Trustee Sales In Maryland
We receive many questions on trustee sales. Prospects see vacant properties or the the neighbors tell them about pending foreclosures. Since we have worked with foreclosure sales many years, some of the prospective buyer come to us.
Generally, we advise owner occupant purchasers that trustee sales are too risky for most buyers. You do not get to see the interior of the homes since the majority of the properties are occupied and not listed for sale. Even if you know about the physical condition, the condition may change before a settlement takes place.
Since appraisers can not get access to the interior and the properties are sold in as-is condition, many lenders are not anxious to provide pre-approval letters for trustee sale purchasers.
Buyers that fail to settle will forfeit their deposit and be responsible for the cost of reselling the property at another trustee sale.
So, trustee sales are usually more suitable for deep pocked investors that fully understand the risks of these sales.
So, where are the bargains that have less risk exposure? Buyers should be looking at the inventory of lender owned foreclosures for the bargains in the current market.
Please contact us with your questions!
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