Worried about Buying a Lakeland FL Foreclosure or Short Sale? – Don’t Be!
Are 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.
You 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
Copyright © 2010 By Petra Norris *Worried about Buying a Lakeland FL Foreclosure or Short Sale? – Don’t Be!*