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Foreclosure in Maryland : Real Estate Advice

  • All459
  • Local Info12
  • Home Buying290
  • Home Selling36
  • Market Conditions8

Activity 339
Jessica Hood…, Real Estate Pro in Gambrills, MD
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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0 votes 4 answers Share Flag
Rebeccatrulia, Renter in United Amigos, Mesa,...
Tue Sep 24, 2013
Rebeccatrulia answered:
Hi kmade99

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0 votes 8 answers Share Flag
Alison Hillm…, Other/Just Looking in San Francisco, CA
Mon Sep 23, 2013
Alison Hillman answered:
You can contact the listing agent who will be able to help you learn more about that specific property (and probably will know a lot about similar properties in the area). To find an agent, just click on the yellow button on the property's Trulia listing and you will be able to start a dialogue.

Please let me know if you have any questions or if I can help with anything else. I am happy to be a resource for you. Good luck with the search!

Best,
Ali
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0 votes 1 answer Share Flag
Robert Mcgee, Real Estate Pro in Baltimore, MD
Sat Sep 7, 2013
Robert Mcgee answered:
The Orchards is a small single family neighborhood laid out in 1936 just west of Charles Street and south of Lake Avenue. It was developed by Douglas H. Gordon, Jr. a prominent Baltimorean who served in the legislature and for a time President of St. Johns College in Annapolis. Like Homeland it is architecturally restricted and has homes of similar vintage and style. The Bryn Mahr school is adjacent.

Bob McGee
Advance Realty Inc.
410-560-4574
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Honadah Hamad, Real Estate Pro in Frederick, MD
Wed Aug 28, 2013
Honadah Hamad answered:
If not too late maybe you should consider the short sale approach again! Now since you moved out of state and the fact that the home is vacant the bank might be willing to agree and accept a reasonable offer! ... more
0 votes 3 answers Share Flag
Catherine Pu…, Other/Just Looking in Silver Spring, MD
Sat Aug 3, 2013
Catherine Purcell answered:
Hello Desota,

If you would like to fund out if you qualify for this home or any other, I will be happy to run figures for you. Call me at 202 573-6035 or email me at catherinep@fairwaymc.com.

Have a fabulous weekend!

Catherine Purcell
Senior Mortgage Loan Officer
Fairway Independent Mortgage Corporation
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0 votes 3 answers Share Flag
Miekeba Jones, Real Estate Pro in Silver Spring, MD
Thu Aug 1, 2013
Miekeba Jones answered:
Hi Digitalarmsdealer, consult a Realtor and your lender to get an accurate current market price of the home. Keep in mind that when you do a short sale you will not have good credit for possibly 3 years. ... more
0 votes 6 answers Share Flag
Catherine Pu…, Other/Just Looking in Silver Spring, MD
Mon Jul 15, 2013
Catherine Purcell answered:
NO - If major appliances are missing (stove, refrigerator), the borrower will be asked to explain his/her plan for obtaining the major appliance. Proper consideration must be given for qualifying a borrower who intends to purchase appliances with a credit card or financing plan.The installation of any appliance is required only when required according to the terms of the purchase agreement or when required by the appraiser.
Conventional financing does not conform to the same guidelines as FHA, VA and USDA and is oftentimes used for purchasing HUD foreclosed propeeties in disarray.

If you need financing for this property call me!

