short sales: Don't Go to Jail for a Short Sale - 09/02/13 04:31 AM
Don't Go to Jail for a Short Sale is the advice for Maryland real estate agents  
 
The Greater Capital Area Association of REALTORS® has distributed this warning to its members:  Don't Go to Jail for a Short Sale.
The Maryland Mortgage Assistance Relief Services Act (MD MARS) went into effect July 1, 2013 and requires a "mortgage assistance relief service provider" to comply with specific regulations.
Short sale transactions have become common when home owners need to sell their property but the market price will not fully satisfy the outstanding mortgage obligations. These transactions require the approval of the secured … (31 comments)

short sales: Post Foreclosure and Short Sale Home Buyers Get A Break From FHA - 08/21/13 04:08 AM
Post Foreclosure and Short Sale Home Buyers Get A Break From FHA
 
Before last week, prospective home buyers that have gone through a foreclosure or short sale generally had to wait at least three years before they could get an FHA loan to purchase another home. FHA has reduced the minimum waiting period to one year for borrowers that meet certain requirements.
In order to qualify for new FHA financing, home buyers must demonstrate that the foreclosure or short sale was caused by unemployment or “economic event” that caused a substantial reduction in their household income.
Prospective home buyers … (15 comments)

short sales: Homes For Sale In Montgomery Village, Maryland - 07/03/12 04:58 AM
Homes For Sale In Montgomery Village, Maryland
 
There are 2,567 homes for sale in Montgomery County, Maryland.  Included in that inventory of active listings on the multiple listing service (MRIS) are 74 homes in the community of Montgomery Village.  17 (22.97%) of the Montgomery Village listings are short sale pre-foreclosures and 3 (4%) are lender owned foreclosures (REO).
Montgomery Village is a preferred location for home buyers that want convenience to public transportation, shopping and public schools.  The convenience factor has also made the area a favorite for real estate investors that are building their rental portfolios.
Our office, RE/MAX Realty Group, is … (4 comments)

short sales: Bank of America Preapproved Price Short Sale Webinar, Tuesday, May 22 - 05/18/12 09:21 AM
Bank of America Preapproved Price Short Sale Webinar, Tuesday, May 22
We received this email from our Bank of America Home Loans Loan Officer:
Legacy Asset Servicing will host a webinar for real estate professionals on Tuesday, May 22, to discuss Bank of America‘s Preapproved Price Short Sales, which include Home Affordable Foreclosure Alternatives (HAFA) and cooperative short sales.
These programs engage homeowners earlier in the process—before there's an offer—to set a preapproved market price, which will reduce the timeline once the offer is received and help ensure a successful close.
Webinar topics include:
·         Overview of programs: Why engage with … (11 comments)

short sales: 60 Homes For Sale, 3 Foreclosures, in Montgomery Village, Maryland 20886 - 02/22/12 11:24 AM
60 Homes For Sale, 3 Foreclosures, in Montgomery Village, Maryland 20886   There are 2,346 homes for sale in Montgomery County, Maryland based on today's multiple listing service (MRIS) statistics.  42 (1.79%) of the homes for sale are lender owned foreclosures (REO).  404 (17.22%) of the homes for sale in Montgomery County are short sale pre-foreclosures.   When we focus on the specific area of Zip Code 20886 in Montgomery Village we get a little different picture of the local market.  There are 60 homes for sale in Montgomery Village.  3 (5%) are lender owned foreclosures (REO).  21 (45%) of the available properties … (8 comments)

short sales: 42 Foreclosures For Sale in Montgomery County, Maryland - 02/20/12 11:17 AM
42 Foreclosures For Sale in Montgomery County, Maryland
There are 2,368 homes for sale in Montgomery County, Maryland.  This information is based on multiple listing service (MRIS) statistics and does not include any properties that are not listed with agents.  42 (1.77%) of the available properties are lender owned foreclosures priced from $102,900 to $899,000.  413 (17.44%) are short sale pre-foreclosures.
Some prospective purchasers are surprised to find such a small number of foreclosures in the Montgomery County market after hearing the national news about the large volume of foreclosures in many major markets.  Local markets vary greatly and it is always a … (2 comments)

