BUYING A FORECLOSED HOME IN MARYLAND, AND NORTHERN VIRGINIA A GUIDE FOR HOME BUYERS

BUYING A FORECLOSED HOME IN MARYLAND, A GUIDE FOR HOME BUYERS

MARKET REPORT FOR FORECLOSURES IN THE HOMEFINDERS.COM MARKET AREA WHICH INCLUDES real estate in Maryland in the Counties of: Anne Arundel, Baltimore City, Baltimore, Calvert, Carroll, Cecil, Charles, Frederick, Harford, Howard, Kent, Montgomery, Prince George's, Queen Anne's, St. Mary's and Talbot.

maryland map

THE NATIONAL AND LOCAL NEWS IS FULL OF NEWS ABOUT FORECLOSURES IN MARYLAND. The percentage of foreclosed homes for sale in Maryland is lower than many areas in the country. These properties have been through the foreclosure process and are now bank owned. The report below reflects existing only detached single family homes in the listed counties in Maryland. Non-contingent sales are the only offers accepted and all homes are sold "as is". Buyers may have a home inspection for their own information and banks may negotiate the price based on condition.

FORECLOSURES ARE A SMALL PERCENTAGE OF SINGLE FAMILY HOMES IN MARYLAND ABOUT 379 DETACHED SINGLE FAMILY REAL ESTATE in THESE COUNTIES, HAVE BEEN FORECLOSED, ARE BANK OWNED AND ARE LISTED FOR SALE.

AVERAGE PRICES FOR BANK OWNED SINGLE FAMILY REAL ESTATE IN MARYLAND

Maryland Counties   Average Prices
Anne Arundel County
Baltimore County
Baltimore City
Calvert County
Carroll County
Cecil County
Charles County
Frederick County
Harford County
Howard County
Kent County
Montgomery County
Prince George's County
Queen Anne's County
St. Mary's County
Talbot County
Washington County
  $332,000
$447,000
$207,000
$279,000
$444,000
$440,000
$401,000
$363,000
$392,000
$401,000
$217,000
$489,000
$375,000
$313,000
$214,000
$392,000
$323,000

There are about 25,200 Single Family Homes listed for sale in this market area of Maryland real estate. Of that number, about 379 are bank owned and are listed for sale. That is about 2% of the ACTIVE listings and much lower than other areas in the country. The average price of a foreclosed home for sale varies from county to county and home size, but they are priced at market based on the bank's appraisal. The key to getting good value in a foreclosed real estate is to understand that, just because a property has been foreclosed and is bank owned, that doesn't guarantee that a good price will be had. The key in getting a good buy on a foreclosed home is

1. Looking at ALL homes for sale that meet the home buyer's needs and price range.
2. Consider foreclosure listings and compare them with other suitable listings.
3. Be prepared with a pre-approval letter from a recognized mortgage company.
4. Be prepared to buy a home in "as is" condition. You may want to bring in a contractor to estimate repairs when preparing the offer.
5. Be prepared for slow negotiations with the bank. They usually consider offers at scheduled meetings of their "loss mitigation" or "asset disposal" committees and they often meet only once a month.
6. Have a home inspection but the bank may not agree to any repairs. There will be an "as is" addendum removing the "Property Condition" paragraph from the Contract of Sale.
7. Have your agent review recent sales in the area to be sure that the home is priced to market or less.
8. Make sure your agent stays on top of the deadlines in the contract because the bank will likely seek back-up contracts.
9. Consider using the bank's title company since they have don't the preliminary title work and their fees are no more than average title companies. The largest expense is title insurance and the banks have filed that disclosure with the state and cannot raise it. Agents often try to "steer" title work to familiar title companies. That may not be in your interest. Have your agent get a "Pro-Forma" HUD-1 and compare prices.
10. Use a direct lender. Most banks will not accept a Pre-Qualification or Pre-Approval from any mortgage company but a direct lender. Your agent can recommend several.

Split Foyer in Rockville
Example of foreclosure for sale in Rockville listed for $363,000.
(Click image to enlarge)

To tour foreclosed homes in Maryland or Northern Virginia, contact Lenn Harley, Homefinders.com 800-711-7988. We'll help you explore the foreclosure and bank owned market.

FORECLOSED HOMES FOR SALE IN NORTHERN VIRGINIA

FORECLOSURES ABOUT 730 DETACHED SINGLE FAMILY REAL ESTATE in THESE COUNTIES, HAVE BEEN FORECLOSED, ARE BANK OWNED AND ARE LISTED FOR SALE OUT OF A TOTAL OF ABOUT 15,762 HOMES LISTED FOR SALE, ABOUT 4.6% OF ALL LISTINGS FOR DETACHED SINGLE FAMILY REAL ESTATE FOR SALE .

AVERAGE PRICES FOR BANK OWNED SINGLE FAMILY REAL ESTATE IN NORTHERN VIRGINIA

Virginia County   Average Price   virginia map
Arlington County
Fairfax County
Fairfax City
Falls Church
Fauquier County
King George County
Loudoun County
Manassas City/Park
Prince William County
Spotsylvania
Stafford County
  $555,000
$476,000
$433,000
$475,000
$414,000
$343,000
$464,000
$328,000
$402,000
$328,000
$369,000
 

To tour foreclosed homes in Maryland or Northern Virginia, contact Lenn Harley, Homefinders.com 800-711-7988. We'll help you explore the foreclosure and bank owned market.