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Foreclosure in Annapolis : Real Estate Advice

  • All161
  • Local Info10
  • Home Buying60
  • Home Selling2
  • Market Conditions12

Activity 15
Wed Jul 9, 2014
Jessica Hood & Laura Roskelly answered:
Hi There,

The new owner probably won't show up in the tax records for months because the County is slow to process but you can do a title search at no charge to see if it is in the works. Contact me if I can help. ... more
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Thu Apr 10, 2014
Branden Schroeder answered:

If the auction sale has been fully completed and settled with a deed transfer to the purchaser, the purchaser's name will be recorded in the land records of Anne Arundel County, typically within 30-60 days of the transaction. That deed information is available the Department of Assessment and Taxation website ( if you search the website by county and address.

If the auction sale has not yet been fully settled, then finding out who the pending purchaser is becomes a bit more complicated (or impossible) because the winning bidder's identity does not become public record until settlement and prior to settlement it is probable that the only parties with knowledge of the purchaser's identity would be the foreclosing bank, the trustee of the sale, and the auctioneer.

Hope that helps, but I'd be happy to answer any additional questions about foreclosure auction process.

Warm regards,
Branden Schroeder
443-995-7931 cell
... more
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Tue Sep 24, 2013
Jessica Hood & Laura Roskelly answered:
Hi Britt,

Foreclosure auctions are a great (but really laborious and time consuming) way to buy a home. You'll have to prepare careful comps. and not go over that price even if you get caught up in the frenzy of bidding.

The auctioneer usually charges a fee that you, the buyer pay.

They generally want a cash or certified check deposit of $10,000 up to 10% of the property price paid the day of the auction. This usually rules out most owner occupant buyers.

You'll need to be in tune with any description of the property as well to include anything that says "subject" too (an IRS lien, a 2nd mortgage, etc.) as you inherit that "subject to" on anything you purchase.

Much more info. but you can contact auction houses directly for their procedures and requirements.

Also, if the opening bid is $480k then that is the least they will take UNLESS it doesn't get any bidders and the bank is willing, on the spot, to reduce the price. The most likely outcome with a variance this large is that the bank will proceed with foreclosure and sell it themselves on the open market at fair market value.

As noted below, many auctions are cancelled before they make it to the courthouse steps if (i) the default is cured by the current owner (ii) the owner files bankruptcy that includes the house and I'm sure there are other reasons as well.
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Sun Jul 14, 2013
Roy Bush answered:
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. I introduced a loan program at, they allow a mortgage after a

foreclosure, short sale, or bankruptcy. There is only a six month waiting period. This is perfect for individuals looking to become homeowners again.
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Sun Apr 7, 2013
Akil Walker answered:
Hi Britt,

keep an eye on it b/c if the bank just bought it back it should be listed soon.
0 votes 4 answers Share Flag
Mon Feb 25, 2013
Jessica Hood & Laura Roskelly answered:
If the seller will not cooperate with the bank there isn't much you can do. It could be that the bank is asking them to contribute money to the sale or sign a promissory note for the negative balance. What an unfortunate situation.

However, I don't see why your agent can't ask the seller's agent to see if the seller will speak with you.
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Thu Feb 14, 2013
Robert McArtor answered:
Thank you for your input "First Time Buyer" - I have heard from some servicers that in some cases the Bank just simply wants the owner out of the home so they opt for a foreclosure regardless of the loss. I know it sounds crazy but it happens. You have to understand, there are home owners that are several years behind on their mortgage and frankly...investors are frustrated and just want the asset back and try and turn it into a good note.

