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Foreclosure in Gaithersburg : Real Estate Advice

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  • Local Info10
  • Home Buying41
  • Home Selling3
  • Market Conditions11

Activity 3
Sun May 21, 2017
Deborah.hungerford7 asked:
Tue Jul 10, 2012
The Roskelly Team answered:
Hi Nisa,

Don't limit yourself to just foreclosures. They can be a good deal but there are also some great deals on the open market. An owner who purchased 20 years ago might be able to give you a bigger price savings than a foreclosure that was purchased two years ago. Also, if you have flexibility (great flexibility) on the timing of your move you might want to try a short sale as well. Keep your options open to find the perfect house. ... more
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Fri Jun 25, 2010
Heather Peck answered:
Many REO agents that handle a lot of REO listings have a team. That means you will be dealing with an assistant, who is likely also to be a licensed agent. They can answer questions about the listing, offers, status, etc.

Most banks don't want to see every offer that comes in. The asset manager often directs the listing agent to market the property for several days (from 2 days to 2 weeks - depending on if they have a first look buyer or owner occupant rule). Then they will counter that offer. Until the counter is accepted, the property is not in contingent status. So if they have already submitted the offers to the lender, the lender has chosen one to counter and is waiting for the buyer's reply, the property will remain in active status in the MLS even if they are no longer taking offers.

Its a common practice.
... more
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