doing a short sale.
Making your monthly mortgage payment during a short sale
Afford to continue with your mortgage payment during a short sale will able you to protect your credit to some extent while doing a short sale and therefore allowing you to get FHA loan if you were not late on any of your mortgage payments. Less negative impact on your credit is the most important reason to continue making your mortgage payments.
Lender guidelines constantly changing and getting approved for a new mortgage is much easier when no mortgage late payments on your credit report were reported.
Since short sales require lender approval and there is never a guarantee, your credit is not affected should your lender rejects the short sale or you decide to cancel the short sale because your situation has improved. No foreclosure if your home does not sell because you stayed current on your mortgage.
Short Sale an emotional roller coaster. Whether you decide to continue with your mortgage payments or not, make no mistake, the whole short sale process is an emotional roller coaster, your option may be far better than letting the home go into foreclosure.
For a more detailed understanding of the process when buying or selling please visit Lakeland Short Sale.
Do you need to sell your home as a short sale in Lakeland, Auburndale, Bartow, Winter Haven, Polk City, Highland City, Mulberry or Bartow? Call or email me for a personal and confidential consultation.
Lakeland Florida Short Sale and Foreclosure Market Report – June 2010
For the month of June, the Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 54%. There were a total of 117 properties sold in May, compared to 127 in May and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 2,011 Lakeland homes for sale and 495 Lakeland homes under contract (07/24/2010). 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 15.88%
- Short sale properties – Inventory share is 26.50%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
- Average days to Closing for bank-owned properties are 86 days
- Average days to Closing for other distressed properties are 296 days.
- 31 Lakeland Short Sale homes sold – average sold price $111,594 – median sold price $110,000
- 86 Lakeland Bank-owned (REO) homes sold – average sold price $86,130 – median sold price $80,000.
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
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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Lakeland FL Home for Sale – Short Sale!
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Petra Norris
CDV TransAtlantic, Inc. Real Estate Brokerage
(863) 619-6918 pnorris500@gmail.com http://www.petranorris.com
Listed by: CDV TransAtlantic, Inc Real Estate Brokerage |
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For the month of April, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 148 properties sold in April, compared to 126 in March and 82 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 547 Lakeland homes under contract (05/27/2010). 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 13.76%
- Short sale properties – Inventory share is 25.68%
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 56 days
- Average days to contract for other distressed properties are 192 days.
35 Short Sale Sold – average sold price $128,294 – median sold price $135,000 113 Bank-owned (REO) sold – average sold price $82,026 – median sold price $61,000
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Foreclosure & Short Sales Properties Search
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.
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.
Lakeland Florida Short Sale and Foreclosure Housing Report for February 2010
For the month of February, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 56%. There were a total of 86 properties sold in February, compared to 88 in January and 63 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
Currently there are a total of 1,946 Lakeland homes for sale and 543 Lakeland homes under contract (03/22/2010). By calculating total inventory, homes that are under contract 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 14.34%
- Short sale properties – Inventory share is 24.69%
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 53 days
- Average days to contract for other distressed properties are 219 days.
15 Short Sale Sold – average sold price $110,213 – median sold price $75,000
71 Bank-owned (REO) sold – average sold price $81,017 – median sold price $70,000
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.
