How did we miss this foreclosure!!??

Asked by Britt Grotheet, Mon Apr 1, 2013

So my husband and I have been obsessing over homes in a particular neighborhood in Annapolis. Our agent knows this. We are constantly combing the various real estate websites to make see we are up to date on every transaction going on in this neighborhood for the past 6 mo.
Tonight when my husband did a search a house in the hood popped up as having been foreclosed on 2 weeks ago!! On March 20th! It was never listed for sale or pre-foreclosure and we totally missed the auction advertisement.
How is it possible that it totally flew under the radar?
Also, it is now listed as being owned by Central Mtg ( which I am assuming is Central Mortgage Company). How long will it be before we can get in the game of purchasing this house?

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Jessica Hood…, Agent, Gambrills, MD
Mon Apr 1, 2013
Hi Britt,

What site were you searching on to find this home? Sites like Realtrac which partners with Trulia give inaccurate information including listing properties as foreclosures when they are just in default. It can take 6 months to a year, or longer, for a property to hit the regular real estate market. In the interim the home may be sold at a county courthouse auction and never come to market. Or the owner may redeem the default and prevent the disclosure.

Buying a property at auction to occupy (not flip ) is usually something done without a Realtor as there is no commission paid in these homes. Auction properties also come with some big pitfalls like evicting a current tenant or owner, not being able to view the home or inspect it prior to purchasing...and you'll need a cash deposit of $10,000 up to 20% of the purchase price. If the property is sold subject to an existing lien other than the mortgage you "buy" that too. Risky business to go alone.

The Internet is such a great house hunting tool. But you may not be getting the whole picture on this home.

Email your agent the link to the home and ask for a bit more information. This is also a good time to discuss with them auction purchases and see if that is an option for you.
1 vote
Robert McArt…, Agent, Fallston, MD
Mon Apr 1, 2013
Hi Britt. I am a REALTOR and a Foreclosure Auctioneer serving the entire State of Maryland. I have been conducting Auctions since 1991. The property has to be listed for 3 conseq. weeks prior to the auction sale. The auction firm will place the ad in the local paper record OR the Baltimore Sun paper. Most Investors who look for foreclosures for a living will look at the top Auction websites for their calendar of sales and not necessarily the newspapers. At this point...the property will eventually become an REO (Real Estate Owned) property once it is filed with the courts. Have your agent follow the property on the MLS. If you REALLY want the property, do a drive-by once in awhile and watch for a notice to be posted in the window. It should read..."This property is managed by......." and it will state the agents name it will eventually be listed with. Your agent can then contact that person and at least put them on notice that you are interested in the property and would like to be notified the day it is officially listed on the MLS. If your agent does not know how to successfully write and negotiate an REO offer...find someone who does. It sounds like this is an important deal for you.
1 vote
Akil Walker, Agent, Upper Marlboro, MD
Sun Apr 7, 2013
Hi Britt,

keep an eye on it b/c if the bank just bought it back it should be listed soon.
0 votes
Richard Tayl…, Agent, Annapolis, MD
Mon Apr 1, 2013
Houses are not put up for sale on the day of foreclosure nor is the bank required to put them up for auction. Sometimes the LA will put up a sign in advance of the MLS listing, but not always. If you have a real estate agent who has a MLS automated search in place for you, you will see whatever comes on the day the listing agent puts it in the MLS. You cannot rely on the "various real estate websites" to have information as current as the MLS. The MLS is where they get their data.
If you would like, I can create a search for you and/or find out details of the house in question. Contact me at

Rich Taylor 443 710-7871
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