Hundreds of lender owned foreclosures in Montgomery County?
A caller asked if we could provide a list of the "hundreds of lender owned foreclosures" in Montgomery County, Maryland. He said he had been told that they could be purchased for pennies on the dollar.
The reality is that of the 3,475 homes for sale in Montgomery County today, only 119 are lender owned foreclosures. Lender owned foreclosures are no longer a dominant factor in the residential market in the county. Real estate investors have been building their rental portfolios and first time home buyers have been taking advantage of the attractive prices and low interest rates.
Click the following URL to see the available REO listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-138741950-265
Those that are seeking to purchase lender owned foreclosures are finding a competitive market and very low offers are rarely successful. Many of the REO homes attract multiple offers. Those that are not paying cash are competing with cash buyers from around the world. All prospective purchasers that plan to use mortgage financing should obtain pre-approval letters from well known lenders since those letters need to be submitted with the offers.
In this competitive market we recommend that all prospective buyers use experienced exclusive buyer agents. A good agent can make a big difference in multiple contract competition.
Blooming for smart home buyers in Maryland.
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