I have noticed a lot of foreclosed property for sale in which the listing agent will put a comment in MLS that buyer is responsible for HOA resale Package. I often wondered was this legal? In regular sales sellers are responsible for resale package according to the state law, but I was not sure if an exception was made for foreclosed properties. So I decided to go to the source. First I read the law as it pertains to HOA resale package, the law states sellers are to provide HOA resale package to buyers at or before entering into a contract or within 20 days of contract acceptance.
Md. REAL PROPERTY Code Ann. § 11B-106
"This sale is subject to the requirements of the Maryland Homeowners Association Act (the "Act"). The Act requires that the seller disclose to you at or before the time the contract is entered into, or within 20 calendar days of entering into the contract, certain information concerning the development in which the lot you are purchasing is located. The content of the information to be disclosed is set forth in § 11B-106(b) of the Act (the "MHAA information") as follows: (The notice shall include at this point the text of § 11B-106(b) in its entirety).
The law further states buyers can cancel contract and be entitled to their deposit back within 5 days of getting the resale package.
“If you have not received all of the MHAA information 5 calendar days or more before entering into the contract, you have 5 calendar days to cancel this contract after receiving all of the MHAA information. “
After reading the law I did not see any exception for sellers of foreclosed properties, but I’m not a lawyer so maybe the law is interpreted in another way, so I emailed the state Attorney’s office to find out if sellers of foreclosed properties are responsible for providing HOA resale package. The answer is YES... sellers are responsible for providing the package no exception. So why are some listing agents purposely trying to break the law? Could it be that they don’t know? Or just assume the buyer’s agent and buyers are not knowledgeable enough to know that sellers are responsible for the package. Whatever the reasons are ignorance of the law is not an excuse. So agents next time you made an offer on property with HOA… demand that seller provide resale package for your buyer... it is the responsibility of the seller and they cannot purposely disobey the law just because they are corporate owner and if the listing agent raises any objection direct them to the state law and be ready to take it further. There are so many ways in which buyers are being taking advantage of because of the current market climate, asking them to pay for resale package is against the law in Maryland so educate yourself and stand up for what is right and rule of the land.
If you find yourself in a position like millions of other homeowners who owe more on their home then it's worth call this toll free number 24 hours a day and listens to the free recorded message to find out what you can do. This is a public service message.
1-888-861-3174 ext 205 or visit our website for @ www.MdForeclosurerelief.info you can avoid foreclosure....
Keji Ogunleye, Your Real Estate consultant for Life
Are you struggling with your mortgage payment in Greenbelt, Fort Washington, Clinton, Bowie, Upper Marlboro MD.? Help is available. For a confidential analysis of your situation contact keji @ 301-613-2043 or Keji@metrohomesrealty.com.
The tale of two Homeowners in Heritage Glen in Upper Marlboro. Can you afford to wait it out?
This is a true story of two homeowners in Upper Marlboro MD. Both homeowners moved into new subdivision (Heritage Glen) just months apart. The James's move into a large colonial with 2 car garage with a monthly mortgage of $3500.00 and sales price of $650,000. The Jones's moved in about 2 months later with a mortgage payment of $3650.00 and a sales price of $655,000 and similar home like the James's. By 2008 home prices started the down ward slide and they are hoping the market will pick up soon. By March 2009, their home prices are now down to $350K-$400K range. The James's started having problem making the monthly payment and are interested in loan modification, but the Joneses decided to wait out the market with the hope that home prices will bounce back. By July 2009 the James's decided to sell their property as a short sale; the Joneses are hoping the market will bounce back. By September 2009 the James's closed on their home sale as a short sale selling for $400K with no promissory note or deficiency judgment from their lender. They moved into another large colonial with two car garage renting for $2300.00 that is about 10 minutes away from their former house. The Joneses are staying put and making their monthly payment of $3650. They are hoping market will bounce back very soon. Mr. Jones got a part time job to help cover their bills and start getting cash advance on credit card to cover living expenses.
Fast forward to May 2011 the house prices in the subdivision are now down to $300-$355K range. The James's are considering buying since they are now qualify to buy using FHA loan mortgage., they can buy similar home in the same subdivision for $340K,but the Joneses are still holding on to their $655K house. They are now over $300K underwater and no end in sight for when the market will stabilize.
Which one are you the James's or the Joneses... Decide. if you are struggling with your monthly payment and trying to keep it together just to be like the Joneses be prepare to wait for 10, 15, 17 years to gain what is being lost or what is already lost.
If you find yourself in a position like millions of other homeowners who owe more on their home then it's worth calling this toll free number 24 hours a day and listens to the free recorded message to find out what you can do. This is a public service message.
