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    Foreclosures and Short Sales

    The lure of a bargain is irresistible. That's why home buyers are attracted to distress sales. But with many websites listing so many properties that are not for sale or have sold, it can be difficult to know what's really out there. And once you do find a home that's available, getting a deal done can be a huge challenge. The first step to navigate distress sales is to understand the three types of home sales.

    Regular Sale

    The value of the home is greater than the home mortgages, so the seller is able to negotiate a deal with a buyer, payoff the mortgages, and convey clear title at settlement.

    Short Sale

    The homeowner has title to the property, but the value of the home is less than the home mortgages. To deliver clear title at settlement, the seller's bank(s) must agree to remove their liens and be paid 'short' of what's owed by the seller.

    Foreclosures

    The bank has taken title from the homeowner through the foreclosure process. These are also called REOs (Real Estate Owned) and Bank Owned properties. To purchase a foreclosure, a home buyer negotiates directly with the bank, and the bank delivers clear title at settlement.

    We've helped buyers and sellers for all types of sales. We would say we've seen everything, but every new deal seems to have it's own I-can't-believe-this-is-happening moment. Here's our perspective on these types of sales.


    Short Sales: No Fun for Anyone

    No one enjoys a short sale: the buyer, the seller, the agent, the negotiator - no one. Short sales are problematic because the servicer of the mortgage must review the seller's financial situation, evaluate the contract to the home's market value, and get investor approval. You would think banks would be super-efficient at processing a short sale by now, but they aren't. Documentation must be submitted, submitted again, and then again. They require special addenda from all parties, and then require it again. Banks will not accept electronic signatures, so you're printing/signing/faxing/scanning over and over. The process takes months, and no one can tell you when a contract will be approved, rejected or countered. And after months of work, many (most?) contracts fall through.

    But a buyer can get a great deal, so it's worth it, right? Sometimes, but not often. Sellers don't make repairs, and banks often put the home's value at the top of the market, so they won't allow the home to be sold at a bargain price. A buyer should only consider a short sale if they have plenty of time and patience.


    Foreclosures: No Fun Either, But Less Painful.

    A foreclosure is the legal (and lengthy) process by which a lien-holder takes title from a homeowner. Once the bank takes title, they put the home on the market for sale. You submit an offer to the bank and negotiate directly with the bank, so it doesn't take months to receive a response. That's the good news.

    Now the bad news. Brokers who typically represent banks are paid very little. They often manage a lot of properties so don't expect quick turnaround on anything. Once an offer is submitted, it can be difficult to get a written and timely response. When the bank does respond they will send a stack of disclaimers, and then later find more disclaimers to sign. And, of course, electronic signatures are rarely accepted so you're back to printing, signing, scanning and emailing again. Banks hardly ever do repairs, and typically - but not always - the home is in poor condition.

    But you can get a great deal, right? No, not really. Most deals are just OK. If the home needs work, any savings are quickly offset by repairs.

    Another frustration for buyers are foreclosure sites that list homes that are not available for purchase. If a homeowner is going through the foreclosure process, public notifications trigger entries on these sites. Consumers are led to believe these homes are available to purchase when they aren't. If a homeowner wants to sell, they will put it on the market as a short sale.


    Regular Sales: The Best Deals?

    As we look back, the best deals we've helped buyers get are regular sales. A highly motivated homeowner who has significant equity in a home is the best opportunity to get the best price on the best home. You negotiate with one party and quickly get a deal done. Homes are in much better condition, and sellers will often make repairs.


    So when looking for a bargain, look at all homes on the market. You never know where you'll find the next great deal. Here's a list of today's newest foreclosures available for purchase.

    All Foreclosures for Sale   All Short Sales for Sale

    Newest Foreclosures

    1609 Carriage House   Terrace Unit #E, Silver Spring image
    1609 Carriage House Terrace Unit #E, Silver Spring — Tiers At Sil Spr $174,900

    Great opportunity! Spacious 2bed/2bath unit with Loft! Property features - move in condition, open floor-plan, fireplace, W/D in the unit, garage parking. Super convenien...

