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Foreclosure in Frederick : Real Estate Advice

  • All121
  • Local Info11
  • Home Buying37
  • Home Selling8
  • Market Conditions4

Activity 10
Tue Jul 18, 2017
Matt asked:
Sat Mar 26, 2016
Sally Grenier answered:
Allie, are you an agent?? If so, you should be able to find the listing in your local MLS. Also, you know the listings you see here aren't necessarily accurate, nor up to date? Especially the "foreclosure" listings?? I wouldn't be relying on anything you see on these websites. Your MLS is your bible. ... more
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Fri Mar 28, 2014
pberchoff answered:
We are the construction representatives in Mount Airy, MD, that specializes in building modular homes for the Northern Virginia, Maryland and Metro DC areas. We have many floor plans (ranch, two story, or capes), that may be in your price range.

After reviewing our floor plans, you can select a plan that best suits you. you may revise the plan as much as necessary until you are satisfied with the design of your modular home, keeping in mind your budget and needs. We can speak about land in the area to build on in Mount Airy, MD

We can meet someplace local and we can show you what is available.

Bill Yonker

WRYonker Construction LLC
703-926-2416 direct
443-487-8603 fax
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Fri Apr 15, 2011
Cathy Chapman answered:
I see this question dates back many years however it is a question that is still relevant to our current market. New Home sales continue to remain fairly strong in communities in the most demand... i.e., Villages of Urbana, Clarksburg, Middletown. In the grand scheme of things, it always makes sense to show clients the resale market first and then take them to their options in the new homes arena - if it's a market that meets their price point. Often times it makes more sense to buy new as opposed to resale even if a home is priced really low. At the end of the day the investment you have to make to bring a house up to speed doesn't keep you much under market values so why go through all the hassle and stress? It has to make economic sense and show a substantial equity position to buy a rehab home. I always support buying new over resale since frequently resale buyers want homes that are no less than 5 years old.

I specialize in New Homes so if you are in that market, please visit my website where you can learn more about how I can serve your best financial interest in a New Home sale. It's always wise to have an agent on your side of the table in a purchase since it costs you nothing and you can have expertise at your side so that you don't feel as though you are being left in the dark.

Cathy Chapman, Broker
Signature Home Sales, LLC
301-514-6839 Cell
... more
0 votes 10 answers Share Flag
Tue Apr 14, 2009
Cathy Chapman answered:
Hi Dave,

About foreclosures... Most likely the homes you are going to be looking for are HUD homes. And it's important that you know how a home becomes a HUD Home. Someone that had an FHA Insured loan, defaulted on that loan and was foreclosed by their lender becomes a HUD home. The lender in turn collects from FHA (Federal Housing Administration) any losses they incurred from foreclosing. FHA is part of HUD (Housing and Urban Development). HUD in turn eventually gets the deed to the property and offers it for sale to the general public.

The reason lenders can recover their losses is that everyone who gets an FHA Insured loan pays what is called “mortgage insurance”. These insurance premiums show up on your settlement sheet as an initial premium, which is usually added to your loan amount and then an additional monthly premium is added as part of your mortgage payment. These premiums go into a fund to payoff lenders.

Now that you know how a home becomes a HUD Home, you need to know that it takes 6-12 months for HUD to get the deed so they can evaluate and sell the home. It takes the lender 3-6 months to complete the foreclosure process and another 3-6 months to get reimbursed by HUD so HUD can get the home, inspect, appraise the property and put it on the market. All the while the home is usually vacant; this total timeframe could easily be 12-18 months from the date of foreclosure, but 8-12 months is probably the norm. All these and more are reasons that HUD sells homes strictly on an “AS-IS” basis.

I hope this information has been helpful!

Good Luck!

Cathy Chapman, Broker
Signature Home Sales, LLC
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Tue Apr 14, 2009
Cathy Chapman answered:
Hi Melisa,

When someone does not pay their taxes, regardless of whether the property is in a Short Sale or not, that property falls into a system whereby the property goes up for sale through the county as a TAX SALE. This happens the second Monday in May in Frederick County. The county needs their money whether it's from you or an investor. If an investor pays the taxes, you will have to pay him back plus interest and I think the interest is over 7%.

Information about properties up for TAX SALE will be posted on April 20, 2009. May 11, 2009 is the sale date.

Often times when someone dies and there are no heirs, a property will go into this system and that is how some investors get rich - by buying property at tax sales. The homeowner or their heirs have 6 months to pay back the person who paid the taxes at the TAX SALE plus interest. Once they pay back whoever bought the property in the tax sale, they then redeem the property into their ownership. If a homeowner or their heir or the lien holder does not pay the taxes, the person paying the taxes then files to take ownership of the property.

When a property is in Short Sale, the lien holder will have staff that keeps their eye out for this and will pay the taxes on the owners behalf to keep it out of a TAX SALE. HOWEVER, sometimes the lien holder drops the ball and does not catch this and it falls into the TAX SALE system. As I said, TAX SALES occur in the spring. Below is the link to Frederick County so you can see what happens. As I said, TAX SALES are held the second Monday in May in Frederick County.

Good luck!

Cathy Chapman, Broker
Signature Home Sales, LLC
... more
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Wed Aug 20, 2008
I, as a buyer’s agent for a client, found myself in the same situation. I’m assuming it is a short sale since the you said the owner informed you of this.
After talking to several attorneys (who all amazingly agreed on this) this is a problem. The FIRST contract ratified by the homeowner and buyer should be the only contract. Others should be “back-up” offers. The agent must present every offer received to the client but should advise the home seller that there could be consequences if the already accepted offer is not honored. The buyer who has the ratified contract may have a very good case to go after the homeowner. The “Subject to Third Party Approval” addenda is not a reason to continue to accept offers and submit them to the mortgage servicer unless agreed upon by all parties. Of course, this is NOT legal advice. Legal advice must be sought from an attorney. This is the advice that my client received.
Also, MRIS, our Multiple List System says the listing agent MUST change the status from active to “Contract”.
... more
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