Everybody Wants to Buy a Foreclosure in Lakeland Florida - Caveat Emptor
Last year was proof that everybody that wanted to buy a home, had their eyes on a Lakeland Florida foreclosure first. Foreclosure sales alone dominated 
the Lakeland FL real estate market in 2010 when compared to traditional sales and short sales. Most of those sales were recorded as a cash transaction, however, this is subject another article in my monthly market reports that will be coming to you soon. I wonder how many of those potential buyers actually missed out on a great opportunity buying foreclosed home in Lakeland because of their ignorance or their inexperience.
If you are a buyer who is seeking financing, your number one job should be to "get your ducks in gear" and have your financing lined up because houses that are foreclosed a.k.a bank-owned in Lakeland Florida move swiftly.
Caveat Emptor is a well known phrase in the real estate profession and means "Buyer Beware"
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.
- 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 great deal in Lakeland FL - Check out this map of Lakeland FL foreclosed homes for sale:
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
Copyright © 2011 By Petra Norris * Everybody Wants to Buy a Lakeland Foreclosure - Caveat Emptor*
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
