Worried about Buying a Lakeland FL Foreclosure or Short Sale? - Don't Be!

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

Worried about Buying a Lakeland FL Foreclosure or Short Sale? - Don't Be!

Buying a Lakeland FL Foreclosure or Short SaleAre you still hesitant buying a Lakeland FL foreclosure or Lakeland FL short sale because of the recent news of the robo-signing mess and fraudulent foreclosure documents filed in Florida? Don't be!

There are currently an abundance of Lakeland homes available being marketed as bank-owned(REO) and short sales. With an instant equity of anywhere from 5-20%, however, buying a Lakeland foreclosure is not for the faint at heart and it requires preparation and great amount of due diligence.

I have written articles before on how to buy a Lakeland FL Short Sale and keep in mind when buying a short sale, it is a three-way negotiation between the seller, lender and buyer, whereas the seller's lender has agreed to short sale the property.  Short sale are a 100% safe and Lakeland home buyers should have no problems receiving Owner's title insurance policy when paying cash.

Buying a Lakeland FL foreclosure is safe providing you follow the same steps as buying a short sale or traditional home and more:
  • Researching the property's title chain by an attorney or title company
  • Making sure the lender (REO) has secured clear title
  • Knowing the lender has done all due diligence, all paperwork completed to make the property available for sale.  
Buying a Lakeland FL Foreclosure or Short SaleYou may have also heard that Title Insurance Companies have stalled issuing Owner's Title Policy, such as Old Republic, remember there are more than one Title Insurance Companies issuing Owner's Title Policy to Lakeland FL foreclosed properties protecting you should there be any discrepancy in the title.

More caution is required when buying a Lakeland FL foreclosure at sheriff sale or trustee sale, also known as court house auction.  While the State of Florida has no redemption period and it may be a great situation to buyer, these types of purchases, however, require a great deal amount of cash and there is no recourse for such a purchase when there is a title defect.  Only experienced buyers would buy Lakeland properties at the court house steps and protect themselves from these risks should pursue these types of sales.

Buying a Lakeland FL foreclosure are generally safe to buy and in some instances the banks have instructed real estate brokerage to withdraw the listings or set them temporary off market while under review.

Looking for a deal! Thinking of buying a short sale, foreclosed home, or traditional home in Lakeland, Bartow, Winter Haven, Auburndale, Polk City, Kathleen, Mulberry? Give Petra Norris, Realtor ®, SFR call at (863) 619-6918 or simply email petra@petranorris.com 

Buying a Lakeland Short Sale or Foreclosure


 

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Copyright © 2010 By Petra Norris *Worried about Buying a Lakeland FL Foreclosure or Short Sale? - Don't Be!*

 

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Rainer
41,720
James McGary
Agents Set Free, Inc - Irvine, CA

It is an interesting comment that Short Sales are 100% safe.  I hope you had your Attorney evaluate that statement.

Nov 04, 2010 03:20 AM #1
Rainmaker
1,091,431
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

It sounds like you're an expert in these and I think that is the first priority for a buyer of distressed properties.  Buyers need to work with someone who knows what they are doing regarding short sales and foreclosures.

Nov 04, 2010 03:21 AM #2
Rainmaker
709,157
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

James - Short Sales are not bullet proof when it comes to get them approved by the lender, however they are safe in terms of getting an Owners' Title Insurance Policy.  Kindly fill me in if you have experienced in Florida not receiving Owners' Title Insurance Policy.

 

Margaret - Absolutely, a buyer must seek an experienced agent who can work on the buyer's behalf.

Nov 04, 2010 03:38 AM #3
Rainer
163,254
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

Great SEO Blog! Love to see hyper local blog posts in full affect :)

Nov 04, 2010 04:22 AM #4
Rainer
249,159
Bill Pohl
Tetra Homes, Inc. - Loveland, OH

I fully agree with your assessment on how to proceed if buying a short sale, but, coming from an accounting/legal background, I also winced when I saw the 100% claim. I thought that percentage was only relegated to taxes and death. LOL.

Nov 04, 2010 04:37 AM #5
Rainer
30,263
Phil & Celeste Pafford
PaffordHomes.com, Corona CA - Corona, CA
Corona Short Sale Broker

Good local info.  A realtor who knows their stuff!  This is why using a "local" realtor is so important.

Nov 04, 2010 05:39 AM #6
Rainer
25,500
Andy Brown
Climer School of Real Estate - Arctic Bay, YN
Best Real Estate Training in Florida

very very very good posting, not only for information but for your search engines

i hope you get some hits from this.

well done

Nov 04, 2010 11:29 AM #7
Rainmaker
208,834
Marc Iafrate
Capital City Real Estate Group, Inc. brokered by eXp Realty - Raleigh, NC
MBA - Wake County Real Estate Search

Excellent post!  It is always important to establish yourself as a local expert and reassure buyers that they are making a good decision and taking some of their fear away.

Nov 04, 2010 12:47 PM #8
Rainmaker
564,104
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Petra -- I know the % of sales outside of the note holder at auction is low in our market, I wonder if national/regional stats are kept on this?

Nov 04, 2010 04:17 PM #9
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Rainmaker
709,157

Petra Norris

Realtor, Lakeland FL Homes for Sale
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