Buying A Lakeland FL Foreclosure

Buying A Lakeland FL Foreclosure

Great deals can be made when buying a foreclosed home in Lakeland Florida. Generally, these homes can be purchased anywhere between 15%-40% below current market value. If you are considering buying a Lakeland FL foreclosure at a deep discount, I would strongly recommend hiring a real estate attorney and/or a buyer’s agent who is experienced in the foreclosure buying process.  There are different ways to buy a foreclosed property in Lakeland:

Court house steps – online auction

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 (online auctions) and protect themselves from these risks should pursue these types of sales.

Real Estate Brokerage – foreclosures also known as REO/Bank-Owned

Generally buying a Lakeland Florida foreclosure from a real estate brokerage is safe and less risky as the lender has taken back the property and all liens have been wiped out through this purchase.  Most banks will list these homes with real estate brokerages as REO/Bank-Owned.  Once the offer has been accepted the buyer is allowed to do its due diligence, such as inspections, title search and complete the mortgage process to purchase a Lakeland foreclosed property. After the sale is completed the buyer will receives clear title.

Foreclosure in Lakeland Florida is a hot market right now with low inventory.  Multiple offers are very common and are properties are sold as-is.  Hiring a buyer’s agent who is experienced in the real estate market and the buying procedures is essential to a smooth transaction.

If you are a Lakeland Florida home owner and you have read this article and may be facing foreclosure, I can assure you there are options to avoid this situation.  Please consider reading articles about avoiding Lakeland Florida foreclosure.

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.

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