short sales: 22 Foreclosures For Sale in Washington County, Maryland - 02/16/12 04:06 PM
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 … (9 comments)

short sales: 196 Homes for Sale, 9 Foreclosures, in Germantown, Maryland - 02/16/12 07:08 AM
196 Homes for Sale, 9 Foreclosures, in Germantown, Maryland   There are 196 homes listed for sale in Germantown, Maryland.  These figures are based on today's multiple listing service (MRIS) data.  9 (4.59%) are lender owned foreclosures (REO).  75 (38.26) are short sale pre-foreclosures.  The home prices range from $2,995,000 down to $83,000.   A sad fact of life is that a large percentage of the short sale offerings will never reach settlement.  Some will fail because the unrealistically low prices will attract offers that are below the levels that will be accepted by the secured lenders that must provide the … (10 comments)

short sales: 225 Foreclosures For Sale in Prince George's County, Maryland - 02/15/12 08:05 AM
225 Foreclosures For Sale in Prince George's County, Maryland
There are 3,012 homes for sale in Prince George's County, Maryland based on today's multiple listing service (MRIS) statistics. 225 (7.5%) of the active listings are lender owned foreclosures (REO).  1,297 (43%) are short sale pre-foreclosures. 
When over 50% of the available homes are distress sales, everybody knows that Prince George's County has a very troubled real estate market.  There are no easy solutions for this long term problem.  Home buyers and investors need to proceed with great caution.  There are many bargains to be found by smart buyers.  The best protection for most … (16 comments)

short sales: 50 Foreclosures For Sale in Montgomery County, Maryland - 02/09/12 04:40 PM
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 … (6 comments)

short sales: Thinking of buying a short-sale home? - 11/04/11 08:30 AM
Thinking of buying a short-sale home?
Be prepared to be patient.
 
Guest Blog By Harvey S. Jacobs, from Washington Post 
 
We hear quite a bit today about homes selling in "short sales." But just what is a short sale, and how can a prospective home buyer buy a home that is subject to a short sale?
 
A short sale occurs when a homeowner agrees to sell his home to an independent, third-party buyer for less than the outstanding balance on his mortgage. In other words, the net sales proceeds from his sale still leave the homeowner "short" … (7 comments)

short sales: Montgomery County, Maryland Homes For Sale 10/20/11 - 10/20/11 10:13 AM
Montgomery County, Maryland Homes For Sale 10/20/11
There are 3,386 active listings of homes for sale in Montgomery County, Maryland.  88 (3%) of the active listings are lender owned foreclosures (REO).  585 (17%) of the homes for sale are short sale pre-foreclosures.
80% of the homes for sale are regular listings by their owners.  When home buyers and home sellers look at the real estate market they should understand which category applies to the properties they are considering. 
The normal listings of homes for sale by their owners tend to be in the best condition.  Many of the lender owned … (6 comments)

short sales: Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/29/11 - 08/29/11 12:33 PM
Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/29/11
96 (3%) of the 3,283 homes for sale in Montgomery County, MD are REO properties while 562 (17%) are short sale pre-foreclosures.
Home buyers are facing multiple contract competition on some of the well price homes in preferred locations.  Real estate investors are competing with first time home buyers as they build their rental portfolios while lender owned foreclosures are available at attractive prices.
The Housing Opportunities Commission of Montgomery County (HOC) offers a low mortgage interest rate with zero points for a 30 year fixed rate FHA loan.  HOC also … (2 comments)

short sales: Prince George's County, Maryland Foreclosures Update Rev. 8/23/11 - 08/23/11 01:12 PM
Prince George's County, Maryland Foreclosures Update  Rev. 8/23/11 
There are 4,368 active listings of homes for sale in Prince George's County MD.  513 (12%) of the homes for sale are lender owned foreclosures.  1,704 (39%) are short sale pre-foreclosures.  51% of the available properties are lender owned foreclosures or short sale pre-foreclosures.   Mortgage Financing:  Prospective purchasers need to be aware of the changes that have take place and understand the current requirements for obtaining mortgage financing.  All should anticipate fully documented mortgage applications that may be considered to be intrusive. Different mortgage products are offered by different lenders.  Do not … (5 comments)

