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Home Buying in Catonsville : Real Estate Advice

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  • Local Info5
  • Home Buying6
  • Home Selling2
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Activity 6
Wed Feb 22, 2012
The Roskelly Team answered:
Hi Purty,

If the normal short sale paperwork was included in your sale agreement the owner would not beboundtothe contract if the bank declined the sale or if it was not approved within the agreed upon time frame. Unfortunately too many agents get involved in short sales that have little or no chance of being approved because they don't understand the process. There should never be a lack of communication. This is how short sales get a bad reputation. ... more
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Fri Aug 5, 2011
The Roskelly Team answered:
Hi Sonia,

Your best bet is to connect with a good and reputable LOCAL lender. We highly recommend Pete O'Donnell at MetLife (410) 299-2043. You may be eligible for special programs in your area and/or you might need some credit counseling to get you on track with a history. Then get connected with a GREAT local Realtor. We'd love to be included in your interview process when the time is right! ... more
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Mon Feb 1, 2010
Vladimir Kats answered:
Yes Richard. Problems with occupant arrise often but certainly not every time. In MD, the foreclosure has to be ratified by a judge after the auction. The courts are swamped with these cases and the current occupant can remain in the property for a long time even after the auction. After the sale is ratified, you become the legal owner of the property and can now proceed with the process of eviction. Few purchasers do cash for keys (very popular with banks these days) since it is very beneficial for the new owners to have the property vacant as soon as possible.
The interesting thing is that the occupants have become very astute as far as their legal rights go. Most of them know how long they can remain the property and what to do to prolong that stay. The last property that we bought at foreclosure auction took 10 months to get ratified and the old owner stayed until the very last possible moment. He knew the game.
These are just some of the risks involved in buying at courthouse steps. My opinions are based on my personal and professional experiences as an investor, property manager, and real estate broker. You should consult with an attorney for legal advice.
At Passport Realty, we specialize in REO properties and are the largest REO brokerage in the Baltimore area. I believe that REO properties provide a lot less risk for purchasers and a lot of them are priced really well.
If you have any additional questions Richard, I would be happy to discuss those with you.

All the best, Vladimir
... more
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Mon May 12, 2008
terry stanzione answered:
it is against maryland law for an agent to specify an exact offer price.
instead a range should have been given, and it is the buyers choice for the exact offer price.
did you have an appraisal contingency ?
if so, and the house did appraise for your ultimate purchase price...i doubt you have a case.
... more
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