Short Sale! Lakeland FL Home for Sale – No Deed Restrictions!
| Overview |
|
 |
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 |
Nearby properties for sale |
Lakeland FL Short Sale | Foreclosure Market Update – July 2011
For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties have dropped well below the normal numbers of recent months, due to the robo-signing mess lenders faced. It seems that Lakeland FL Short Sales are more lucrative than ever, when buyers have the patience it requires.
There were a total of only 69 distressed homes sold that were in some kind of distress, compared to the 118 homes the previous month and 106 home the previous year.
Current inventory for Lakeland foreclosures as of 9/03/11 is at 69, while 84 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 – 14 homes
$50,000 – $99,999 – 19 homes
$100,000 – $149,999 – 8 homes
$150,000 – $199,999 – 4 homes
Current inventory for Lakeland Short Sales as of 9/03/11 is at 350 homes, while 317 homes are under contract and waiting to close.
Lakeland Short Sales Market Report
$49,999 or under – 5 homes
$50,000 – $99,999 – 9 homes
$100,000 – $149,999 – 9 homes
$150,000 – $199,999 – 1 homes
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 123 days
- Average days to Closing for other distressed properties are 267 days.
- 24 Lakeland FL Short Sale properties sold – average sold price$93,513 – median sold price $95,000.
- 45 Lakeland FL Foreclosures (REO) sold – average sold price $75,463 – median sold price $72,900.
Since January 2011, 544 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 69 foreclosures on the market this shows that most of Lakeland homeowners trying to get loan modifications or just living in their homes not making a single mortgage payment.
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
Lakeland FL Homes for Sale – Short Sale and Foreclosure Market Report for November 2010
For the month of November, the Lakeland real estate market of short sales and bank-owned (REO) homes sold decreased to 54.89% from the previous month, reasoning the recent foreclosure moratorium. There were a total of 100 distressed homes sold, compared to 100 in October and 94 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1937 Lakeland FL Homes for Sale and 442 homes under contract (12/23/2010). 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 17.86%
Short sale properties – Inventory share is 26.57%
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 114 days
Average days to Closing for short sale properties are 258 days.
15 Lakeland FL Short Sale properties sold – average sold price $136,087 – median sold price $120,000
58 Lakeland FL Foreclosures (REO) sold – average sold price $80,716 – median sold price $65,600.
You can see from the graph below, zip code 33810 had the most foreclosed properties in Lakeland, FL sold.
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.
Foreclosures vs. Short Sales – Lenders and Title Insurance
For the past week we heard that banks such as JP Morgan Chase, Bank of America – now all 50 states, and GMAC 
suspended foreclosures in over 20 states including Florida. Florida Judges halting foreclosures, primarily due to fraudulent and improper paperwork and rubber-stamping or “robo-signing” without reviewing the documents. Title Insurance Company stopped issuing owner’s title policy on foreclosed properties making it impossible to buy a foreclosure.
Most owners who have stowed away their Owner’s Title Insurance Policy may want to find it and dust it off, especially with all this foreclosure mess where there is no real assurance of rightful ownership.
When it comes to the Lakeland Foreclosure market I noticed today a decline in foreclosure being actively marketed. For the past seven days only, there were 47 foreclosed homes yanked (placed temporarily off market in the Multiple Listing) primarily for reasons of paperwork issues as I indicated before.
Foreclosures counted for over 50% of Lakeland’s total overall sales so far for this year. The current “In Limbo” effect where no additional foreclosed homes will be added, current foreclosed homes have delayed closings, a drop in sales is anticipated for the remainder of this year.
The so ever dreaded Short Sale surely may now become the best possible solution when selling and buying:
- Negotiations will be more forthcoming between the seller’s lender and the Realtor® handling the short sale
- Short Sales may be expedited
- Issuance of Owner’s Title Policy guaranteed
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?
Lakeland Florida Short Sale and Foreclosure Market Report – July 2010
For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties increased its market share from 54% the previous month to 60%. There were a total of 102 properties sold, compared to 117 in June and 71 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,976 Lakeland FL Homes for Sale and 513 homes under contract (8/20/2010). 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 15.95%
- Short sale properties – Inventory share is 26.67%
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 99 days
- Average days to Closing for other distressed properties are 261 days.
25 Lakeland Short Sale properties sold – average sold price $123,776 – median sold price $120,000
77 Lakeland Foreclosures (REO) sold – average sold price $68,209 – median sold price $57,500.
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.
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.
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
Tips for Lakeland Short Sale Sellers on how to stop Buyers from this contract cancel epidemic.
More than ever before Lakeland Short Sales likely will be a part of the Lakeland real estate market for years to come. One of the major obstacles for a short sale to reach a successful closing, the seller’s lender must approve the short sale. Before it would get to that point the negotiation is only between the seller and the buyer and their real estate agents. I have and have read that Short Sale Buyers walking on more than one occasion, the major reasons for this the buyers are not committed, uninformed of the short sale process or simply are in fact false buyers.
The Effective Date dictates the timeline of the contract for sale and purchase. An Effective Date occurs when the last one of the buyers and sellers has signed or initialed the offer or the final counteroffer. In a traditional sale, at the time of the effective date or within days of the effective date, the buyer is required to make a reasonable good faith deposit, follow up with a timely inspection and meeting financing contingency as stated in the contract. This can also be achieved when there is a Lakeland Short Sale.
There are measures to keep Buyers from walking away during a Lakeland Short Sale:
- Buyer must be committed to a longer waiting period – at least six months
- Buyer must have pre approval letter from a reputable lender
- Buyer must make good faith deposit upon acceptance of contract
- Buyer must make timely inspection after effective date
Sellers should not accept any offers because they are desperate. The offer must be at fair market value which is determined by an experienced real estate agent who is knowledgeable of the short sale process. Banks don’t want to foreclose, it costs them more than a short sale but they are not willing to approve a Short Sale contract with an unrealistic purchase price.
