Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 11/18/11

Trustee Sales- Trustee sales are auctions held at the courthouse steps and represent the final step in the foreclosure process. The sale is open to the general public but buyers should be cautious. The first trust lender will generally bid as well up to the current loan balance including legal fees making the price too high for most buyers. While there are exceptions, buyers should bid with caution.  Trustee sales are purchased site unseen and no inspections are permitted as a condition of the purchase. Financing is generally non-existent as the buyer doesn’t have access to the property to allow an appraiser access. Buyers should be prepared to purchase with cash. Failure to close as agreed could result in the buyer losing their deposit plus fees associated with reselling the property. Additionally, if the property is still occupied, the buyer could have to proceed with a formal eviction process.

The Montgomery County Distressed Market

Of the 3077 homes currently available for sale in Montgomery County, 90(2.9%) are REO or foreclosures while 565(18.4%) are potential short sales.  The number of foreclosures available remains low and in response, lenders are receiving multiple offers on many and selling them for above list price. Short sales continue to be an active segment for buyers looking potential deals, especially for those who can allow the lender(s) sufficient time to complete the process.

Foreclosures:

There are 47 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-153723405-168

There are 43 lender owned foreclosures (REO) for sale at or ABOVE $250,000.

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153723417-458

Short Sale Pre-foreclosures:

There are 260 short sale listings at and below $250,000.

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153723432-96

In the price range at and above $250,000, there are 305 short sale pre-foreclosures on the market.

Click the following URL to see the listings:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=2133467XBN8H&p=DE-153723441-379

Home buyers need to be very selective when submitting offers on short sale listings to avoid the disappointment of a canceled sale after much time has past.

Tip of the week:

The Founding Fathers Restaurant, a well-known DC spot has just opened a new location in Park Potomac, right off I-270 and Montrose Road.  I can’t wait to check it out. More information can be found at http://www.wearefoundingfarmers.com/. If you haven’t checked out Seasons 52 (http://www.seasons52.com) in Rockville across from White Flint Mall, please do so. The food was great and the menu changes every week!

Statistics

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

If you would like to receive information on neighboring counties, please email me directly. Additionally, custom searches can be created based upon specific criteria as well.

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,

Craig Rosenfeld