Purchasing Foreclosures in Montgomery County, Maryland
Investors are drawn to the purchase opportunities provided by foreclosures in Montgomery County, Maryland. I am not talking about the lender owned properties (REO) that are generally available on the Multiple Listing Service (MRIS) and appear with other real estate searches.
Foreclosure properties are make available at trustee sale auctions that are held at the court house steps at in each Maryland county. Experienced real estate investors are fully familiar with the process and the risks that are related to trustee sales.
If you are a new real estate investor, the easiest way to learn about trustee sales is to attend a number of them to learn about the process and to meet and learn from the regular group of investors who participate in these sales.
Trustee sales are cash transactions and also require large deposits when you are the winning bidder on properties. Most of the time, you will not have the opportunity to see the interiors of the properties and you are fully at risk for the conditions that you will find and tenants who may be in the properties when you become the owner.
If you are accustomed to using a buyer agent, you will want to understand that commissions are not paid for these sales. The buyers are responsible for any compensation due to their agent. A high percentage of real estate agents are not familiar with the trustee sale process. This is a specialty niche for those interesting in acquiring rental properties or homes to fix up and flip.
Roy and Dolores Kelley Photographs
Roy Kelley and Associates
Roy Kelley, Associate Broker
Realty Group Referrals (Retired from RE/MAX Realty Group)
6 Montgomery Village Ave., Suite 200
Gaithersburg, MD 20879
Main Office: 301-258-7757 (You will not reach me at this number)
Send an email message if you need my phone numbers. I will be happy to recommend a real estate professional if you are moving to the area.