FREDERICK COUNTY MD FORECLOSURES & SHORT SALES
There are 86 active listings of lender owned foreclosures (REO) available for purchase in the county. Click on the listing number for full details on each property. Sort by column headings.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544548-956
When you are searching for homes in Maryland, you will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.
Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.
Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.
What about the opportunities with short sales listings? These are the transactions that require lender approval since the proceeds will not cover the mortgage balances. Short sales take longer and more frustrations should be anticipated. Bargains can be found for patient home buyers. These are pre-foreclosures listings and buyers need to be very selective since many of the properties are sold at the trustee sale auctions.
There are 197 active short sale listings in Frederick County.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544565-77
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask us for a referral if you do not have a relationship with a mortgage lender.
Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
New Home Buyer Tax Credit Video: http://www.youtube.com/watch?v=1leN8E8BKTo
Real Estate Investors Zero In on Short Sale Homes Video:
WASHINGTON COUNTY MD FORECLOSURES & SHORT SALES
There are 89 lender owned foreclosures (REO) available for purchase in Washington County MD Click on the listing number for full details on each property. Sort by column headings.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544584-28
When you are searching for homes in Maryland, you will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.
Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.
Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.
What about the bargains in the inventory of short sale listings? These transactions take longer since they require third party approval. The secured lenders must agree to the contract terms since the proceeds will not fully cover the mortgage balances. More frustrations are to be expected since many of the lenders fail to approve the sales. These properties are sometimes described as pre-foreclosures.
118 active short sale listings are available in Washington County.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544653-5
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask for a referral if you do not have an existing relationship with a mortgage lender.
Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
New Home Buyer Tax Credit Video:
http://www.youtube.com/watch?v=1leN8E8BKTo
Real Estate Investors Zero In on Short Sale Homes Video:
PRINCE GEORGE'S COUNTY MD LENDER OWNED FORECLOSURES
There are 355 lender owned foreclosures (REO), priced at $150,000 and ABOVE, available for purchase in Prince George's County MD. Click on the listing number for full details on each property. Sort by column headings.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544685-318
There are 337 lender owned foreclosures (REO), priced at $150,000 and BELOW, available for purchase in Prince George's County MD.
Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-95544669-794
Where is the best place to search for homes for sale in Maryland? You will want to use Homes Prospector at www.roykelley.com This is a service of MRIS, the regional multiple listing service, and you will find the most accurate up to date information on properties that are available for purchase. Foreclosures will be included in the results of your searches.
Most of the homes that are sold at trustee sale auctions at the court house entrance are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. All of the lender owned homes are listed with area agents and are available on MRIS.
Why are buyers focusing on the REO inventory? The simple reason is that is where the purchase bargains are being found. Lenders are highly motivated sellers and they reduce the prices until the properties are under contract.
All home buyers that plan to use mortgage financing should obtain pre-approval for financing as the first step in the purchase process. Please ask us for a referral to a loan officer if you do not have an existing relationship with a mortgage lender.
Do you qualify for the new tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php
New Home Buyer Tax Credit video. Please share with family and friends:
http://www.youtube.com/watch?v=1leN8E8BKTo
Real Estate Investors Zero In on Short Sale Homes video.
http://www.youtube.com/watch?v=ZMUZSPSrtuI&feature=related
PRINCE GEORGE'S COUNTY DOWN PAYMENT ASSISTANCE PROGRAM First time home buyers can take advantage of the county's Down Payment on Your Dream Program, in which buyers can receive down payment and closing costs assistance when purchasing a vacant foreclosed property in Prince George's County. This website outlines specific guidelines for the homebuyer, realtors and lenders as well as the necessary steps families must take in order to qualify. http://www.co.pg.md.us/dream/index.asp
MARYLAND REAL ESTATE INVESTORS TURNING TO HARD MONEY INVESTORS
My associate Craig Rosenfeld arranged a morning meeting with Brian Dubin at BlueWater Financial Partners in Bethesda, Maryland. The purpose was to gather information that will assist our investor clients with the financing needed to acquire distressed properties to fix up and flip.
BlueWater is a hard money lender. They make real estate loans to investors and the loans are primarily based on the value of the property being acquired. More investors are now using hard money sources since it has become more difficult to obtain renovation financing from conventional mortgage lenders.
The interest rates and fees are higher than normal mortgages. However, the loans do provide short term financing that is needed to make quick purchases to enable the sellers to avoid foreclosure. This type of financing is attractive when funding is not available through the institutional mortgage lenders.
Please contact us if your are are a real estate investor that would like to consider alternative financing. We act as exclusive buyer agents and do not charge any fees for referring our clients to lenders.
If you prefer to make direct contact with Brian Dubin, call him at 301-656-6566.
CHARACTER COUNTS IN GAITHERSBURG, MARYLAND.
FHA Releases Condominium Approval Process
FHA recently released Mortgagee Letter (ML) 2009-46 A: Temporary Guidance for Condominium Policy and ML 2009-46 B: Condominium Approval Processes for Single Family Housing. The temporary guidance 1) increases FHA concentration requirements to 50 percent, 2) requires 50 percent of units in a project to be owner-occupied but vacant and REO property are not considered in the calculation of the owner-occupancy percentage, 3) reduces the pre-sale requirement to 30 percent, 4) all projects in Florida are required to be reviewed under the HUD Review and Approval Process (HRAP), and 5) Spot Loans are extended through February 1, 2010. The temporary guidance is effective for all FHA case numbers assigned on or after December 7, 2009 through December 31, 2010, except for the Spot Loan Approval Process.
The guidance in ML 2009-46 B is effective for all case numbers on or after December 7, 2009 and replaces ML 2009-19, which was the initial guidance for condominium projects insured in FHA's 203(b) Singe Family Program. The new rules outline specific condominium project requirements for FHA approval. Projects may be approved through HRAP or by the lender through the Direct Endorsement Lender Review and Approval Process (DELRAP). FHA will continue to maintain a list of approved projects. The site condominium and manufactured housing condominium project changes were implemented on June 12, 2009.
On July 31, 2009, NAR President Charles McMillan sent a letter to FHA Commissioner David Stevens recommending enhancements to the new condominium rule. Mr. McMillan also discussed NAR's recommendations at a meeting with the Commissioner on September 8, 2009. NAR is calling for: 1) a reduction in the owner-occupancy requirement, 2) eliminating or increasing the FHA concentration limit, 3) reducing the pre-sale requirement, and 4) clarification of the reserve study requirement.
NAR Letter to FHA on New Condominium Rule Enhancements
Mortgagee Letter 2009-46 A: Temporary Guidance for Condominium Policy
Mortgagee Letter 2009-46 B: Condominium Approval Process for Single Family Housing
Jerome Nagy 202-383-1233, Megan Booth 202-383-1222
NATIONAL ASSOCIATION OF REALTORS®
Headquarters: 430 North Michigan Avenue, Chicago, IL. 60611-4087
DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020
1-800-874-6500
Providing exclusive buyer and seller representation. Advising clients on pre-foreclosures, trustee sales, foreclosures and REOs. Listing agent for Bank of America Home Loans in Montgomery County.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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