Foreclosures in Lakeland FL & Foreclosed Homes for Sale have a median listing price of $219,900 and a price per square foot of $128 based of 2019 Market Data. There are always active foreclosures & foreclosed homes for sale in Lakeland, Florida. Here at Wendy Morris Realty we have a vast amount of experience dealing with Foreclosures. Our dedicated main office site for Foreclosures is www.WindermereShortSales.net
Every 10 years or so it happens. The economy will go through a challenging time and the foreclosure market will offer some great opportunities to those of us who are frugal enough to be prepared for it.
During the regular housing market periods there are not as many foreclosures available. This gives the banks the ability to hold onto them for top dollar. However when the banks hold a more properties in foreclosure they must get rid of the assets. That is when you normally see better opportunities to buy. This is also when the banks are most likely to allow a property owner to short sale a home or perform a deed in lieu.
A short sale is when a bank allows a specific amount of time for a home owner to sell their home prior to foreclosure. The bank will make the final determination on what price is acceptable to them for the home. There can be tax ramifications for home owners who do this. There have been times when there are many foreclosures that the federal government forgave the home owners but this is not always the case. A home owner may owe income tax on the amount of forgiven debt. Every lender I am aware of requires homes being sold in this manor to be sold using a Realtor.
Purchasing a short sale is not always the best option either. It can take a week, or it can take months to hear back from a bank and find out whether your offer has been accepted. Also some home owners are bitter and may not be the easiest to work with. After all, it is and was there home.
REO stands for Real Estate Owned is a term used to describe a class of property owned by a lender or insurer. It can be government agency or insurer or bank owned. These types of homes can also be purchased through us. Often the owner of these properties has specific forms they want used and offers are competitive and need to be structured in a certain way. A novice will often run into difficulty. Some owners require you to use a Realtor to even apply to purchase.
There is a reason banks want people to use Realtors. The process is emotional and can be complex. After you have been on both sides or many of these sales you are just more experienced and better at it. It only makes sense to contact an experienced professional to assist you with any Foreclosures in Lakeland FL.