About Polk County, FL

I Must Net X Dollars To Sell My Lakeland FL Home

This past week I spent most of my time with out of state clients showing homes in and around Lakeland. My buyers were also driving around on their own and came across a “For Sale by Owner Sign” in a community that was of interest to them. They took down the phone number and that afternoon when I met with them, they told me about it and asked me to call the owner.

When I called the owner, I identified myself as a Realtor® working with clients who are interested in your property. The owner replied that he would be happy to work with a Realtor® but he told me, “I must net x dollars to sell my Lakeland FL home.”

While the sales price was out of my clients price range and declined to make an appointment to see this home, it inspired me to write about homes that are under water. I researched the history of this home and noticed that the current homeowner purchased the property at the height of the real estate market. Although the owners put down substantial amount of money to have instant equity, it is not nearly enough to sell the home in today’s market for a profit or even to sell without the owners bringing cash to closing. In addition, the home was listed with real estate agents who could not get it sold to cover the mortgage and the closing costs involved in a real estate transaction.

Most Lakeland FL homes purchased in 2005 are under water in today’s real estate market unless you own it free and clear of mortgages and even then, homeowners are reluctant to sell their home unless they have a substantial reason to sell, i.e. moving back to be near their children, downsizing, or elderly moving into an assisted living facility. For example, you bought your home in 2005 for $250,000 and your down payment was $50,000, in today’s real estate market your home may only be worth $125,000. Taking $75,000 out of your retirement account is a lot of money and to regain the money would perhaps take years if it would be possible at all.

Unless homeowners are willing to bring cash to closing to sell their home, the only option available to them may be a short sale. Elderly folks may not realize that short selling their home may be their best option to save their retirement.

If you are in a situation where you have a mortgage and your home is worth less than the mortgage balance, contact me at (863) 619-6918 to discuss your options. Be sure to seek legal and tax advice in your situation.

Copyright © 2012 By Petra Norris * I Must Net X Dollars To Sell My Lakeland FL Home*

Tutas Towne Realty and Nathan Tutas just had another successful short sale closing in Southern Dunes, Haines City, FL with Bank United.

The Property:
Vacation Villa. 4 bed, 3 bath villa located in the Southern Dunes golf resort community in Haines City, FL. This home has 1,644 square feet of living space, and a private, heated pool. The property was built in 2005. Our buyers purchased this home as a short sale in February for $117,000.

Summary:
The short sale process was already somewhat completed by the time our buyers got under contract on this home so from contract to closing it took less than a month to get things done. The home was and is being used for short term rentals and the buyers haven’t skipped a beat. They now have a beautiful vacation home in a prestigious golf community to vacation in while they enjoy all that Central Florida have to offer.

If you are buying or selling a home in Southern Dunes feel free to call me any time. I’m glad to help.

Homes for Sale in Southern Dunes, Haines City, FL

Sometimes a person asks you a question and you just know the answer will be a good idea for a blog post. A buyer sent me an email over the weekend with the following question: Suppose we found a Short Sale that we decided to offer on. Could you create a realistic example showing the timing, paperwork, inspections, bank activity, money requirements and all that so that we know what to expect?

What a great idea for a blog. Everybody talks about the short sale process from the seller’s perspective, but what about the buyer? Well without further ado...When the initial offer is made You will want to consider a couple things that wouldn’t be necessary with a traditional sale. First, the offer must be within reason based on the property’s market value because the seller’s lender has to approve the sale. And secondly, you’ll need to go into it knowing that patience is required. Short sales are probably going to take about 3-5 months to close. Those are the two big points to keep in mind when buying a short sale.

Now on to the process; keep in mind this is all negotiable. I’m just speaking in general terms. When your offer is accepted you’ll have a few days to make your escrow deposit. Once your deposit is received by the title company they should send you a confirmation via your Realtor.

For the first 7-10 days after the contract is executed the seller’s Realtor (listing agent) will be inputting all of the seller’s required paperwork and financials (and of course the new contract) to the seller’s lender. Once they have all of the information and paperwork they need the lender will then start processing the short sale. This usually takes something like 1-3 months depending on the lender.

