Foreclosures For Sale In Montgomery County, Maryland

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Foreclosures For Sale In Montgomery County, Maryland

 

Everybody loves bargains and during the last several years, the inventory of lender owned foreclosures in Montgomery County, Maryland has provided many bargain opportunities for home buyers and real estate investors.

However, the inventory has changed and it is a good time to take a look at what is currently available.  Today, there are 2,567 homes for sale that are actively listed on the multiple listing service, MRIS.  255 (9.93%) of the homes for sale are short sale pre-foreclosures.  30 (1.17%) of the homes for sale are lender owned foreclosures.

The first observation is that the overall inventory is low for an area that has a population of almost a million residents.  The major factor for the low inventory appears to be that prospective home sellers are waiting for prices to reach a higher level before putting their homes on the market.  Even though the market has firmed up, prices are still somewhat lower then they were in the peak years of 2005-2007. 

The inventory of short sale pre-foreclosures is now below 10% of the inventory after hovering in the 20% level for a long period of time.  Experience has shown that a high percentage of the short sale offering will never reach settlement because of the failure to obtain the needed approval of the secured mortgage lenders to accept less than the amount of the outstanding mortgages.  Many prospective purchasers still do not wish to consider short sales during their home searches.

Real estate investors are complaining about the lack of acceptable purchase opportunities in Montgomery County due to the very small number of lender owned foreclosures that are available and the fact that they face multiple contract competition with many of the available properties.  The result is that some investors are turning to opportunities in other counties and are closely watching for opportunities at the trustee sales at the courthouse steps.

Prospective home buyers and real estate investors are faced with a shortage of inventory and much competition in the local market.  Cash is king and contracts with few contingencies are likely to be characteristics for successful purchases.

Yes, from the perspective of purchasers, we have a shortage of available foreclosures in the market.  30 lender owned foreclosures is not enough to satisfy the market demand in Montgomery County.  Our advice to prospective buyers is to select an exclusive buyer agent that really knows the local market and to make very realistic offers on the available properties.  Those that plan to use mortgage financing should have a lender letter in hand.

Foreclosures For Sale in Montgomery County, MD

When considering specific communities for purchase opportunities, we always advise prospective purchasers to get out of their automobiles and take a closer look by walking through the are to observe the neighborhood.  The pride of ownership and the character of the neighborhood will have a major impact on the long term values.  

Photowalking through a community also gives you a little exercise that most of us need and an opportunity to enjoy the colors of the season.  Focusing your camera on a beautiful flower is a good way to set aside the stress of the moment.

Kentlands, Spring Flowers IMG_1437

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

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Roy and Dolores Kelley Photographs

Roy Kelley and Associates

 

Roy Kelley, Associate Broker

Realty Group Referrals (Retired from RE/MAX Realty Group)

6 Montgomery Village Ave., Suite 200

Gaithersburg, MD 20879

Main Office:  301-258-7757 (You will not reach me at this number)

Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.

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Rainmaker
694,665
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hello Roy and Delores,

With foreclosure hitting the bottom all around the country. It seems that your area is not exempt.

With less than 10% of the homes listed that's a really good number to have to deal with. Are there a large number of flippers wanting to get the foreclosed homes?

Have a good day in Gaitherburg.

Best, Clint McKie

Jul 01, 2012 02:43 AM #1
Rainmaker
4,492,592
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Roy,

This is a very comprehensive discussion of your marketplace and the state of bargains, which as you say everyone loves.  Anyone reading this would recognize your expertise on the subject, and should hire to you to work with them.  Happy Sunday, A

Jul 01, 2012 03:45 AM #2
Rainer
535,474
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Roy, very good information on Foreclosures and Short Sales. You are right when you indicate they are a very small fraction of the market right now that is for sale. Thanks for sharing and as alway the photo is wonderful!

Jul 01, 2012 10:20 AM #3
Rainmaker
841,108
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening Roy.

Jul 01, 2012 10:41 AM #4
Rainmaker
5,425,667
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good evening to all.  It is always good to receive your comments.

Have a very special week as we celebrate Indepedence Day.

Dahlia, Kentlands  IMG_0447

Roy and Dolores Kelley Photographs

Jul 01, 2012 11:13 AM #5
Rainmaker
579,727
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

Roy some great information here for wise buyers, I think the best first move would be to call you =)

Jul 01, 2012 12:10 PM #6
Ambassador
1,241,301
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

It sure sounds like real estate recovery is happening in Montgomery County, Maryland!

Jul 01, 2012 12:52 PM #7
Rainmaker
1,607,599
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Great news for investors Roy and seems like things are picking up in Montgomery County. Good LUck and Happy Selling

Jul 01, 2012 01:47 PM #8
Rainmaker
777,030
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It is good to see the makings of a recovery and the establishment of a bottom. Let's hope it will be sustained and some goober someplace in the world doesn't mess it up

Jul 01, 2012 02:50 PM #9
Ambassador
1,500,971
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Let the real estate recovery continue my friend!

Jul 01, 2012 05:55 PM #10
Rainmaker
5,425,667
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is always good to receive your comments.

Have an outstanding week as we celebrate Independence Day.

Dahlia, Kentlands, Flowers IMG_0188

Photograph by Roy Kelley using a Canon PowerShot G11 camera.

Roy and Dolores Kelley Photographs

Jul 01, 2012 06:08 PM #11
Rainmaker
5,425,667
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is sometimes a good practice to revisit old blogs and reblogs. We might even find some good ideas for new posts.

Sep 04, 2018 09:57 AM #15
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Rainmaker
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Roy Kelley

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