Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/16/11
There are 1,259 active listings of homes for sale in Frederick County, MD. 41 (3%) of the properties are lender owned foreclosures and 250 (20%) are short sale pre-foreclosures.
Mortgage interest rates are very low and there is a good selection of properties at very attractive prices. Those that plan to buy a home within the next couple of years might find that this summer is be best time for the purchase.
Loan Limit Reduction: The "temporary" mortgage loan limits that are now in place will expire on September 30, 2011. All loans using the temporary limits must settle on or before September 30th. For our area, this means that the maximum Conforming and FHA limits will drop from $729,750 to $625,500 for Washington DC, Montgomery County, Prince George's County and Frederick County, Maryland. The Howard County loan limit will drop to $494,500.
RE/MAX Realty Group Preferred Lender: Joe Salisbury at Presidential Bank Mortgage, firstname.lastname@example.org, 301-590-8911 x 209 is the Preferred Lender for our office.
The mortgage investors that are selling lender owned foreclosures utilize asset managers that handle the transactions. It is very important to understand the terms of REO contracts. Many of the properties are sold in "as-is" condition where repairs will not be made. When buying a "fix-up" property, renovation financing such as the FHA 203(k) program may be needed. Contracts that are contingent upon the sale of the current home will normally be rejected.
Short Sale Pre-foreclosuretransactions require third party approval. The secured mortgage lenders must approve the sales because the proceeds will be less than the outstanding mortgage obligations. Home buyers and their buyer agents need to be very selective when considering short sale listings. It is important to know if the mortgage obligations are in default and the status of any foreclosure actions.
Real Estate Market Statistics for Frederick County, Maryland: During July, there were 221 closed sales, up 0.45% from last year. The average sold price was $261,019, down 5.98% from last year, with an average of 111 days on the market. The median sold price was $235,000, down 4.08% from last year. The average sold price was 92.1% of the average original list price.
Free Credit Report: You have the right to get a FREE COPY of your credit file disclosure, commonly called a credit report, once every 12 months, from each of the nationwide consumer credit reporting companies – EQUIFAX, EXPERIAN and TRANSUNION. For instant access to your FREE CREDIT REPORT, visit www.annualcreditreport.com or call 877-322-8228.
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. The same advice applies to investors. Those without a pre-approval are not considered to be serious purchasers. Please ask for a referral if you do not have an existing relationship with a mortgage lender.
Please contact us with your real estate questions. Your referrals of friends and family members will always be appreciated.