Bank owned condos for sale in Ocean City, Maryland are hard to come by these days. With all the hype about foreclosures in the news these days, you might think this statement is a misprint, right? Well you would be wrong. According to the local mls on January 30, 2012 there are only 10 bank owned listings as compared to over 1300 active listings for non-bank owned properties.
So you may be asking yourself what is the best way to find the bank owned condos for sale in Ocean City, Md and I would respond that you should consider contacting the listing agent for one of these properties and ask to be put on their preferred client list to get automatic updates when these types of properties come on the market.
Finding a local Ocean City real estate agent that is currently working with the banks could give you an inside advantage of knowing when new listings are coming on the market as well.
When you are ready to buy a foreclosed property, most banks will require that you have a pre-approval letter from a bank or cash on hand to purchase the property. Understanding how the banks will look at your offer is another reason to work with a REALTOR that has experience with these types of properties.
So if you are considering purchasing a foreclosure, you will want to be prepared. Be ready to have your first offer countered. Sometimes the banks will list the properties low in hopes of multiple offers. Other times they will be at market value. Each situation is different and it's not always the lowest cash offer with the quickest settlement date that wins the bid. Ask your agent to pull comps of what has sold in the building recently. Having the comps will give you an idea of how much the bank will accept. In fact, the banks are asking their agents to provide them with monthly updates on what is happening in the market so they can decide how much they can expect to get for the property. Be patient, the process takes time since the offer has to be reviewed by the bank's asset manager and sometimes senior management for final approval.
Another thing you will want to be reminded of is that the listing agent is only able to represent the seller in Maryland, so don't disclose too much information about how much you are willing to pay. They can prepare your offer and assist you with the paperwork, but can't tell you how much to offer. You can visit my website for the required Maryland disclosures regarding Understanding Agency to read more.
I hope you found this information helpful and if you want to know more feel free to give me a call. Check out my bank owned properties for sale on my website as well.
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