Frederick County, MD Weekly Real Estate Report: Foreclosures & Short Sales Update
Home buyers and home sellers need to be aware of the categories of properties they are considering. The dynamics of lender owned foreclosures and short sale offerings are somewhat different from normal transactions that do not require lender approval.
There are 1,272 active listings of homes for sale in Frederick County, MD. 55 (4%) of the properties are lender owned foreclosures and 236 (19%) are short sale pre-foreclosures.
Lender Owned Homes:
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-142340072-489
The mortgage investors that are selling lender owned foreclosures utilize asset managers that handle the transactions. It is very important to understand the terms of REO contracts. Many of the properties are sold in "as-is" condition where repairs will not be made. When buying a "fix-up" property, renovation financing such as the FHA 203(k) program may be needed. Contracts that are contingent upon the sale of the current home will normally be rejected.
Short Sale Pre-foreclosures in Frederick County:
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-142340207-682
Short Sale Pre-foreclosure transactions require third party approval. The secured mortgage lenders must approve the sales because the proceeds will be less than the outstanding mortgage obligations. Home buyers and their buyer agents need to be very selective when considering short sale listings. It is important to know if the mortgage obligations are in default and the status of any foreclosure actions.
Real Estate Market Statistics for Frederick County, Maryland: During May, there were 235 closed sales, down 19.8% from last year. The average sold price was $244,254, down 7.01% from last year, with an average of 107 days on the market. The median sold price was $218,000, down 7.59% from last year. The average sold price was 90.02% of the average original list price.
The real estate statistics for the past month may be viewed by clicking on the following link: http://www.rbintel.com/statistics/frederick-county-md The statistics are updated on the tenth of each month. Please contact us for a report on your preferred zip code.
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. The same advice applies to investors. Those without a pre-approval are not considered to be serious purchasers. Please ask for a referral if you do not have an existing relationship with a mortgage lender.
All of the active listings of homes for sale in Maryland may be viewed on Homes Prospector at www.roykelley.com
Trustee sales schedules and our real estate blog posts may be viewed at www.roykelley.net
Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.
Blooming for home buyers!
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