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Foreclosure in Anne Arundel County : Real Estate Advice

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  • Local Info3
  • Home Buying8
  • Home Selling1
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Activity 25
Sun Jul 14, 2013
Catherine Purcell answered:
Hello Britt,

There have been instances where the bank does not move towards recording the deed in their name because they don't want to be responsible for the taxes on the property. Even though the banks went through with the foreclosure proceedings, it doesn't mean that the foreclosure actually went through...and, it would appear if the deed was not recorded in the new owner's name that there may have been some issues with the foreclosure not being completed properly.

Unfortunately, there were over 30 million home owners who were caught with upside down values on their homes - thus the great amount of foreclosures and short sales on the market today - they are a result of the 2004, 2005, 2006 boom and the 2009 crash in the market.

Hope this helps!

Catherine Purcell
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Sun Apr 7, 2013
Richard Taylor answered:
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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Mon Apr 22, 2013
Jackie Grove answered:
The pricing is set not only by the market but also by the investors who own the loan, the type of financing and balance owed by the owner on the note. There may be more then one loan also. The banks also use BPO's to determine value. All of this is taken into consideration when the bank considers a short sale and its price. ... more
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Mon Feb 25, 2013
Robert McArtor answered:
I have to ask you. What is your agent telling you? Is your agent asking the Listing Agent for daily up-dates as to what is happening? The Listing Agent is working on behalf of the Seller to move this Short Sale file forward. Believe me, they do not want this to go to auction HOWEVER...with that said. It MAY work to your benefit. I have heard many times that if the Lender (Investor) buys the property at the court house steps, the lender should take a second look at your offer. Remember, many times the one hand (Foreclosure Department) does not know what the other hand (Short Sale Department) is doing. Your file deserves and NEEDS an experienced Short Sale Negotiator. Basically someone who is working on this file everyday...demanding the Lender move forward on this....asking for a letter of approval, etc.

I would not contact the Seller directly. They are represented by their own agent. You need to work through your agent on this.
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Sun Feb 10, 2013
Suzanne MacDowell answered:
Have you spoken to a realtor? Are you sure the home is going to actually be auctioned off? Sometimes the auctions are put off while the bank and the owner attempts a short sale. Are you working with a realtor on the short sale? I would have them find out what's going on. If not a realtor, are you working with an attorney? Same thing, have the attorney try to find out what the situation is.

The problem is, once it's foreclosed on, they bank may not put it back on the market for years! it would really be in your best interests to try to hold the short sale together.
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Sun Feb 10, 2013
Jessica Hood & Laura Roskelly answered:
Hi Britt,

They will advertise the property in the paper. The auctions are "as-is" and purchasers who did not see the home previously will not be able to access it prior to the auction (usually). One of the big auctioneers in the area is so you might check their site for the info. There are lots of ins and outs to this type of purchase. Set a price based on a very detailed market analysis and don't go over it. Watch for terms like "subject to" that would make you liable for other loans or liens in addition to your purchase price.

If you have the cash you can get some great deals at the county courthouse steps!
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Thu Feb 14, 2013
Britt Grotheet answered:
Hi again-Just wanted to give a bit more background in case it helps someone answer the question. The owner abandoned the home about a yr ago. The home set to go to auction 1x before on July 5th 2012. The seller filed
a strategic chapter 13 bankruptcy and the home was not auctioned but placed as a short sale for $379,000. The seller owes $550,000. 2 leins both with Wells Fargo. Based on what we know about the sellers lifestyle (small business owner, cars, boat, vacations, renting a waterfront home) there is some question as to the sellers amount of
Hardship. We are specutating that his resistance to communicating with the bank could be due to this.
Now can any of you look into your crystal ball for us please??? We want this house!!!
Thanks britt
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Mon Jan 21, 2013
Jackie Grove answered:
The transaction is just like any other except the bank is the owner. I haven't seen any houses in Anne Arundel County for $2000. What area were you looking in?
0 votes 10 answers Share Flag
Thu Aug 25, 2011
Anna M Brocco answered:
What kind of specific information are you looking for--consider working with an agent of your own, he/she can provide any necessary information, schedule showings, provide suitable listings, etc.; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
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Mon May 7, 2012
Gerard Carney answered:
Yes a bank can, if the House never sells for enough to cover debts incurred then a bank can go after the borrower for the remainder as well as they can in a short sale, so please understand that the house is not full satisfaction at anytime for the premium, though many banks stop at that point, a very ambitious bank can continue to go after ever last cent owed, whether from the loan or the fees to collect the loan amount! ... more
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Thu Apr 14, 2011
Anna M Brocco answered:
Consider consulting with an attorney, he/she can best advise as it relates to your specific situation.
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Mon Feb 14, 2011
Lewis Poretz - MARYLAND 203K Renovation Loans answered:
Nat -

