25 Foreclosures For Sale in Frederick County, Maryland
There are 860 homes for sale in Frederick County, Maryland based on the active listings in the Multiple Listing Service (MRIS). 25 (2.9%) are lender owned foreclosures (REO). 149 (17.3%) are short sale pre-foreclosures.
So, when looking at the overall market for Frederick County, the foreclosures for sale represent a very small fraction of the available inventory. The short sale pre-foreclosures offerings tend to distort the listing inventory because many of them will never go to settlement. Unrealistically low prices on short sales will usually attract offers that are below the amounts that the secured lenders will approve and many short sale sellers fail to provide the documentation that is required by the lenders for the needed third party approvals.
Home buyers and home sellers should study the statistics for specific neighborhoods when setting home prices or making offers on listed properties. As exclusive agents for our clients, we provide the information that is needed for good decisions.
Home buyers need to be aware of the physical condition of properties they are considering. Many of the lender owned foreclosures and short sale pre-foreclosures have deferred maintenance or repair requirements. Frequently, renovation financing such as the excellent FHA 203(k) program is needed to allow purchasers include the fix up costs in the amount of the mortgage loan.
Home buyers, including investors, that plan to use mortgage financing should have a pre-approval letter from their lender in hand before looking at properties. Your buyer agent is the best source for a referral to a mortgage lender. The mortgage interest rates are still at record low levels.
The current list of lender owned foreclosures has a price range from $310,000 down to $85,000. The REO list is a good place to start when seeking well prices properties and highly motivated sellers.
Please contact us when you have questions on the local real estate market in Maryland.
Frederick County, MD Real Estate Market Statistics for Frederick County, Maryland:
During January, 2012, there were 120 closed sales, down 13.04% from last year. The average sold price was $227,646, down 8.85% from last year, with an average of 135 days on the market. The median sold price was $196,450, down 10.48% from last year. The average sold price was 88.27% of the average original list price.
There are many things to see and much to do in Frederick County. Be sure to have your camera in hand to capture the special moments when you are out and about in your community or during your travels.
Longwood Gardens Orchid House IMG_2343
Photograph by Roy Kelley. Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs