22 Foreclosures For Sale in Washington County, Maryland
There are 616 homes for sale in Washington County, Maryland based on the number of active listings in the multiple listing service (MRIS). The average price of all of the homes for sale is $225,395. 22 (3.57%) of the homes for sale are lender owned foreclosures (REO) and they are priced from $278,199 down to $24,900. 107 (17.37%) of the homes for sale are short sale pre-foreclosures.
Many lender owned foreclosures and short sale offerings have deferred maintenance issues or repair requirements. Some need renovation. Home buyers should be aware that the physical condition of some of the properties will preclude the use of normal mortgage financing. Many home buyers are using the outstanding FHA 203(k) program that allowed the fix-up costs to be included in the first mortgage loan.
Home buyers, including real estate investors, that need mortgage financing, should obtain a pre-approval letter from their mortgage lender as an initial step in the home purchase process. Your exclusive buyer agent is the best source for a referral to a local mortgage lender and your buyer agent will also recommend a professional home inspector.
Home buyers and home sellers should become very familiar with the real estate statistics for the specific neighborhoods of interest. The influence of foreclosures and short sales will vary by neighborhood. The large inventory of short sale pre-foreclosures tends to distort the market because many of them will never get to settlement. Home buyers that are considering short sales need to be very selective. Unrealistically low prices will attract offers that will not receive the needed approval by the secured mortgage lenders and many sellers fail to provide the documentation that is required for the necessary third party approvals.
Washington County, MD Washington County, Maryland, Real Estate Market Statistics: During January, 2012, there were 72 closed sales, down 1.37% from last year. The average sold price was $162,198, up 16.11% from last year, with an average of 131 days on the market. The median sold price was $127,500, up 2.00% from last year. The average sold price was 87.65% of the average original list price.
Please contact us when you have questions on the local residential real estate market. We will do our best to provide the information you will need to make important decisions.
There is much to see and much to do in Maryland. Be sure to have your camera in hand to capture the special moments in your community and during your travels.
Brookside Gardens Spring Display IMG_4372
Photograph by Roy Kelley using a Canon PowerShot G11 camera.
Roy and Dolores Kelley Photographs
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC.
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996
Recipient of the RE/MAX International Lifetime Achievement Award - 2008