    • 2 Beds
    • 2 Baths
    • MDMC741248 MLS
    • Tiers At Sil Spr Bldg.
    19903 Appledowre   Circle Unit #282, Germantown image
    19903 Appledowre Circle Unit #282, Germantown — Grnflds Of Brndr $194,900

    Large and well-appointed 3 bed/2bath unit on the main floor! Spacious kitchen with ample cabinetry, counter space and space for a table. W/D in the unit, lots of storage,...

    • 3 Beds
    • 2 Baths
    • MDMC741244 MLS
    • Grnflds Of Brndr Bldg.
    786 West Side   Drive Unit #9-H, Gaithersburg image
    786 West Side Drive Unit #9-H, Gaithersburg — Brighton West Co $239,000

    SPACIOUS BRICK FRONT TOWN HOME BACKING TO PRIVATE OPEN SPACE. THREE FULL BATHROOMS WITH THREE LARGE BEDROOMS. FULLY EQUIPPED KITCHEN. FULLY FINISHED WALK-OUT BASEMENT. CO...

    • 3 Beds
    • 4 Baths
    • MDMC741036 MLS
    • Brighton West Co Bldg.
    1906 Longmead   Road, Silver Spring image
    1906 Longmead Road, Silver Spring $432,000

    Single family detached home, waiting for your finishing touches! This home has a large unfenced backyard, with a sunroom located near the drive way. This property is loca...

    • 3 Beds
    • 2 Baths
    • MDMC740988 MLS
    7902 Coriander   Drive Unit #204, Gaithersburg image
    7902 Coriander Drive Unit #204, Gaithersburg — Willow Wood Codm $179,900

    None

    • 1 Beds
    • 1 Baths
    • MDMC739968 MLS
    • Willow Wood Codm Bldg.
    10606 Montrose   Avenue Unit #M-102, Bethesda image
    10606 Montrose Avenue Unit #M-102, Bethesda — Parkside Codm $255,000

    Owner-occupants only- no investors. HUD-Owned Property. HUD case #249-501276. All bids/offers must be submitted on www.HudHomeStore.com by HUD Broker. HUD homes are sold ...

    • 2 Beds
    • 2 Baths
    • MDMC740078 MLS
    • Parkside Codm Bldg.
    3501 Bellflower Lane Unit #201, Rockville image
    3501 Bellflower Lane Unit #201, Rockville $757,900

    Brooklyn Model (2 bedroom and 2 full bathrooms) What an upcoming new neighborhood! Many upgrades. Garage # 17 The kitchen opens up to a large gathering room where you can...

    • 2 Beds
    • 2 Baths
    • MDMC737740 MLS
    property image
    12902 Grenoble Drive, Rockville $500,400

    This property is now active in an online auction - 1/10 to 1/12. All offers must be submitted through the property's listing page on www.auction.com. The sale will be sub...

    • 4 Beds
    • 3 Baths
    • MDMC733938 MLS
    4801 Hampden   Lane Unit #T-01, Bethesda image
    4801 Hampden Lane Unit #T-01, Bethesda — Hampden Square $624,000

    Amazing Opportunity to Own an In-Town Luxury Efficiency in Sought After Downtown Bethesda! While it is currently an Efficiency, It is Large Enough to Divide the Living Sp...

    • 2 Baths
    • MDMC733596 MLS
    • Hampden Square Bldg.
    19951 Appledowre   Circle, Germantown image
    19951 Appledowre Circle, Germantown — Grnflds Of Brndr $239,900 ▼

    Brand sparkling new! This entire home has been renovated from the floor to the ceiling! The entire unit has been painted, including the ceilings and the trim! Flooring: b...

    • 2 Beds
    • 2 Baths
    • MDMC732900 MLS
    • Grnflds Of Brndr Bldg.

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