Home Buying in 20815>Question Details

S.K, Both Buyer and Seller in 20810

Foreclosures in Friendship Heights

Asked by S.K, 20810 Fri Nov 2, 2012

I have been looking at homes specifically condos in the Friendship Heights area and I have seen many homes has been recently sold by being in foreclosure especially the studios and 1 bedroom type and I haven't seen them advertise on trulia, zillow, MRIS listings or on MLS..etc. So basically I was wondering how do I find these foreclosures? Or have their owners brought them back?

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Foreclosures not listed on the MLS were probably either taken back by the bank at auction or sold at auction by the bank to buyers at the courthouse. You may be seeing these "sales" on RealtyTrac, which lists
properties that are in the process of being foreclosed upon, or have been foreclosed on, but may not be listed for sale yet. When the bank re-sells these properties, they will most likely list them with a Realtor.
0 votes Thank Flag Link Thu Oct 17, 2013
Friendship Heights because of the great location actually hasn't had as many foreclosures but there are still some that are underwater. If the owner cannot make the payments - whether it's a condo or a single family home - eventually it'll go to foreclosure.

The ones that you see listed in Trulia are in various stages of the foreclosure process. The situation will either be resolved between the owner and the bank, it could be listed as a short sale where the bank accepts less than they are owed, or it'll go to the auction process where it'll be sold to the highest bidder subject to any superior liens that exist. Many times once it's at the auction, the bank will buy it back then it'll be listed as an REO as an as-is property.

Feel free to contact me directly with any other questions regarding your search.
0 votes Thank Flag Link Thu Apr 18, 2013
Your real estate agent can assist you in finding foreclosures and other distressed properties for sale (bank owned, short sales, etc). They will also help with submitting an offer. Anna (below) also has a good point in that there are many other homes for sale that could be good buys, and sometimes better deal. Your agent should be able to analyze the available listings and provide you with a cost analysis that compares the cost for repairs, etc to help you in the decision making process. This article explains some of the considerations in buying a foreclosure: http://dankrell.com/blog/2008/10/02/buyer-beware-purchasing-…
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0 votes Thank Flag Link Sat Nov 10, 2012
Since most foreclosures do end up being listed with a broker, for accurate and free information consider working with an agent of your own. Keep in mind that not all foreclosures are such great bargains, therefore don't overlook some traditional sales,as some may end being a much better bargain.
0 votes Thank Flag Link Sat Nov 3, 2012
If you're talking about foreclosures sold at auction on the courthouse steps, most of the time they are taken back by the bank. The bank will eventually put it back in inventory with a real estate broker. When that happens is up to the bank.
0 votes Thank Flag Link Sat Nov 3, 2012
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