DAMASCUS FORECLOSURE
Harvey West Auctioneers has scheduled a trustee sale for 25624 Coltrane Drive, Damascus, MD 20872 for November 21, 2008 at 1 PM at tbe premises. The property will be open for inspection at noon on the same date. This is a 3 BR/1.5 BA townhouse.
The required deposit is $12,000. The loan balance is $246,000. See the advertisement in the Washington Post for more details.
25624 COLTRANE DR, DAMASCUS, MD 20872
| Tax Fiscal Year 2008 Estimated property tax and non-tax charges in first full fiscal year of ownership. |
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| TOTAL EST. CHARGES: $3,469 | City Tax: | Tax Year: 2008 | |||||||||||||||||||||||
| State/County Tax: $2,209 | Refuse: | Base Tax Rate: 0.77 | |||||||||||||||||||||||
| Special Tax: $832 | Homestd/Exempt Status: | Exempt Class: 000 | |||||||||||||||||||||||
| Front Foot Fee: $226 | Tax Class: 42 | Mult Class: | |||||||||||||||||||||||
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BUYING A HOME AT A TRUSTEE SALE IN MARYLAND
Earlier today, I received a call from a first time buyer asking about buying a home that is scheduled for a trustee sale. With so much in the news about foreclosures, it is probably a good time to restate some of the issues that prospective buyers should consider.
Most buyers like to look at the homes they are thinking about. Unfortunately, most of the properties in trustee sales are not available for viewing. Some of the homes are listed for sale as pre-foreclosures and are available for inspection. However, when the properties are scheduled for trustee sale auctions, most of the listing agents withdraw the listings.
All real estate buyers should be pre-approved by a lender if they plan to use mortgage financing. For many, getting the final approval involves an appraisal and inspection of the home under contract. If you can not have access to a property, it can be difficult to get an appraisal and this factor can cause an issue with the mortgage financing underwriters. Lenders usually expect the properties to be in "average" or better condition. Some of the homes in foreclosure have deferred maintenance and repair requirements and some are damaged by the occupants or other before a buyer can get to settlement. Renovation financing is available but is not offered by some lenders.
We always recommend a home inspection as a condition of normal purchase contract. With trustee sales, there are no such protections and the purchase is not conditioned on a home inspection, condition or financing. There is a great risk to be taken when a buyer does not know the condition of the property at the time of the sale or if the property will be further damaged before settlement.
Occupancy is something that most buyer expect when they go to settlement. With a trustee sale, receiving a good title does not include the right to occupy the property. If the home is occupied, the buyer must go through the required eviction process that takes time and is quite expensive in a county that takes great efforts to protect home occupants.
Prospective buyers are competing with professional investors at trustee sales. And, a high percentage of the homes that are sold are actually purchased by the secured lenders. So, a buyer can go to a lot of effort and have nothing to show for the work and expense.
Most buyers need professional advice on the value of a property before submitting an offer to purchase. That advice us usually free from a buyer agent that expects to receive a commission from the seller when the property goes to settlement. With trustee sales, there in on compensation and no protection for the buyer agents. So, most agents avoid trustee sales.
There are other issues to consider as well, but the above points are usually enough to convince most first time buyers that trustee sales are too risky for comfort.
The following is a sample schedule of trustee sales. This list of sales is scheduled by Alex Cooper Auctioneers for Wednesday of this week. To see a their complete schedule, visit www.alexcooper.com
Wednesday, November 19, 2008
Montgomery County
10:00 AM- 18933 Ebbtide Cir., Germantown, 20874 Dep. $43,000. BU
10:02 AM- 4315 Judith St., Rockville, 20853 Dep. $35,000. BU
10:04 AM- 19360 Running Cedar Ct., Germantown, 20876 Dep. $20,000. BU
10:06 AM- 10911 Breewood Ct., Silver Spring, 20901 Dep. $33,000. BU
10:08 AM- 14513 Dunsinane Terr., Silver Spring, 20906 Dep. $29,000. BU
10:12 AM- 4112 Heathfield Rd., Rockville, 20853 Dep. $34,500. BU
10:14 AM- 18602 Winding Creek Pl., Germantown, 20874 Dep. $35,500. BU
10:16 AM- 501 Hungerford Dr., #209, Rockville, 20850 Dep. $26,500. BU
10:18 AM- 9015 Centerway Rd., Gaithersburg, 20879 Dep. $28,000. BU
10:20 AM- 14611 Nadine Dr., Rockville, 20853 Dep. $36,000. BU
10:22 AM- 14522 Macbeth Dr., #77, Silver Spring, 20906 Dep. $32,000. BU
