Maria, While there are plenty of Foreclosures and Short Sales on the market and they are the current "Buzz Words" you can find JUST as good a DEAL buying a Developer's Close Out .Call Della Wilson for more details. In the meantime I would be very happy to send you a list of Foreclosuers and Short Sales to fill your needs. Best Always and You Have a Sunny Day!!!!
Della Wilson #443-235-4719 http://www.dellawilson.com
della@dellawilson.com
"Grab Your Beach Toys nad Get Down Here."

I old enough to remember the last boom and bust in Ocean City,Md (mid 80's thur 1992 or so) and you have to be patient like others have said.The prices will bottom out and stay that way for many years ,it took to the year 2000 for some people who bought in the last boom to break even.The rents in Ocean City are what to watch and this year should be when they start to fall abit.The Ocean City market is not as interest rate sensative as a normal non-vacation community is.You should be able to geat a 700-1,000 sq. condo in a good location for about $200 -$225 a square foot in a couple of years,once the true extent of the overbuilding and buyers who thought of these homes as investements have to sell.This is agood 2 or 3 years away.You willnot miss the boat if you want and will be sorry if you buy now.The goverement will do very littlre in the way of keeping the prices up in places like ocean City,Maryland.

Maria - looking at the answers below I find Monica's resume very impressive. Experience makes a difference! Think long and hard about purchasing a foreclosure or short sale. They are not always the deal people think they are getting and can be very stressful and take forever.

I typically tell my clients to search for a home that has been on the market for a while, that has dropped the price a few times, that maybe says all offers considered. Get a loan commitment letter from your mortgage banker and make an offer. Remember this - it is 2008 and you are in control! Not the seller. I promise there are many, many 2nd home owners in dire need of selling at this very moment. If you are a pre approved buyer - you are gold! Take your time and find a deal on your terms......

In 2010 prices will be even lower. Be patient. Do you think prices are going up next year? I don't think so. Good Luck

Good Afternoon Maria,

Congratulations on your decision to purchase here in ocean city. What a great time to buy! We have something for everyone with prices for condos starting at $120,000 going up to 3.8 million. You mentioned you are looking to purchase either a foreclosure or a short sale. We have both! Unfortunately there is not one best database of foreclosures that are currently on the market, so it takes a good agent that can find these for you. In 2008 over 75% of my business has consisted of representing buyers with the purchase of foreclosed properties. It would be my pleasure to assist you in the process. Here is a website that will give you access to the Live Realtor MLS for Ocean City. http://www.AtHomeInOC.com.

There are no foreclosures or short sales currently on the mris in Ocean City right now. You can search Ocean City and other Worcester County towns at this link.

Hi Maria. Good luck on your search. Feel free to visit my website where I have links to our local listings without requiring a registration. My approach is low key and straight forward with working with buyers and sellers. I have several agents in my office that have a large portfolio of bank owned properties. You should also consider looking at resales as well. In this buyer's market, we are seeing the average price around 90 -92% of asking price. I am an Accredited Buyer's Representative and am happy to supply my buyer clients with all the facts they need to make an informed purchasing decision. Hope to hear from you soon!

Hello, It sounds like you have done your homework. I would recomend that you hire yourself an experience agent that know the ins and outs of Ocean City. Because it does not cost you anything and they may know of some vacation homes for sale that are not on the market with a Real Estate Company. I would recommend that you focus on the Foreclosure side rather than the short sale side. I would beleive that you will not paying anything close to 2005 prices. I'm sure you will make the right decision.

Mike

No worries. You will not pay 2005 prices. If a seller still expects that, shame on them. Real estate is a commodity (like stock or gold), you don't buy when a commodity is at its peak, you buy when its at a low. Ever hear the expression....You buy into fear... you sell into greed. It may not be the easiest time to buy from an emotional vein, but true investors know that now is the time to buy.

I invite you to visit my web site...or my blog site. I do have several short sales right now. My husband and I have been selling real estate our entire career in Ocean City, Maryland. My husband since 1975, and myself snce 1986. We have seen different markets. Let our experience work for you.

We look forward to hearing from you.

Monica McNamara
http://www.Ocean-CitySales.com
877-490-7653