Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 01/05/12
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The Case-Shiller housing price numbers for October show only two metropolitan areas, Detroit and Washington, DC, with positive numbers. The Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. For more information, please click on the following link.
The Montgomery County Distressed Market
Of the 2361 homes currently available for sale in Montgomery County, 85(3.6%) are REO or foreclosures while 486(20.6%) are potential short sales. The number of foreclosures available is very low and lenders are continuing to receive multiple offers on many and selling them for above list price. Short sales continue to be an active segment for buyers, especially for those who can allow the lender(s) sufficient time to complete the process, usually 3-6 months.
Foreclosures:
There are 41 lender owned foreclosures (REO) for sale at or BELOW $250,000. Click on the listing number to see the full property description. Sort by column headers.
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156355514-795
There are 34 lender owned foreclosures (REO) for sale between $250,000 and $500,000.
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156355648-788
There are 10 lender owned foreclosures (REO) for sale at or Above $500,000.
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156359055-260
Short Sale Pre-foreclosures:
There are 226 short sale listings at and below $250,000.
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156355844-574
There are 210 short sale listings for sale between $250,000 and $500,000. Click on the listing number to see the full property description. Sort by column headers.
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156355829-971
There are 54 short sale listings for sale at or above $500,000
Click the following URL to see the listings:
http://mrislistings.mris.com/DE.asp?k=2133467XBN8H&p=DE-156355816-934
Tip of the week:
When buying a short sale or foreclosure, consider a home warranty as well. With a cost between $400-450, this could be a cost savings mechanism as some of the warranty companies are now covering Unknown Pre-Existing Conditions and Lack of Maintenance. The companies recommend having an inspection of the property done by a licensed Home Inspector to mitigate claim denial.
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. You should review your credit file annually to help protect yourself from identity fraud and to ensure that there no unexpected issues. Annual review will help ensure a smoother process if and when you need to apply for a new mortgage.
Licensed in Maryland and Virginia, I represent buyers and sellers in residential transactions, whether a regular resale or distressed property. If you know anyone who would benefit from my services, please call or email me their information and I will promptly follow up with them. Your referrals of friends, family members and colleagues will always be appreciated.
Your Real Estate Professional,
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