Top 20 Foreclosures in Silver Spring, Maryland
If you are considering buying a foreclosure in Silver Spring, Maryland, here is a good place to see what is available.
As of this writing, there were 20 single family homes available in Silver Spring. They ranged in price from $79,900 to $450,000. Most have three bedrooms and two bathrooms, but some have two bedrooms. A few have four bedrooms, and there is one with six bedrooms.
Don't expect some of the properties to be palaces. Their condition can be poor and needing new kitchens, bathrooms, paint, carpet, appliances, new flooring or new siding. On the other hand, some need very little work. You just have to be willing to spend the time to see several properties to find the hidden gems.
It may be harder to find a true bargain, such as a property listed more than 15 percent below market price. Buyers often hear that foreclosures are good places to find great deals. My experience has been that in Silver Spring and Montgomery County, banks have priced the homes close to market value. This is because demand in Silv
er Spring is relatively high and banks know that they can get close to market prices, relative to the homes' condition.
I believe there is a greater chance of finding a foreclosure below market value in Prince George's County. You can use this search tool to find properties there. But you still have to put in many hours of searching to find them.
Because many properties have been vacant for several months, there could be mold, usually in the basement. Lenders will not provide loans on homes with mold so you may have to pay for the entire home with cash. The sellers with some bank-owned properties will not make repairs before closing, while other banks have already made repairs.
The site for the single families also can look for foreclosed condos. If you want to look for short sales, you can do that, too. In fact, you can look for any type of property in Silver Spring or in Maryland.
I recommend that before you start your search, you get pre-qualified for a mortgage, unless you are paying cash. I know many good lenders who would be happy to work with you to tell you how much you can afford.
If you would like to learn more about buying a foreclosure, please contact me. I have years of experience working with buyers who purchased foreclosures. I'd like to add you to my list of satisfied customers.
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