Foreclosure Bank Owned Home for Sale in Lutherville Timonium MD 21093
Foreclosures can be a great opportunity for a buyer to find a great home potentially below market foreclosure in Lutherville. A foreclosure is not for every buyer. There are specific details to determine if a foreclosure is for you.
What is a Foreclosure?
A foreclosure is when a lender has performed the legal process to repossess a home. When the bank does this, the seller is now the bank. The foreclosure process can take several months to complete. The property will be listed at a time determined by the bank by a local broker for sale.
It's important to understand the rules of purchasing a foreclosure in Lutherville Timoniun.
Is a Foreclosure for Me?
Despite the fact that foreclosures are typically below market, home values are going up. It is important to understand foreclosure lenders are aware of this as well. Today more banks are countering back offers, reducing closing help and in some cases not providing closing help as well. Another thing to remember with foreclosures is they are As-Is (they will not do any repairs). In Maryland foreclosures are EXEMPT from disclosing any information about the property condition or history as they have never occupied the home. So it is crucial do complete due diligence and get the necessary inspections and title work complete while under contract.
A few other items to consider:
- Closing Costs - Can you move forward with the sale without the assistance of closing help?
- Time - Can you wait potentially 3 months or so for the sale to close?
- Money for Lender Repairs - Can you pay out of pocket for Lender Require repairs?
- Renovation Financing - Can you qualify for renovation financing?
- After purchase repairs - Can you afford the repairs cost after you close on the home?
- Multiple preapprovals - Can your credit score handle multiple preapprovals?
- Buyer pays to turn on power and water - Can you afford to turn on the sellers water and electrical power for inspections?
If you answered YES to all of these questions a foreclosure may be for you!
What financing to do I need?
Pending the condition of the home renovation financing may be required. Foreclosures can sometimes be in pretty bad condition. Sometimes, you can get lucky and the bank may have completed repairs or improvements to make the home marketable. Appliances may be missing, vandalism, etc. A renovation loan will allow the purchase and repairs to be financed.
I want to buy a home in Lutherville MD 21093, what next?
As of right now there are 3 foreclosures in Lutherville, MD 21093. House values continue to rise in the Lutherville real estate market.
Now is the time to buy a foreclosure in Lutherville.
For more information on foreclosure properties in Lutherville MD 21093 contact me today
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