Seller's Market and Buyer's Market - What is there to fuss about?

Caveat Emptor - Tips For Buying A Lakeland FL Foreclosure Caveat Emptor is a well known phrase in the real estate profession and means "Buyer Beware" 1. Caveat Emptor - a latin phrase that dictionary.com describes as: "let the buyer beware: the principle that the seller of a product cannot be held responsible for its quality unless it is guaranteed in a warranty." Buying a foreclosed property in Lakeland FL or anywhere in the state of Florida is unlike a traditional home purchase.  There is no seller's disclosure, the home is being sold "as is". The banks are making no repairs, you alone as a Lakeland home buyer are responsible for all the repairs.  I have gone in plenty of foreclosed homes where the owner has taken out their anger on the home by punching holes in the walls. I have been in homes where the entire kitchen was removed. In some instances, light fixtures, door knobs and handles where gone even the bath tub. I know that this sounds crazy but it happens! Some of the hidden items that is not visible to watch out for are issues with some of the more expensive components of a home such as heating, plumbing and electrical systems are all possible. Don't be surprised if there has been vandalism by the previous home owner or other vandals either. A thorough home inspection by a licensed inspector is a must.  You may even want to have specialists there, for example: Heat & Air Specialist, licensed Electrician, licensed Roofer and a licensed termite inspector there - this will save your time and money. While I have explained what I believe is the most important step in buying a Lakeland FL Foreclosure in getting a home inspection, the following tips are equally important, of course. The next two tips should happen simultaneously before you start your house hunting: 2. If you are seeking financing, get a mortgage pre-approval first.  Many foreclosed property on the market may require a potential buyer to obtain a mortgage pre-qualification through the lender that owns the Lakeland FL foreclosure. Although you are not required to go through their lender, they simply want to see if you are a qualified buyer. 3. Hire an experienced Real Estate Agent - one on one attention from a buyer's agent is very important because an experienced buyer's agent will keen in on your real estate needs during and after the Lakeland FL foreclosure buying process, give you undivided attention you deserve.  Most REO agents who list bank-owned or foreclosed homes are inundated with listings they have a hard time keeping up and providing buyers with the one on one attention they need. More importantly, a buyer's agent should provide you with comparable home sales and also study how long it will take to sell a home in a specific price range. 4. Researching the property’s title chain by an attorney or title company. 5. Making sure the lender (REO) has secured clear title. 6. Knowing the lender has done all due diligence, all paperwork completed to make the property available for sale. Great Lakeland FL foreclosure deals are happening right now - check it out!

Copyright © 2011 By Petra Norris * Caveat Emptor - Tips For Buying A Lakeland FL Foreclosure*

Lakeland Florida Real Estate - How To Search For A Home

Buying a Lakeland FL Short Sale? Consider Hiring a Short Sale Buyer’s Agent While it is essential to hire an experienced Lakeland FL Short Sale agent when listing homes, it is equally necessary hiring a buyer’s agent in Lakeland, Florida who specializes representing buyers who are interested in buying a short sale.

The question that comes up quite often is why can’t any other agent help me with my buying process? Our Lakeland Fl real estate market is not inundated with short sales, in fact we have an abundance of Lakeland Fl Homes for sale that are being marketed as traditional sales.  Buyer’s agents don’t want to deal with the long drawn out process dealing with a short sale, the agent’s time involved and months later getting a commission, when there are plenty of others to show a buyer.  Forgetting that a potential bargain deal buyers can achieve, as I have experienced.  This brings great joy to my profession that I saved my buyer thousands of dollars by me helping them as their Lakeland Fl Short Sale buyer’s agent. The first step I do when a buyer is calling or emailing me about short sale is counsel because not all buyers are ideal candidates for a Lakeland Fl short sale.

• Buyers need to sell their home first
• Buyers need to close quickly within 30-90 days
• Buyers with lots of contingencies - such as seller to pay closing costs, repairs, etc.

Working as a buyer’s agent helping clients with the purchase of a Lakeland Fl short sale requires me to be proficient and knowledgable about short sales. More importantly, educating my buyers about the short sale process and knowing their expectation upfront is key to a smooth, successful and a less stressful transaction. The next step would be making sure after providing a list of homes for sale that are within my buyer’s criteria, such as location, price range, size and amenities research the property and interviewing the listing agent. There are five simple but essential questions to ask the listing agent before preparing an offer for you, the buyer:

Has the required short sale package been completed - is it ready for submission? On one of many occasions I interviewed an agent and the agent was saying that the seller was slow to respond, slow to submit all the required documents.  A Sales & Purchase Contract will not be reviewed by the lender/servicer unless all documents are received. At that time it may be wise to move on to the next house.  When there are more than one loan, every lender requires the completion of a short sale package. How many notes and liens are on the property? If there is a home equity line of credit (HELOC) that could complicate matters because the lender has to approve the short sale as well. Most lenders will only allow a certain amount to the second note holder. Negotiation skills on part of the listing agent or attorney is essential getting past any difficulties between the two servicers.  When there is a lien on the property such as a Homeowner’s Association, the homeowners association management likely want to be paid too. Who are the lenders and/or loan servicers? Depending on lenders such as Bank of America and SunTrust, a short sale transaction could take up to 12 months. Are you negotiating the short sale for the seller? My next question would be how many have you successfully negotiated and completed. Dealing with agents that have not completed a short sale or who are not surrounded by a competent experienced team of negotiators and processors surely sends a red flag to me and my buyers. How do you handle multiple offers? Short sales have been known now for many years and still the most common mistakes listing agents do is sending multiple offers just to get the transaction started, ignoring the fact that they are wasting your time as the buyer and mine as your Lakeland FL short sale buyer’s agent. Interested in getting a great deal on a Lakeland Fl short sale, hire a buyer’s agent, who does not shy away from the process a short sale transaction takes. Call me at (863) 619-6918 or email me at petra@petranorris.com. Servicing the communities in Lakeland, Auburndale, Bartow, Winter Haven, Kathleen, Polk City, Highland City, Winter Haven, and Lake Alfred. Copyright © 2011 By Petra Norris * Consider Hiring a Short Sale Buyer's Agent When Buying in Lakeland FL*

Polk County FL Homes for Sale - Overall Polk County Existing Home Prices for November 2010 While Polk County Florida overall existing home sales has seen its lowest number for this year of a total of 481 Polk County Homes sold in November; average home prices, however, have increased from the previous month to $106,092 by over 5%. A look back in history of Polk County’s existing median home prices:

• November 2006 – median price $187,000 (-54,55%) – 572 homes sold
• November 2007 – median price $168,000 (-49.40%) – 374 homes sold
• November 2008 – median price $127,000 (-33.07%) – 369 homes sold
• November 2009 – median price $104,900 (-18.97%) – 591 homes sold

481 existing homes sold – a 13% decrease from the previous month (557) sold homes in Polk County, FL. Overall median sales remained the same at $85,000 in Polk’s existing homes for the past two months suggesting that Polk County has bottomed out. Take a look at the city you live in and see what the numbers are for November 2010 for existing home sales - single-family homes, condominiums, manufactured homes, duplex, villas, and town homes -including distressed homes in Polk County.  Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service; it is deemed reliable but not guaranteed. City                 Average Sold Price            Median Sold Price           # of Homes Sold

AUBURNDALE	134,799	124,875	24
BARTOW	67,193	46,000	15
BRADLEY	60,000	60,000	1
CLERMONT	52,000	52,000	1
DAVENPORT	114,568	95,500	92
DUNDEE	81,000	81,000	2
EAGLE LAKE	90,000	90,000	1
FORT MEADE	150,000	150,000	2
FROSTPROOF	108,000	108,000	2
HAINES CITY	81,268	78,200	33
INDIAN LAKE ESTATES	165,000	165,000	1
KISSIMMEE	104,450	90,000	7
LAKE ALFRED	74,533	62,500	3
LAKE HAMILTON	25,000	25,000	1
LAKE WALES	78,003	55,000	29
LAKELAND	120,073	102,000	133
LAKESHORE	33,000	33,000	1
MULBERRY	84,353	90,000	15
POINCIANA	75,927	65,000	33
POLK CITY	111,292	98,375	6
WAVERLY	66,250	66,250	1
WINTER HAVEN	112,443	79,950	78

What did Polk County Home Buyers buy? 103 home buyers bought at a price range of $49,999 and below 181 home buyers bought at a price range of $50,000 - $99,999 98 home buyers bought at a price range of $100,000 - $149,999 55 home buyers bought at a price range of $150,000 - $199,999 18 home buyers bought at a price range of $200,000 - $249,999 9 home buyers bought at a price range of $250,000 - $299,999 3 home buyers bought at a price range of $300,000 - $349,999 6 home buyers bought at a price range of $350,000 - $399,999 3 home buyers bought at a price range of $400,000 - $499,999 4 home buyers bought at a price range of $500,000 – 599,999 1 home buyer bought at a price range of $600,000 - $699,999 Let me break down November 2010 Polk County FL existing homes sales into various categories:

• 395 Single family homes - median price $116,466 – 137 Average Days to Closing
• 20 Town homes, villas and duplex units – median price $67,004 – 145 Average Days to Closing
• 25 Condominiums – median sold price - $55,600 – 147 Average Days on Closing
• 36 Modular, manufactured/mobile homes in park/out of park – median sold price $45,462 – 216 Average Days on Closing

Overall Polk County’s Foreclosure and Short Sales Prices – November 2010! There were 199 existing Polk County homes sold, not categorized as distressed properties, at a median sold price of $125,000 with 173 average days to closing, which counted for almost 41.37% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 58.63% of our total sales in Polk County for the month of November.