Second...which is VERY a Short Sale Listing Agent....I push to have the bank waive the promissory note up-front. I generally get this in writing and prior to listing the property.
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Sun Feb 10, 2013
Miekeba Jones answered:
Hi Britt, have your Realtor keep up with the property. Have you chosen a Realtor to work with?
0 votes 5 answers Share Flag
Sun Feb 10, 2013
Miekeba Jones answered:
Hi Britt, have your Realtor research for you.
0 votes 7 answers Share Flag
Mon Jan 21, 2013
Natalie Dean answered:
Hi Sarah:
Loads of good advice by fellow Realtors. However I have to say that show a number of foreclosures that mirror the condition of short sales. The reason? Banks realize that their return on value is much better if they have taken the steps to make some repairs to the home. For instance STOP the leak that is causing the damage to the roof, ceiling and the floor and possibly the start of mold. In those instances often times they may have done at least patch work to the drywall or ripped out the bad ceiling and floors, so now its just up to the new home owner to do the replacement. When damage is more extensive and even when minor the resurgence of 203k loans has been a fantastic vehicle for my principal buyers to use to bring the home to liviable condition and get some the bells and whistles they have been dreaming of in a home. I work with a wonderful 203k team.

I am partial to foreclosures, my very first home was a fabulous condo in Reston VA that was foreclosure that had been on the market for 5 months. It looked fantastic and with some carpet and paint I was one happy 21 year old! Still have fabulous memories. ;-) Don't run from foreclosures just ensure that you have a really strong team who understands the process and can guide you through any pitfalls.

All the best!
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Mon Feb 14, 2011
Gerard Carney answered:
most Foreclosures include in the legal paper work that it is anyone who has anything to do with the title, including also those who have liens on the house VS the Bank with the Mortgage. meaning that once the judge orders in favor of the Bank, you have no longer any legal rights to the property ... more
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Sun Jan 3, 2010
Herekit answered:
We were also surprised by the new tax assessment we had a drop of 100,000.00. Was surprised by how the land had lost value as I was always under the impression that land would always increase in value. I can only imagine how people who are selling and those who thought about selling are looking at a no win situation. If one is selling their house now does that mean you have to lower the price and for those wanting to sell does that mean they can't for the house will be much less than what they paid for it. Alot of people will be looking at the new assessment and seeing no equity in the house they live in so how will that effect people wanting to make inprovements or refinancing. Will this also increase foreclosures that have gone through the roof. The winners will be the first time home buyers and those who's homes are paid in full. ... more
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Fri Jan 9, 2009
Jenn Klarman answered:
Here are some statistics for you to consider. They compare November 2008 to a year ago (November 2007) for Annapolis (21401):

Total Sold Dollar Volume: 11/08 = $14,748,850 vs. 11/07 = $14,231,456 -- Change: UP 3.64%
Average Sold Price: 11/08 = $526,745 vs. 11/07 = $592,977 -- Change: DOWN -11.17%
Median Sold Price: 11/08 = $379,500 vs. $437,450 -- Change: DOWN -13.25%
Total Units Sold: 11/08 = 28 vs. 11/07 = 24 -- Change: UP 16.67%
Average Days on Market: 11/08 = 142 vs. 11/07 = 128 -- Change: UP 10.94%
Average List Price for Solds: 11/08 = $648,726 vs. $716,092 -- Change: DOWN - 9.41%
Average Sale Price as a percentage of Average List Price: 11/08 = 81.20% vs. 11/07 = 82.81%

Total NEW listings: 58
Total Properties Marked Contract: 21
Total Properties Marked Contingent Contract: 8
Total NEW pendings (Contracts + Contingents): 29

These statistics were pulled from MRIS, as of 12/08/08. (December's stats should be out soon.)

I think these numbers help to support my position: I believe the Annapolis area has been impacted by our local, as well as, national economic conditions; however, I also believe we're stabilizing.

In my opinion, the trick to turning around this market is for Buyers to focus on what's real; their lives, the stability of their jobs and their financial situation; as well as, their objectives. Some, if not many, would probably determine, "'s a great time to buy!"

Putting fear aside and focusing on "what's real" -- that's the trick.

;) Jenn
... more
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Thu Jan 1, 2009
Daniel answered:
Thu Jan 1, 2009
Fernando Herboso answered:
You can either knock on the door and ask. .or send me the address and I wil find it out for you
my email is:
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