FORECLOSURES IN MARYLAND. BANK OWNED HOMES IN MARYLAND. REO PROPERTIES IN MARYLAND.

By
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

GUIDE FOR HOME BUYERS INTERESTED IN REAL ESTATE FORECLOSURES IN MARYLAND. 

MARKET REPORT FOR FORECLOSURES IN THE HOMEFINDERS.COM MARKET AREA WHICH INCLUDES
real estate in Maryland in the Counties of: Anne Arundel, Baltimore City, Baltimore, Calvert, Carroll, Cecil, Charles, Frederick, Harford, Maryland MapHoward, Kent, Montgomery, Prince George's, Queen Anne's, St. Mary's and Talbot.

THE NATIONAL AND LOCAL NEWS IS FULL OF NEWS ABOUT FORECLOSURES, REO, IN MARYLAND.   The percentage of foreclosed homes for sale in Maryland is lower than many areas in the country.  These properties have been through the foreclosure process and are now bank owned.  The report below reflects existing only detached single family homes in the listed counties in Maryland.  Non-contingent sales are the only offers accepted and all homes are sold "as is".  Buyers may have a home inspection for their own information and banks may negotiate the price based on condition. 

FORECLOSURES ARE A SMALL PERCENTAGE OF SINGLE FAMILY HOMES IN MARYLAND
ABOUT 379 DETACHED SINGLE FAMILY REAL ESTATE in THESE COUNTIES, HAVE BEEN FORECLOSED, ARE BANK OWNED AND ARE LISTED FOR SALE. 

AVERAGE PRICES FOR BANK OWNED SINGLE FAMILY REAL ESTATE IN MARYLAND

Maryland County

Average Price

 

Anne Arundel County

$332,000

Baltimore County

$447,000

Baltimore City

$207,000

Calvert County

$279,000

Carroll County

$444,000

Cecil County

$440,000

Charles County

$401,000

Frederick County

$363,000

Harford County

$293,000

Howard County

$401,000

Kent County

$217,000

Montgomery County

$389,000

Prince George's County

$375,000

Queen Anne's County

$313,000

St. Mary's County

$214,000

Talbot County

$323,000


There are about 25,200 Single Family Homes listed for sale in this market area of Maryland real estate.
Of that number, about 379 are bank owned and are listed for sale.  That is about 2% of the ACTIVE listings
and much lower than other areas in the country.  The average price of a foreclosed home for sale varies
from county to county and home size, but they are priced at market based on the bank's appraisal. 
The key to getting good value in a foreclosed real estate is to understand that, just because a property has
been foreclosed and is bank owned, that doesn't guarantee that a good price will be had. The key in
getting a good buy on a foreclosed home is

1.  Looking at ALL homes for sale that meet the home buyer's needs and price range. 
2.  Consider foreclosure listings and compare them with other suitable listings.
3.  Be prepared with a pre-approval letter from a recognized mortgage company.
4.  Be prepared to buy a home in "as is" condition.  You may want to bring in a contractor to estimate repairs
     when preparing the offer.
5.  Be prepared for slow negotiations with the bank.  They usually consider offers at scheduled meetings of
     their "loss mitigation" or "asset disposal" committees and they often meet only once a month.
6.  Have a home inspection but the bank may not agree to any repairs.  There will be an "as is" addendum
     removing the "Property Condition" paragraph from the Contract of Sale.
7.  Have your agent review recent sales in the area to be sure that the home is priced to market or less.
8.  Make sure your agent stays on top of the deadlines in the contract because the bank will likely seek back-up contracts.
9.  Consider using the bank's title company since they have don't the preliminary title work and their fees are
     no more than average title companies.  The largest expense is title insurance and the banks have filed
     that disclosure with the state and cannot raise it.  Agents often try to "steer" title work to familiar
     title companies.  That may not be in your interest.  Have your agent get a "Pro-Forma" HUD-1 and
     compare prices. 
10. Use a direct lender.  Most banks will not accept a Pre-Qualification or Pre-Approval from any mortgage
     company but a direct lender.  Your agent can recommend several. 

EXAMPLES OF FORECLOSED HOMES FOR SALE

Home in Anne Arundel County  Home in Prince George's County  Foreclosure in Frederick County MD
 
Annapolis, Maryland                     Prince George's County, Maryland           Frederick County, Maryland

SEARCH LISTINGS IN MARYLAND


Lenn Harley, Broker, Homefinders.com 800-711-7988, E-mail

Courtesy:  Homefinders.com

 bank owned homes maryland, foreclosures maryland
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Rainmaker
413,205
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker
Love the list for the consumer, Lenn.  Buying REO's is a whole different animal than negotiating with Joe or Jane Seller.  Your clients are lucky to have you on their side!
Sep 25, 2007 10:30 AM #1
Rainer
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Lenn, this detailed information you provide for the folks in the Maryland real estate market is why you're a respected professional.  Great job and keep it up.
Sep 25, 2007 10:34 AM #2
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Lisa.

Thanks very much.  I worked hard pulling this together.  I need to get it in Localism shourtly. 

 

Sep 25, 2007 10:35 AM #3
Rainmaker
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Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
Lenn, It looks like values in your area are slowly starting to come down. Those are some prettyy good deals.
Sep 25, 2007 10:40 AM #4
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Joey.  Thanks.  I worked on this for a page on Homefinders.com.  So, might as well blog it.

Bryant.  Sellers are being dragged kicking and screaming to lower prices. 

 

 

Sep 25, 2007 10:45 AM #5
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Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation
Wow, packed with solid information.  You always do a great job with your reports, and I know you do your own research. 
Sep 25, 2007 02:19 PM #6
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Excellent suggestions, Lenn.

I am reading that banks are getting a bit more lenient on authorizing some repairs, at least on foreclosed properties, not so much the short sales. But you can;t count on it and I tell buyers they should expect no, and, like you said, bring in a contractor to understand the issues in addition to the home inspection. They also often will not do the repairs on termite and other wood boring insect damage. And that has to be done for clearance for a mortgage here.

Jeff

Sep 25, 2007 02:40 PM #7
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Jeff.  Thanks for commenting.

What I have found is that the bank will require that their "property condition" clauses in our contract be replace with a general "as is" paragraph. 

However, we still use our own Home Inspection Contingency addendum and it gives the buyer the right to void the contract if there is significant termite infestation or damage.  We can also void the contract if the house has serious inspection matters.  Most conventional lenders don't reqire a termite cert here, but I sure do.  I sold a house in Chevy Chase a couple of years ago that had about $30,000 in termite repair costs. 

I just haven't found banks to be that difficult to deal with.  In fact, bank foreclosures are good business. 

Short sales, OTOH, are not where I want to invest my time.

 

Sep 25, 2007 10:23 PM #8
Rainer
165,557
Dan Forbes
Bradenton, FL

Good info on foreclosures in the area. What a valuable post.

Thank you for taking the time to read my post, One of the hardest things to do in life is to take RISKS , and thanks for making a comment.

Sep 26, 2007 02:08 AM #9
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Thanks Dan.  Now take that link to your post out of the comment, you sly old dog.

Otherwise, I'll have to put a link in my comment on your blog to my blog.  We could get dizzy, going back and forth. 

 

Sep 26, 2007 03:29 AM #10
Rainmaker
404,764
Sal Poliandro - NJ Bergen County Realtor
RE/MAX Properties - Ridgewood, NJ
Short Sale Specialist - CDPE, SRES, SFR, IRES
Wow, this is a great list for the consumer.  It is packed with useful information!  It looks like there are some pretty good deals in your area too - lucky for all those buyers out there!
Sep 26, 2007 01:41 PM #11
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