50 Foreclosures For Sale in Montgomery County, Maryland
Today, there are 2,317 homes for sale in Montgomery County, Maryland. This count includes the active listings on the multiple listing service (MRIS) but does not include any homes that are not listed for sale. 50 (2.15%) are lender owned foreclosures (REO) and 436 (18.8%) are offerings of short sale pre-foreclosures.
The current total of lender owned foreclosures is not having a major impact on the overall market for Montgomery County. Home buyers and home sellers should ask for data in specific neighborhoods to help with purchase and sale decisions.
Short sale listings are still a significant problem in the county. When close to 20% of the available listings are short sales that must be approved by the secured mortgage lenders, home buyers and home sellers must take notice. Many of the short sale listings will never reach settlement because of unrealistic pricing, sellers that have not provided the required documentation or lenders that are not responsive.
The volume of short sale listings makes it appear that there are more homes available than will actually go to contract. The reality in many neighborhoods is that there is a shortage of normal listings and many home buyers face multiple contract competition.
All home buyers and real estate investors that are planning to use mortgage financing should have a pre-approval letter from their lender before looking at properties. Those that want to purchase fix-up properties should be familiar with the available renovation financing such as the excellent FHA 203(k) program.
Please contact us when you have questions on the real estate market in the Maryland suburbs of Washington, DC. We will do our best to provide the information you will need. We represent our clients as their exclusive agents.
50 Lender Owned Foreclosures For Sale
There are many things to see and much to do in Montgomery County. Be sure to have your camera in hand to capture the special moments.
Dahlia at Brookside Gardens IMG_5956
Photograph by Roy Kelley
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We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Your Real Estate Professionals In Maryland.
Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008
Thanks for that statistical updates on Mongomery County. ALways nice to see what other places are doing and what sort of activity makes up their sales.
Roy,
Having 50 foreclosures in the size market you work frankly is nothing. The number of short sales is high on appearance but most of these will probably never get sold as a short sale.
Thanks so much for your feedback. It is always good to hear from you.
Robert: You are correct. When you look at the market for the total of Montgomery County, the listed foreclosures are not of major concern.
Hi Roy, it is a good reminder for the FHA 203(K) loan program that unfamiliar to many people.
Good Friday morning. I always appreciate your comments! Have a great day and an outstanding weekend.
Be sure to have your camera in hand to capture those special moments when you are out and about in your community or during your travels. Life is better when there are flowers to photograph.