Foreclosures for Sale in Montgomery County, Maryland
There are 2,537 active listings of homes for sale in Montgomery County, Maryland. These are the properties that are listed on MRIS, the regional multiple listing service. 253 (9.5%) of the available homes are short sale pre-foreclosures. Only 25 (.985%) of the properties are lender owned foreclosures (REO).
The overall number of listings is historically low for a county that has almost a million residents. The short sale pre-foreclosures give an indication of the number of families that will be unable to meet their mortgage loan obligations. The number of short sale listings is typically misleading because all of them require approval of the secured lenders and that approval will not take place for a many of the offered listings.
With less than one percent of the inventory as lender owned foreclosures home buyers and real estate investors have a very limited selection in this sector. This is a surprise to many prospective purchasers that have the impression that there are large numbers of foreclosures in the area. Residential real estate markets are always local and the national and regional news and statistics may not provide an accurate picture of the local conditions.
In June, there were 1,049 closed sales in Montgomery County at an average sold price of $506,409 with an average of 56 days on the market. Many think that the buyers' market has changed to a sellers' market. Prospective home buyers and investors that plan to use mortgage financing should have a pre-approval letter from their lender as an initial step in the purchase process. Those that require a financing contingency will not be taken seriously in the current market.
We are always available to advise home buyers and real estate investors and will be happy to recommend lenders and title companies that will provide excellent service.
25 Foreclosures For Sale in Montgomery County, Maryland
Coneflower, Kentlands, Flowers IMG_2764
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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