During that time the lender will continuously request updated financial info from the seller as well as updated proof of funds/mortgage pre-approval from the buyer. This is the part of the process that requires all involved to have patience and wait out the process.

Hopefully the next thing to happen is the seller’s lender will approve the short sale and all parties will be notified. If you, the buyer, and the seller agreed to a 10 day inspection period this is the point where that inspection period begins. You will want to have a home inspector perform a proper inspection of the entire home. If, during this inspection period, there are defects found in the home and you feel like you can’t proceed with the purchase you have the right to cancel the contract and have your deposit returned to you.

If you decide to proceed with the sale, this would be the point where you also apply for your mortgage. Now that the bank has approved the sale and the inspection went well, the onus is now on the buyer to work toward getting their mortgage in place. Depending on who your lender is this will probably take about 30 days or so.

In all it will probably be a 3-5 month process in total. It could be a little more of a little less time but 3-5 months probably a good rule of thumb. If I've forgotten anything please leave a comment and I'm glad to answer your questions. Happy house hunting!

Lakeland FL Harrison School for the Arts - Little Women

Musical version of Little Women is a touching story for the whole family

It is this time of the year again when Harrison School for the Arts Musical Theatre Department proudly presents the musical Little Women based on Louisa May Alcott’s classic novel with book by Allan Knee, music by Jason Howland and lyrics by Mindi Dickstein.

This musical version of the famous story focuses on the lives of the four sisters Jo, who is tomboyish, romantic Meg, kind-hearted Beth and the pretentious Amy March as they grow up during the mid-19^th century in Massachusetts. At the center of the story is the lively character of Jo, an imaginative creative writer, who challenges social conventions and maintains her independent spirit while desperately trying to keep the ties of her family from unraveling.

Little Women embodies the complete theatrical experience, guaranteeing an evening filled with laughter, tears, and a lifting of the spirit. This powerful score soars with the sounds of personal discovery, heartache and hope for all family members.

Performances of Little Women will take place at the Harrison Theatre Friday, March 2 and Saturday, March 3^rd at 7:30 p.m. and Sunday, March 4^th at 2:00 p.m. Tickets are $7 for students and senior citizens and $9 for adults. Tickets may be purchased on line by going to www.harrisonarts.com and clicking tickets.

Harrison School for the Arts has many more upcoming performances in March, such as:

Choral Chamber Concert on March 6th at 7:30 p.m.

Chamber Music Concert on March 8th at 7:30 p.m. held at Florida Southern College

The Children’s Hour (Black Box Theater):

March 22 at 7:30 p.m.

March 23 at 7:30 p.m.

March 24 at 2:00 p.m.

March 24 at 7:30 p.m.

March 25 at 2:00 p.m.

Piano Concert on March 27 at 7:30 p.m.

Wind Ensemble on March 29 at 7:30 p.m.

Copyright © 2012 By Petra Norris * Lakeland FL Harrison School for the Arts - Little Women*

Lakeland FL Sandpiper Golf Homes For Sale - January 2012 Real Estate Market Update

Sandpiper Golf & Country Club, an active 55+ community, is located in North Lakeland with easy access to I-4, top medical facilities, shopping a dining. The homes were built in the late 80’s through the late 90’s and contain approximately 1200 single homes and villas from over 900 – 2,000 square feet. Homes have 2 or 3 bedrooms, vaulted ceilings, and offer a variety of floor plans and upgrades, such as enclosed patio, flooring, kitchen, appliances, etc. They are mostly used as vacation homes for our Snow Birds as their winter resident; however year around living shows an active lifestyle in this community, such as golfing, swimming, social gatherings, walking, exercising, dining and much more..

Lakeland Fl Sandpiper Golf Home prices for the past twelve months shows that sellers realize to sell their homes quickly, they must price them competitively to achieve their goal. Pricing homes competitively shows in the pending activity because 5 out of 8 homes are listed for under $130,000 with one of the pending listings is Lakeland foreclosures and one short sale.

Copyright © 2012 By Petra Norris * Lakeland FL Sandpiper Golf Homes For Sale - January 2012 Real Estate Market Update*