Foreclosures under $250,000 are Selling Fast in Southern Maryland!

I list foreclosures for banks in addition to specializing in Vacation Home properties. Foreclosure listings under $250,000 are going under contract fast here in Southern Maryland! I have been so busy I haven't been able to post as much as I normally do.

On the listing below which I blogged about last week had 3 offers. The bank wanted to wait 3 days before accepting an offer. This is nerve wracking to all people involved.

Another listing had 5 offers after being on the market for 1 week. This listing had to go through a website where buyers agents submit offers. It was meant to save me time and the buyers agent time but I had to be on the phone with all agents multiple times because we all had to learn how the system worked. I read and reread instructions to try to figure it all out.

Meanwhile I am trying to get 3 homes to closing which is no easy task these days. Appraisers are cracking down! On one home where the heat and air are in working order but 19 years old a VA appraiser is asking for the system to be replaced. The buyer must seek a waiver on this from VA. I talked to a VA appraiser and he said many appraisers are misinterpreting the rules. VA sent out a letter to help clarify the rules. It seems like everyone is learning how things work in this new environment.

In another case the bank does not want to fix the heat and basically told me it's none of my business as a listing agent. The buyer must do all inspections and provide all estimates of work. This requires a $90-$150 charge per estimate out of the buyers pocket and no guarantee the bank will fix the heat. Ffortunately most banks are not this way. Usually they will let me fix the heat before the home inspection and appraisal. I don't plan on taking another listing from them until they change their rules. How do they expect me to sell a home where the heat doesn't work?

I am hoping the other closing will happen because the last buyer backed out due to the waiting time for the bank to get the deed straight. The bank is telling me they have the deed but until the buyers title company sees it I won't feel comfortable. Many times purchasing a foreclosure the bank doesn't have the deed and it could be 30 or more days to get the deed for closing. If you buy a foreclosure be sure you get your own title company.

Phyllis Minik, www.WesternShoreBlog.com