Catherine Purcell
Fairway Independent Mortgage Corporation
Cell 202 573-6035
Catherinep@fairwaymc.com
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1 vote 3 answers Share Flag
Jessica Hood…, Real Estate Pro in Gambrills, MD
Mon Jul 15, 2013
Jessica Hood & Laura Roskelly answered:
No you should not be liable for those bills. Contact the agent that is representing the bank and let them know they need to clear that up. A delinquent water bill can also become a lien on the property so they would have to pay that to give you clear title anyway. ... more
1 vote 3 answers Share Flag
Roy Bush, Both Buyer and Seller in Phoenix, AZ
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 http://www.cfsflex.com, 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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0 votes 2 answers Share Flag
Allen Gary, Real Estate Pro in Glen Burnie, MD
Fri Jul 5, 2013
Allen Gary answered:
Hi Gretchen: It would be my pleasure to make the initial contact with the listing agent. I believe the property has an "offer pending". Should that be the case there are several others in the area. Please let me know what your criteria is and I will put you on "automatic listing delivery to your inbox". You can reach me directly at 410-736-1367 ... more
0 votes 7 answers Share Flag
Miekeba Jones, Real Estate Pro in Silver Spring, MD
Tue Jul 2, 2013
Miekeba Jones answered:
Hi evisrucaj@gmail.com! Contact me and I will provide you with information for the property you are questioning.
0 votes 1 answer Share Flag
Kathy Hutchi…, Real Estate Pro in Huntingtown, MD
Tue Jun 11, 2013
Kathy Hutchins answered:
I will find out and let you know-
Kathy Hutchins
Broker
Hutchins property management
0 votes 1 answer Share Flag
Stacia, Home Buyer in Clarksville, MD
Thu May 30, 2013
Stacia asked:
--
This question was asked from this property: http://www.trulia.com/foreclosure/3119912122--Tall-Branches-Pass-Clarksville-MD-21029
0 votes 0 Answers Share Flag
Akil Walker, Real Estate Pro in Upper Marlboro, MD
Mon May 20, 2013
Akil Walker answered:
Hi Tracy,

The bank like any other seller is not obligated to sell the home. from your statement it does not appear you are under contract (in writing). Thus, it is not enforceable.


Unless you feel the agent is doing something unethical, and from what you stated it does not sound like. I am not sure what the compliant would be. Sometimes there are things happening with the seller (i.e. the bank) that the listing agent has no control over i.e. timely responses from them or willingness to sign the offer.


Continue to search for other homes until you hear a response.


Good luck
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0 votes 7 answers Share Flag
Miekeba Jones, Real Estate Pro in Silver Spring, MD
Mon May 20, 2013
Miekeba Jones answered:
Hi Yhawkins there is not an average for HOA fees. It varies for each property and if you have more questions on the topic feel free to contact me.
0 votes 2 answers Share Flag
allan erps,A…, Real Estate Pro in Pearl River, NY
Sat May 11, 2013
allan erps,ABR,SFR answered:
Hold steady to see if they crumble. Math aside just move on if not meant to be,,,
0 votes 8 answers Share Flag
Britt Grothe…, Home Buyer in
Mon Apr 22, 2013
Britt Grotheet answered:
UPDATE!
Hi All! You guys have been so helpful I just thought for anyone interested I would provide and update. If you read above you will see that the bank countered our $200,000 offer with $340,000. In response to that we came up to $210,000 and they came all the way down to $272,000! (Keep in mind our realtor determined the fair market value to be around $250,000-$260,000, so they are getting closer)
We still said, NO to $272,000 and were about to walk when... The bank then asked that we provide them with a cost assessment from our licensed contractor as to what we believed needed to be done to the home to make it livable and if it seemed reasonable they would order another BPO done.
No problem for us as we have already had 3 contractors and 1 architect take a look at it. Our contractor estimate $130,000....house is an old summer cottage...so the $130,000 includes new sidiing (one side of the house is down to Tyvek only), new roof, some foundation work, electrical upgrade and many many other things to get the house up to code...but NOT new kitchen or baths.
The bank ordered the new BPO and came back with $250,000. HA!!! We felt so vindicated! We had done our research and felt we knew the value. So, we went up to $220,000 and now we wait!!!
I believe the bank wants to net out at $225,000 so our offer is probably still to low for them AND, truthfully...$250,000 is probably fair...BUT we want that new kitchen and new baths and we need to but an addition on to make it big enough for our family so we probably can't go any higher price than where we are.
They have (obviously) postponed the forecloser (for the 3rd X!) and a new (4th) forecloser date is set for May. My guess and our realtors guess is the house will foreclose if they don't take our offer....which is a bummer...banks!!!
I don't know how you guys deal with all this Short Sale baloney!
I'll let you know if by a long shot we get it...in the meantime we keep looking.
Thanks - Britt
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0 votes 9 answers Share Flag
Akil Walker, Real Estate Pro in Upper Marlboro, MD
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
Ana Gabrea, Real Estate Pro in Columbia, MD
Fri Mar 29, 2013
Ana Gabrea answered:
Currently there is one home on the market in Brampton Hills, my own neighborhood, at 4932 BRAMPTON PKWY for $515,000. Depending on your price range and desired move time, I can keep you informed on the market in this area. Please feel free to contact me at 443-226-5046. ... more
0 votes 2 answers Share Flag
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