1400 Redfern Ave, Baltimore, MD 21211
We all know what a challenge it is to find an affordably priced home in good condition for that first time home buyer. Sometimes, the only home available is a bank foreclosure. Then you end up in a multiple offer situation and your offer needs to be competitive in order to win the day.
My buyer was buying his first house and he really wanted to live in the Hampden or Medfield neighborhoods in Baltimore. The inventory there is low to begin with and when your maximum purchase price is below $200,000 it is a challenge.
When we started this journey he really didn't want to spend more than $150,000 and we saw a couple houses and wrote offers but there were multiple offers and his was not successful. He increased his price point some and finally a nice bank foreclosure came on the market. It was a nice 3 bed 2 bath end of group town home on a corner lot with off street parking and a nice fenced yard, deck and finished basement. The house met all his needs. The original list price was well below market for the street and as you can imagine there were multiple offers. This is where a good, experienced agent is worth their weight in gold. I negotiated an excellent deal for my buyer and his contract was accepted.
Once under contract my job was not yet done. Baltimore City was hit with the computer ransomeware virus and not every sale is able to settle. Criteria needs to be met. The title company told the seller they would need to hold $3,000 in escrow for any unforeseen liens. The seller, being a bank, refused. The title company informed me that they could see most of the liens and the only thing they had not received was a water bill. After a conversation with my buyer, he was willing to put up the $3,000 escrow so it could close, but only if the seller would give him a credit of $1,500 at closing. The bank agreed and we were ready to close.
Are you thinking about buying a home in the Baltimore area? I would be happy to help guide you through the process. I work with a great group of professionals who know the ins and outs of Baltimore title and down payment assistance programs so you can get into a home with little or no money down. Let me help guide you to your new home!!