If the house is in foreclosure, no matter how many owners there are, everyone loses their interest in the property. You can't foreclose on half a house. Please get a bit clearer and people here can help.

Best advice, find a real estate attorney.
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Wed Jul 14, 2010
brent mendelson answered:
I am not an agent but have wondered that. Is it the extra work and bother? I know some loan officers that won't take short sale cases. I have wasted timee but learned from them and try to apply that to new ones so we have a better outcome. Curious to see answers. ... more
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Thu Jul 15, 2010
Lewis Poretz - MARYLAND 203K Renovation Loans answered:
2013 - we have to hit bottom first, then I anticipate we bounce around the bottom for a while.... things are still getting worse
0 votes 19 answers Share Flag
Tue Jul 13, 2010
Matt Taylor answered:
"Strategic Defaults" I love the new terminolgoy that people are using for being worthless. You signed a contract you need to honor it if at all possible.

With that said I know that doesnt answer your question. Given that the job market has not rebounded and home values are not moving I feel most homeowners are going to find themselves in the same LTV/DTI issues for a couple of years at least. I think there is also a strong possibility it could get worse as I believe there is another wave of foreclosures and shortsales on the way. Homeowners are still defaulting but many state and federal regulations are tying these properties up and keeping them off of the market to give the homeowner a chance to work it out. Most of these chances will fail and the homes will make it to the market anyway suppressing value even longer.

The longer we have buyers upside down in homes the more likely it is that they will end up defaulting be it "strategic" or not.
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Tue May 8, 2012
Robert McArtor answered:
Hi Peter, I do not believe so but I would refer that question to your financial advisor or tax consultant.
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Wed Jun 24, 2009
Alan K answered:
Any home listed on the MLS is in HomesDatabase....and up-to-date. HomesDatabase is owned and run by MRIS, our local MLS provider. So, all foreclosed homes that are LISTED are on HomesDatabase. ... more
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Mon Jun 15, 2009
Rochelle Johnson answered:
Hi Debra!

Short sales can be very frustrating. They are just as frustrating for real estate professionals because we want to make our clients happy. However in the case of short sales, it is out of our control. The banks march to their own beat! If the BPO is completed, they are probably doing the desk review (comparison analysis) at this point. It is possible that there is a backlog and your file is sitting waiting to be reviewed. Or maybe it has been approved and its waiting for final approval on someone's desk. Unfortunately, most banks are not in a rush to get the files closed. If you really want this house, I suggest you hang on a little longer.... Especially if you are the only offer the bank is reviewing!

Rochelle Johnson, The Consumer Realtor
Coldwell Banker Residential Brokerage
Annapolis, MD 21401
301-646-9888 (cell)
410-224-2200 (office)
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Thu Jan 1, 2009
Jonathan S Tucker answered:

You can certainly make the payments to keep the home from foreclosure as you are on the title, Evicting a legal owner would be difficult, but you would have to consult a family lawyer on this. Perhaps the establishment of addiction and/or a competence judgement would allow for the eviction. You might do better to negotiate and have your child agree to sign the title over to you or a trust. Definitely consult a family lawyer. Jon Tucker, RE/MAX 100 ... more
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Thu Jan 1, 2009
John Holmes answered:
you can email me the address at and I will look it up for you.


John Holmes
Keller Williams Realty
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