• 224 sold homes were Bank Owned – median price $71,408 – Average Days to Closing 100.
• 58 sold homes were Short Sales – median price $95,000 – Average Days to Closing 233.

To search for Polk County FL Homes for Sale, click on the interactive map below - no registration required

Copyright © 2010 By Petra Norris *Polk County FL Homes for Sale - Overall Polk County Existing Home Prices for November 2010*

How to Hire the Right Lakeland FL Short Sale Agent? You open up the newspaper ads or search online for a short sale agents in Lakeland, FL and plenty of Realtors claiming to be an Expert. Before you pick up the phone and start with the one who claims to be an Expert, write an email to this agent and ask general questions.   For example:

• What is a short sale?
• What are the alternatives to a Lakeland FL Short Sale?
• What are the requirements to list my home as a Short Sale?
• Is a short sale guaranteed?

I hope he or she will call you or email back within a day and answers your questions. Working as a Lakeland Fl Short Sale Agent, I hear and see constant mistakes so called Experts make and the person who gets hurt the most is you, the seller. Let me explain! Getting any offer signed - Granted the decision to accept the offer is yours, however your lender and/or mortgage servicer still has to approve the amount.  Listing and accepting an offer on your Lakeland FL Short Sale far below market value will not get approved by the bank. Why? - Glad you asked! During the evaluation process of your short sale, there are steps lender take ascertaining fair market value of your home. Lenders hire appraisers and real estate agents verifying the value of your home, which needs to be within a certain range. So if your home is listed far below fair market value, your chances are highly unlikely to receive a short sale approval. Pricing a Lakeland FL short sale should be priced just like any other property. Agent is submitting multiple or even fake offers to the bank - There are many real estate agents who are doing this by saying to “just get the ball rolling” - start the short sale process.  First of all, offers are only offers and  when not signed by the seller, your Realtor® may be against the National Association of Realtors® Code of Ethics it may be against the law. Submitting a fake offer, in my opinion is Fraud and would for you as the seller waste your time. Not only is this the biggest complaints bank negotiators have, it adds to the backlog of your short sale approval. Do your research when selecting a Lakeland FL short sale agent to work with. I’m no expert, however, I have experience closing Lakeland FL short sales on both sides of the transaction as a listing agent and buyer’s agent understanding the complete process. Do you need to sell your home as a short sale in Lakeland, Auburndale, Bartow, Winter Haven, Polk City, Highland City, Mulberry, Bartow, Kathleen, or Lake Alfred? Call or email me for a personal and confidential consultation. Copyright © 2010 By Petra Norris *How to Hire the Right Lakeland FL Short Sale Agent?*

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.

Lakeland Fl Homes for Sale – Overall Home Sales for November 2010 Average overall Lakeland Florida home sales increased to $120,073 for the month of November compared to October 2010.  Only 133 Lakeland homes have sold which represents the lowest number for this year. November market share of distressed homes decreased to 55% from the previous month. The majority of Lakeland home buyers bought homes below $200,000.  Notably, with almost 32% of Lakeland home buyers purchased homes within the price range between $50,000-$99,999. A stable “healthy housing market has a supply of six month in inventory. Lakeland’s housing market has a total of 2379.  From the chart below you can see the housing trend with respect to Supply and Demand - Absorption Rate. Let’s break it down for you to see the supply and demand for traditional homes for sale versus the distressed market in the Lakeland real estate market.

Lakeland Fl Home Sales  - Traditional (only) - Supply and Demand

Lakeland Fl Homes Sales - Distressed (Bank-owned/Short Sales - Supply and Demand

Distressed properties in Lakeland, Florida For the month of November, Lakeland’s real estate market of distressed homes had a market share of 54.89%. There were a total of 73 homes sold in November, according to Mid-Florida Regional MLS.

Check back soon for November’s detailed Lakeland Florida Real Estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales. If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click on the home icon in the interactive map below.

Copyright © 2010 By Petra Norris *Lakeland FL Homes for Sale - Overall Home Sales for November 2010*