Lakeland FL Short Sale and Foreclosure Market Report – June 2011
For the month of June, the Lakeland real estate market of short sales and bank-owned (REO) properties remained the same from the previous month. There were a total of 118 distressed homes sold.
Lakeland Florida overall market share for short sales and foreclosures that were sold remains high at 54% compared to traditional sales, according to Mid-Florida Regional MLS.
Current inventory for Lakeland foreclosures as of 7/28/11 is at 73, while 103 homes currently are under contract and awaiting closing. Of the 75 foreclosure homes that were sold, most of the homes sold, have sold for under $100,000 and over half were cash buyers.
Lakeland Florida short sales are only around 30% of active homes on the market which amounts to only 323 short sales in Lakeland FL for sale.
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
Average days to Closing for bank-owned properties are 125 days
Average days to Closing for other distressed properties are 267 days.
43 Lakeland FL Short Sale properties sold – average sold price $85,157 – median sold price $74,000.
75 Lakeland FL Foreclosures (REO) sold – average sold price $69,745 – median sold price $65,000.
Since January 2011, 483 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 73 foreclosures on the market this shows that most of Lakeland homeowners trying to get loan modifications or just living in their homes not making a single mortgage payment.
Although we are not attorneys and can’t give you legal advise, there are alternatives to help you avoid foreclosure. Lakeland FL short sale sellers have been able to successfully close short sales and who knows you may even have received letters from Chase and Wells Fargo about cash incentives as much as $20,000 to do short sales. Don’t ignore your letters from the lenders.
Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent – Petra Norris at (863) 619-6918 and find out about our options.