Buying a Foreclosure
If you're considering buying a foreclosure in the Frederick County area, there are still plenty of opportunities to take advantage of the discounted sales prices. Foreclosures or REOs (Real Estate Owned) currently make up approximately 10% of the Active listings on the market and over 15% of the listings that are Under Contract.
If you're interested in purchasing an REO property as your primary residence there are a few things to keep in mind before you make an offer. First, these bank-owned homes are sold "As-Is". Usually this means that the seller will agree to a home inspection - for informational purposes only - but will make no repairs based on the inspection. Second, the bank/investor is exempt from the requirement to furnish the buyer with a Maryland Residential Property Disclosure Statement. So, the seller makes no representations or warranties as to the condition of the property. Third, more often than not, the homes have been neglected and need updates such as carpet and paint. With that said, these properties can be great investments - especially for those buyers who have some basic home improvement skills and don't mind "getting their hands dirty".
If you're an investor searching for properties to add to your portfolio... now is certainly the time to buy! Sales prices in this area have depreciated by 25% or more over the past few years, creating buying opportunities that were just not possible during the inflated "real estate boom years".
Contact me today for a list of Active Foreclosures in this area.
The list is updated daily!