short sales: Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11 - 08/23/11 11:51 AM
Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/23/11 
There are 1,273 active listings of homes for sale in Frederick County, MD.  43 (3%) of the properties are lender owned foreclosures and 262 (21%) are short sale pre-foreclosures.   Mortgage interest rates are very low and there is a good selection of properties at very attractive prices. Those that plan to buy a home within the next couple of years might find that this summer is be best time for the purchase.   Special Notice:  If you plan a 2011 purchase in Frederick County, please allow us to set … (2 comments)

short sales: Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/22/11 - 08/22/11 12:21 PM
Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/22/11
103 (3%) of the 3,337 homes for sale in Montgomery County, MD are REO properties while 568 (17%) are short sale pre-foreclosures.
Home buyers are facing multiple contract competition on some of the well price homes in preferred locations.  Real estate investors are competing with first time home buyers as they build their rental portfolios while lender owned foreclosures are available at attractive prices.
The Housing Opportunities Commission of Montgomery County (HOC) offers a low mortgage interest rate with zero points for a 30 year fixed rate FHA loan.  HOC also … (0 comments)

short sales: Prince George's County, Maryland Foreclosures Update Rev. 8/17/11 - 08/17/11 10:39 AM
Prince George's County, Maryland Foreclosures Update Rev. 8/17/11 
There are 4,300 active listings of homes for sale in Prince George's County MD.  500 (12%) of the homes for sale are lender owned foreclosures.  1,675 (39%) are short sale pre-foreclosures.  51% of the available properties are lender owned foreclosures or short sale pre-foreclosures.   Mortgage Financing:  Prospective purchasers need to be aware of the changes that have take place and understand the current requirements for obtaining mortgage financing.  All should anticipate fully documented mortgage applications that may be considered to be intrusive. Different mortgage products are offered by different lenders.  Do not … (2 comments)

short sales: Washington County, MD Foreclosures & Short Sales Update Rev. 8/16/11 - 08/16/11 07:54 PM
Washington County, MD Foreclosures & Short Sales Update Rev. 8/16/11
There are 868 homes for sale in Washington County, MD.  36 (4%) of the active listings are lender owned foreclosures and 122 (14%) are short sale pre-foreclosure offerings.   Loan Limit Reduction:  The "temporary" mortgage loan limits that are now in place will expire on September 30, 2011.  All loans using the temporary limits must settle on or before September 30th.     RE/MAX Realty Group Preferred Lender:  Joe Salisbury at Presidential Bank Mortgage, joe@presidential.com, 301-590-8911 x 209 is the Preferred Lender for our office.   Lender Owned Homes:      … (2 comments)

short sales: Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/16/11 - 08/16/11 10:19 AM
Frederick County, MD Foreclosures & Short Sales Update - Rev. 8/16/11 
There are 1,259 active listings of homes for sale in Frederick County, MD.  41 (3%) of the properties are lender owned foreclosures and 250 (20%) are short sale pre-foreclosures.   Mortgage interest rates are very low and there is a good selection of properties at very attractive prices. Those that plan to buy a home within the next couple of years might find that this summer is be best time for the purchase.   Loan Limit Reduction:  The "temporary" mortgage loan limits that are now in place will expire on … (6 comments)

short sales: Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/15/11 - 08/15/11 11:32 AM
Montgomery County, Maryland Foreclosures & Short Sales Update Rev. 8/15/11
92 (3%) of the 3,356 homes for sale in Montgomery County, MD are REO properties while 566 (17%) are short sale pre-foreclosures.
Home buyers are facing multiple contract competition on some of the well price homes in preferred locations.  Real estate investors are competing with first time home buyers as they build their rental portfolios while lender owned foreclosures are available at attractive prices.
The Housing Opportunities Commission of Montgomery County (HOC) offers a mortgage interest rate of 4.5% with zero points for a 30 year fixed rate FHA loan.  HOC … (3 comments)

 
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Roy Kelley

Gaithersburg, MD

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