BUYING HOMES AFTER TRUSTEES SALES
Frequently, we are contacted by prospective buyers that want to purchase a home that was advertised for a trustee sale in Maryland. These are the foreclosures auctions that take place at the court house entrance in each county.
There are so many sales that it is difficult to track the results. Some of the sales are canceled when the owners reinstate the loans and some of the owners file for bankruptcy which will automatically stops the foreclosure sale.
Most of the homes that are sold at the court house auctions are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. It is usually three to four months after the trustee sale when the properties are available as REO (Real Estate Owned). At this point, the vacant homes are easy to show and buyers have many more protections then they would have had with the trustee sales.
So, if you have been following a trustee sale, you have to wait a while for the property to available for sale by the lender. We provide reports to our clients on the lender owned foreclosures in Montgomery County and Frederick County, MD. We do custom searches for buyers in other area counties. We represent buyer clients as their exclusive agents. Please email your questions on the foreclosure process in Maryland. We will be delighted to show you how to successfully purchase a lender owned foreclosure. roykelley@mris.com

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