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Lakeland FL Short Sale and Foreclosure Market Report – June 2011

By
Managing Real Estate Broker with Lakeland Real Estate Group, Inc. BK646565

Lakeland FL Short Sale and Foreclosure Market Report – June 2011

 

For the month of June, the Lakeland real estate market of short sales and bank-owned (REO) properties remained the same from the previous month. There were a total of 118 distressed homes sold. 

Lakeland Florida overall market share for short sales and foreclosures that were sold remains high at 54% compared to traditional sales, according to Mid-Florida Regional MLS.

Current inventory for Lakeland foreclosures as of 7/28/11 is at 73, while 103 homes currently are under contract and awaiting closing. Of the 75 foreclosure homes that were sold, most of the homes sold, have sold for under $100,000 and over half were cash buyers.

Lakeland Florida short sales are only around 30% of active homes on the market which amounts to only 323 short sales in Lakeland FL for sale

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

June 2011 Short Sales - Foreclosure Market Report Lakeland FL


  • Average days to Closing for bank-owned properties are 125 days
  • Average days to Closing for other distressed properties are 267 days.  

 

43 Lakeland FL Short Sale properties sold - average sold price $85,157 – median sold price $74,000.

75 Lakeland FL Foreclosures (REO) sold – average sold price $69,745 – median sold price $65,000.

Since January 2011, 483 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 73 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.

Although we are not attorneys and can’t give you legal advise, there are alternatives to help you avoid foreclosure. Lakeland FL short sale sellers have been able to successfully close short sales and who knows you may even have received letters from Chase and Wells Fargo about cash incentives as much as $20,000 to do short sales.  Don’t ignore your letters from the lenders.

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. 

 

IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

 

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Copyright © 2011 By Petra Norris *Lakeland FL Short Sale and Foreclosure Market Report – June 2011*

Comments (3)

Jimmy Williams
Keller Williams Elite Partners IV - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

Interesting fact that REO's are selling at approxmiately 18% less than what a short sale sells for on average.

Jul 28, 2011 06:25 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Thanks for providing a detailed market update of short sales and foreclosures in your area Petra. As an expert Lakeland Fl short sale agents, the analysis that you have also provided will be very helpful to interested home buyers and homeowners in your area. Keep up the good work!

Jul 28, 2011 09:41 PM
Bob Hertzog
Summit Home Consultants - Phoenix, AZ
Designated Broker

Many homebuyers and sellers especially first timers are not well oriented with short sales and foreclosures so providing market updates with analysis from an expert Lakeland fl short sale agents is very helpful. Thanks for sharing this!

Jul 28, 2011 11:18 PM