1-888-861-3174 ext 205 or visit our website for @ www.MdForeclosurerelief.info you can avoid foreclosure....
Keji Ogunleye, Your Real Estate consultant for Life
Are you struggling with your mortgage payment in Greenbelt, Fort Washington, Clinton, Bowie, Upper Marlboro MD.? Help is available. For a confidential analysis of your situation contact keji @ 301-613-2043 or Keji@metrohomesrealty.com.
What is going on with short sales homes for sale in Bowie? Here is the snapshot of the market for August 12, 2010.
Condo's For Sale: 20 Short Sale Condo's available ranging in price from $99,000-$247,000
Bowie Short Sale Townhouses for Sale: 34 short sale townhouses available ranging in price from $164,000- $300,000
Bowie Short Sale Detached Homes for Sale: 114 short sale detached homes available ranging in price from $185,000- $1.5mil.
Under Contract Short Sale in Bowie
Condo- 3 short sale condo under contract
Townhouses: 51 short sale Townhouse under contract
Detached Homes: 83 short sale homes under contract.
What do these numbers mean to you as seller? Well simply put Bowie Real Estate market is very active, lots of competition.
To get a buyer in a timely manner these are some of the things sellers need to be aware of
- House priced right and competitively
- Be flexible with showing time
- Allow lock box at the property
- House in a presentable condition
- Try and remove any odour
What does the number mean for Buyer: Lots of inventory to chose from, many are priced right and some are move in condition.
Are you upside down in your property? Are you behind or struggling with your mortgage? If you would like a confidential conversation on the short sale process and your options, please call or email. There are options to foreclosure available. Do Not Wait As Time Is Not On Your Side. We want to help and have been able to help many families. There is no cost or obligation at all to you. Call or email us today 301-613-2043 Direct, download information @ ShortsaleHelpMD
Maybe you haven't heard yet, but if someone you know is struggling with an unaffordable mortgage, they may be eligible for a new program that offers $3,000 for going through a successful short sale and avoiding foreclosure.
It's called Home Affordable Foreclosure Alternatives, or HAFA, and the program's aim is to save as many people from foreclosure as possible.
To learn all the details and exactly how HAFA can help, download my free report @ ForeclosureHelpMD
If you are looking to sell your home in the Bowie MD, facing foreclosure, or are upside down in your home, we would be happy to discuss the process and options with you. Helping families avoid foreclosure is what all is about.
Search all Bowie MD Short Sales Home for Sale Here
What is strategic default? A strategic default is the decision by a borrower to stop making payments on a debt despite having the financial ability to make the payments. This is happening more and more because of the economic downturn and the price of homes, but before you do that- Here are some things to consider
•- Fannie Mae will start going after strategic default in court to recoup some of their losses
•- Fannie Mae will not back new loans for borrowers that default strategically.
•- Congress is discussing a new law will penalize strategic defaulters by barring them from getting FHA -back loans in the future.
If you are owe more on your house than the current value -there are alternative to walking away or defaulting....
Are you upside down in your property? Are you behind or struggling with your mortgage? If you would like a confidential conversation on the short sale process and your options, please call or email. There are options to foreclosure available. Do Not Wait As Time Is Not On Your Side. We want to help and have been able to help many families. There is no cost or obligation at all to you. Call or email us today 301-613-2043 Direct, download information @ ShortsaleHelpMD
Maybe you haven't heard yet, but if someone you know is struggling with an unaffordable mortgage, they may be eligible for a new program that offers $3,000 for going through a successful short sale and avoiding foreclosure.
It's called Home Affordable Foreclosure Alternatives, or HAFA, and the program's aim is to save as many people from foreclosure as possible.
To learn all the details and exactly how HAFA can help, download my free report @ ForeclosureHelpMD
Get the facts before you make a move that will affect you and your family financially for years to come.
Buy with Zero Down In Bowie MD
Find out how to buy a large Single Family house in Bowie MD, without putting any more down towards down payment.
Last year Prince Georges County in Maryland started a program to help first time home buyer to buy foreclosed properties in certain zip codes of the county, by Feb 2010 the program ran out of money. Fast forward to June 2010 the county now has additional money from HUD to continue this program.
If you are in the market to buy in Bowie, MD, Upper Marlboro MD ,Fort Washington MD or other parts of the county you need to take advantage of this free money now.
For more information contact me @ kejiYourrealtor@gmail.com or visit
Keji Ogunleye Fairfax Realty,Inc
301-794-9400(0), 301-613-2043(D)
Bowie Homes for Sale
For More Information on Bowie Bank-Owned Home for Sale Click Here
Whether are you buying or selling real estate in Greenbelt MD, Silver Spring MD, Upper Marlboro MD or surrounding areas I'm here to help make the process smooth.
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