196 Homes for Sale, 9 Foreclosures, in Germantown, Maryland
There are 196 homes listed for sale in Germantown, Maryland. These figures are based on today's multiple listing service (MRIS) data. 9 (4.59%) are lender owned foreclosures (REO). 75 (38.26) are short sale pre-foreclosures. The home prices range from $2,995,000 down to $83,000.
A sad fact of life is that a large percentage of the short sale offerings will never reach settlement. Some will fail because the unrealistically low prices will attract offers that are below the levels that will be accepted by the secured lenders that must provide the necessary third party approvals for these transactions. Some will fail because the sellers have not provided the documentation that is required for lender approval. Others will fail because the agents are not familiar with short sale requirements.
The result is that the large number of short sale pre-foreclosures distort the list of available properties because buyers tend to think that all of the offered listings could result in successful transactions. Home seller and home buyers need to obtain enough information on the dynamics of the local market to make wise purchase and sale decisions.
Everybody wants a bargain so home buyers usually begin their search by looking at the list of available lender owned foreclosures to determine if there are properties that should be considered. In Germantown, that list is short and buyers should expect multiple contract competition for the preferred homes.
One of the initial steps that should be taken by home buyers, including real estate investors, that will need mortgage financing is to obtain pre-approval for the needed financing. Those that want to purchase fix-up properties should be looking at FHA 203(k) financing or alternative financing that will allow the cost of repairs or renovation to be included in the mortgage. The best source of a lender referral is from the buyer agent in the transaction.
Please contact us when you need information on the residential real estate market in Montgomery County, Maryland. We will make sure you have the information to make the best decisions. We will be happy to set up automatic searches that will immediately alert you when new listings become available.
There is much to see and do in Maryland and the available quality of life benefits are very attractive to home buyers that are transferred to the region. Be sure to have your camera in hand to capture those special moments when you are out and about in your community or during your travels.
Longwood Gardens Conservatory IMG_3750
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs