Foreclosures For Sale in Montgomery County, Maryland
There are 2,426 active listings of homes of sale in Montgomery County, MD. These are the homes listed with real estate agents on the regional multiple listing service (MRIS) and the figure does not include any for sale by owner properties.
231 (9.52%) of the available properties are short sale pre-foreclosures. Short sale transactions must have the third part approval of the secured lenders since the proceeds will not cover the mortgage balances that are due.
27 (1.11%) of the homes for sale are lender owned foreclosures (REO). The lenders have title to these properties after court approved trustee sales that take place at the entrance of the county courthouse.
From the perspective of real estate investors, there is a shortage of lender owned foreclosures. For several years, the REO inventory has been the source for the purchase of properties for rental portfolios. Now, there are more investors that there are available foreclosures.
From the consumer perspective, the volume of lender owned foreclosures is too low to adversely impact the residential market for the county.
The volume of short sale pre-foreclosures continues to frustrate prospective purchasers as well as financially distressed home sellers. Even though the short sale process has been improved by some of the secured lenders, the deadly slow and often non-responsive transactions frequently fail to reach settlement. Many buyers try to avoid short sales when they need to purchase within a specific time frame.
The Montgomery County market is competitive because of the lower than normal housing inventory. Many buyers will experience multiple contract situations that will require timely and decisive actions. All prospective purchasers, including investors, should have a pre-approval letter in hand when financing is going to be used. Those without a pre-approval letter will not be taken seriously in the current market.
We are always available to provide information on the local market and we will be happy to recommend mortgage loan officers.
27 Foreclosures For Sale in Montgomery County
We always advise prospective home buyers to take a close look at the community in which the homes are located. Get out of the car and walk around to get a good feel for the area. If possible, chat with some residents about the community.
When I am out and about, I like to capture the colors of the season in photographs. At this time of the year, it is good to look for the flowers that are blooming. Gardens often reflect the pride of ownership in the area.
Daylily, Kentlands, Summer Flowers IMG_2940
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
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