Short Sale Homes in Lakeland FL

There are normally Short Sale Homes in Lakeland FL. Lakeland has short sale homes because the city has such a large market. Buying these is not the same as a traditional purchase but can be a great opportunity for both seller and buyer.

Click The Link Below To See Homes For Sale in this City.

Homes For Sale In Lakeland FL

What is a short sale transaction?

A short sale is when a seller meets the qualifications to have their home sold for less than is owned or short of the amount owed on the home. Those qualifications may include being behind on the payments or other provable reasons whey the owner can no longer afford the home.

Why Should a Seller Consider these?

These sales show you atleast cooperated with your lender. They may even have less negative effect on your credit. Also if the home fails to sell as short sale, you may end up in foreclosure anyway. You are also not going to be allowed to sell your home to a relative in this manner.

Tax implications may be applicable. The amount in equity the bank forfeits may be deemed taxable income for the seller. Sometimes this can be waived but consult an attorney or accountant for that information. On a side note, I do not know of one bank that will permit the sale of a home in this manor without a Realtor representing the seller.

Buying one of the short sale homes in Lakeland FL

Purchasing a short sale can take longer and be more tricky than a regular purchase. Expect the offer to take from 1 week to 2 months to be approved. Some banks are much more challenging to deal with than others. 

If you have been considering a foreclosure or short sale reach out to us. We would like to hear from you and help you get started in your search. For now please review the Short Sale Homes in Lakeland FL below.