Good day,

Currently 120 properties are for sale in the 20720 zipcode. Sold homes determine market value, not what the property is listed at. That is why it is constantly changing. Kindly advise a convenient time and I will be delighted to assist you in finding a home you value in both price and appearance.

Rose Nguyen
Keller Williams
301-379-5360
Rose@RosenHomes.com

Hello Mfnt,

There are a lot of foreclosed properties on the market right now in Bowie and the surrounding areas. As such, you'll never find a better time to buy a foreclosure because the excess inventory is driving prices down. In my opinion, the key to getting a foreclosure in Bowie below market is to be willing to do some fix up. Many of the foreclosures are suffering from neglect as a result being vacant or damage by previous owners before they vacated the house. Often times these repairs are cosmetic, but because the homes need repair many buyers avoid them and the banks will lower the prices the longer the homes sit on the market.

Additionally, if you are a first time home buyer you may qualify for the PG County Down Payment on Your Dreams down payment assistance program which may provide up to $20,000 toward the purchase of a foreclosed property. You can see details at my Trulia post

http://www.trulia.com/voices/Moving/What_is_the_neighborhood…

Are you familiar with 203k loan programs? With a 203k loan you can borrow the funds needed for repairing your home and roll it into your mortgage. The work will be performed by a licensed and bonded contractor, and the rehab/fix up will be done to your liking.

Buying a foreclosure in need of cosmetic repair can be a great way to create instant equity in your new home.

Let me know if you have any additional questions. Good luck!

Sanford Collins, CPA, REALTOR
direct: 443-742-4180
office: 301-476-8005

You would be better buying a short sale - once the bank has gone through the foreclosure step, they have spent on the average $ 60,000 - or will until the property is sold. At that point they have the value established by BPOs (Broker Price Opinions - normally completed by agents not brokers) and/or a full apprasail. At this point they will offer it at market value or above.
Good luck, we have a couple of agents in my office that specialize in short sales - but if you go this way, be patient - it is a lengthly process - particularaily if the agent has not done dozens of them and is known by the bank - Good luck on your search!

Bill

The market value is determined by the price houses are currently being sold at. If you buy a foreclosed property below what others in the area are selling for then you just lowered the market price. FYI, Prince Georges County is offering closing assistance on foreclosed properties. Call me for more details.
http://garymather.lnfre.com