Real Estate Blog - Buying A Crofton MD Foreclosure

Home : Blogs : Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate : Richard's Blog

Buying A Crofton MD Foreclosure

Crofton MD Real Estate - Foreclosure Sign It doesn't take much research to know that there are a large number of foreclosures on the market, including some Crofton, MD homes for sale. Picking up a foreclosure property in Crofton, MD could be a great investment, but buyers do need to be careful.

If you're interested in including foreclosure properties in your home search, make sure you have a qualified, local Realtor to assist. The process to buy a foreclosure does differ a bit from a regular residential resale. Also, buyers agents usually get paid from the seller in a transaction. Even if the property is a foreclosure, where the owner is a bank.

There are three distinct phases of foreclosure activity. Once an owner stops paying their mortgage the lender will file for a notice of default. Remember all those documents you signed at closing. One of them gave the lender the right to do this. At this stage its really called a preforeclosure.

The bank has an obligation to post a public notice in the paper several times before they can go to court and take the property back. Once the court ordered foreclosure is complete, the bank can sell the property at auction on the courthouse steps in Annapolis, MD. Thats right, the auctioneer is on the courthouse steps and announces each property for sale. If there are no buyers at a price acceptable to the bank, the property reverts back to the lender, and will soon go on the market.

Banks aren't real estate companies, so their properties are listed for sale with a local brokerage. These are called REO properties, meaning Real Estate Owned.

Most buyers agents will tell you that they prefer working with a foreclosure than a short sale any day. Banks seem to have their act together on foreclosures, while short sales still have serious process problems, in many cases.

I can help if you're interested in looking at foreclosures anywhere in the Annapolis MD area. If you're not already working with an agent, give me a call at 443-995-9595.

Crofton, MD has 10 bank owned foreclosures for sale, and more in the preforeclosure stage. If you would like a listing of the Crofton, MD foreclosures, just eMail me at Rich@RichSellsHomes.com.

If you're SEARCHING for a home anywhere in Maryland, click here to view ALL ACTIVE LISTINGS.

Richard Iarossi, REALTOR®
Long and Foster® Real Estate, Inc.
Crofton, MD 21114

410-451-6255 Office
443-995-9595 Cell
Web: http://www.RichSellsHomes.com
eMail: Rich@RichSellsHomes.com

Annapolis MD Real Estate Specialist
Bowie MD Real Estate Specialist
Crofton MD Real Estate Specialist

Posted by Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate on 10/27/2009 08:36 PM

Comments (3)

Foreclosures in the ActiveRain Channel

crofton md real estate, annapolis md real estate, crofton md foreclosures

Originally posted at: mdrealestateblog.com: Buying A Crofton MD Foreclosure

This post has been included in Maryland Information Anne Arundel County, MD Information Crofton, MD Information
Post is included in group: The Lounge at Active Rain
Post is included in group: Realtors®
Post is included in group: Almost Anything Goes

3 Comments on Buying A Crofton MD Foreclosure

OCT

Richard this is great advice, and buyers need to work with someone like yourself because your experience.

OCT

Richard, thanks for the post. Good deals to be had with the foreclosures right now

OCT

Richard,

Excellent advice about Foreclosures in Crofton MD . Your advice is useful for any part of the country, not just CROFTON and experienced Realtors definitely help in the process of purchasing a foreclosure home.

I lived in Crofton MD many years ago and it's still probably an EXCELLENT LOCATION !

This blog does not allow anonymous comments