Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 1/10/11

Fannie Mae- Freddie Mac- HUD-  If you are considering making an offer on a Fannie/Freddie/HUD owned property, it is important to understand that these sellers have restrictions on new listings. For Fannie and Freddie properties, investor offers will not be considered until the property has been on the market for 15 days. HUD ususally restricts their properties for 30 days.  Additionally, it's impotant to note that Fannie Mae & Freddie Mac are exempt from paying transfer and recordation taxes. This means the buyer is responsible for all T&R taxes.

Loan Limits:  The "temporary" mortgage loan limits that were in place have expired and Congress is currently deliberating returning to the higher loan limits.  In the meantime, this means that the maximum Conforming and FHA limits have dropped from $729,750 to $625,500 for Washington DC, Montgomery County, Prince George's County and Frederick County, Maryland.  The Howard County loan limit will drop to $494,500.

 

There are 45 lender owned foreclosures (REO) for sale at or BELOW $250,000.  Click on the listing number to see the full property description. Sort by column headers.

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153182398-457

 

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153182440-519

 

Short Sale Pre-foreclosures:

 

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153182525-677

 

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153182553-828

 

According to Bob Bender, CPA and Partner with Aronson LLC in Rockville, Investors that own properties in multiple states must file a non-resident tax return in each jurisdiction in addition to their home state. Failure to file will result in the investor having to file amended returns. Please note that returns may only be amended for three years in Maryland while other states can go back indefinately and add interest and penalties. If you have any questions, please e-mail Bob at bbender@aronsonllc.com .

 

Real Estate Market Statistics for Montgomery County, Maryland:  During October, there were 634 closed sales in Montgomery County, MD, down 9.43% from last year.  The average sold price was $411,221, down 6.45% from last year, with an average of 85 days on the market. The median sold price at $327,250 was down 6.50% from last year. The average sold price was 92.55% of the average original list price.

 

The real estate market statistics for the past month may be viewed by clicking on the following link:   http://www.rbintel.com/statistics/montgomery-county-md

 

 

Free Credit Report:  You have the right to get a FREE COPY of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies – EQUIFAX, EXPERIAN and TRANSUNION. For instant access to your FREE CREDIT REPORT, visit www.annualcreditreport.com or call 877-322-8228.

 

Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.

 

Your Real Estate Professional,

 

 

RE/MAX Realty Group, CDPE Certified

Member of the Top 5 Real Estate Network

6 Montgomery Village Avenue, Suite 200

Gaithersburg, MD 20879

Direct:  301-921-4519

301-529-0053 (cell)

301-258-7757(Office)

Email: crosenfeld@remax.net  

www.craigrosenfeld.com