2:35 PM- 19510 Twinflower Cir., Germantown, 20876 Dep. $27,000. BGW
2:36 PM- 14662 Keeneland Cir., North Potomac, 20878 Dep. $30,000. BGW
2:37 PM- 12722 Epping Terr., #10-D, Washington, 20906 Dep. $14,000. BGW
2:38 PM- 14832 Melfordshire Way, Silver Spring, 20906 Dep. $31,000. BGW
2:39 PM- 18334 Streamside Dr., Unit #204, Gaithersburg, 20879 Dep. $18,000. BGW
2:40 PM- 107 Bookham La., Gaithersburg, 20877 Dep. $47,000. BGW
2:41 PM- 12915 Ethel Rose Way, Boyds, 20841 Dep. $38,000. BGW
2:42 PM- 11604 Piney Lodge Rd., North Potomac, 20878 Dep. $18,000. BGW
2:43 PM- 17206 Amity Dr., Rockville, 20855 Dep. $44,000. BGW
2:45 PM- 20125 Club Hill Dr., Germantown, 20874 Dep. $30,000. BGW
2:46 PM- 8830 Piney Branch Rd., Unit #305, Silver Spring, 20903 Dep. $25,000. BGW
2:47 PM- 9413 Chatteroy Pl., Montgomery Village, 20886 Dep. $35,000. BGW
2:48 PM- 6 Autumn Hill Way, Gaithersburg, 20877 Dep. $30,000. BGW
2:49 PM- 19026 Festival Dr., Boyds, 20841 Dep. $35,000. BGW
2:50 PM- 12942 Ethel Rose Way, Boyds, 20841 Dep. $40,000. BGW
2:51 PM- 14700 Harvest La., Silver Spring, 20905 Dep. $64,000. BGW
2:52 PM- 16626 Brogden Rd., Spencerville, 20868 Dep. $40,000. BGW
3:10 PM- 17822 Buehler Rd., #1D3, Olney, 20832 Dep. $17,000.
THE ABOVE SALE(S) TO BE HELD AT THE COURTHOUSE DOOR, 50 MARYLAND AVE., ROCKVILLE, MONTGOMERY CO
TRUSTEE SALE - JEFFERSON, MARYLAND
A trustee sale advertisement appeared in the 11/14/08 issue of The Gazette under The Gazette Legal Notices for an auction scheduled for Monday, November 24, 2008 at 11:15 AM. The location of the sale is the court house door of the Circuit Court for Frederick County, Maryland. The required deposit is $57,900. For full details, read the advertisement in The Gazette and contact the trustee.
This home is not actively listed on the Multiple Listing Service. Most of the homes that are sold at the trustee sales are purchased by the secured mortgage lenders. The lenders then offer the homes for sale when they become part of the REO inventory. Contact us for client reports on lender owned homes in Frederick County and Montgomery County, MD. roykelley@mris.com
| 3722 POINT OF ROCKS RD, JEFFERSON, MD 21755 | |||
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HAUSLER SUBDIVISION - 7 BR/4 FB/2 HB |
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| PREVIOUS TRANSFER DATE AND PRICE: 12-Dec-2006 | $650,000 |
| Tax Year 2008 |
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| TOTAL TAX BILL: $6,741 | City Tax: | Tax Levy Year: 2008 | |||||||||||||||||||||||
| State/County Tax: $6,008 | Refuse: | Tax Rate: 1.05 | |||||||||||||||||||||||
| Special Tax: $734 | Homestd/Exempt Status: | Exempt Class: 000 | |||||||||||||||||||||||
| Front Foot Fee: | Tax Class: | Mult Class: | |||||||||||||||||||||||
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POTOMAC TRUSTEE SALE
13121 PINEY MEETINGHOUSE RD, POTOMAC, MD 20854
It is easy to miss The Gazette Legal Notices if you do not read the Friday issues of The Gazette. This home is advertised for a trustee sale on Tuesday, December 2, 2008 at 10 AM. The location of the sale is the Montgomery County Judicial Center in Rockville.
This property is not currently listed on the Multiple Listing Service so it is not availble for inspection. It was previously offered for sale with a list price of $2,350,000.
For information, contact the trustees, Steven B. Jackson and Steven P. Henne at 301-258-0400. See the advertisement in The Gazette for the full wording. The required deposit is $107,000.
In the current market, most of the homes that are sold at the trustee sales in Montgomery County are purchased by the secured lenders. The lenders then offer the properties for sale when they become part of the REO inventory. Contact us for client reports on lender owned homes in Montgomery County and Frederick County, Maryland. roykelley@mris.com
WASHINGTON COUNTY, MARYLAND HUD HOMES
There are now several HUD homes available for purchase in Washingtonk County, Maryland. These are properties that formerly were financed by FHA and went to foreclosure with the previous lenders.
HUD homes are first offered to owner occupant purchasers before being offered to investor buyers. The homes designated for owner occupants are not currently available to investors.
FHA financing is usually to best for mortgages on these homes. Ask your loan officer about your options including renovation financing that can cover fix up. We will be happy to refer you to a loan officer that provides FHA financing.
Ask us about our client reports on lender owned homes in Montgomery County and Frederick County, MD. We represent buyer clients as their exclusive agents. roykelley@mris.com
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Providing exclusive buyer and seller representation. Advising clients on pre-foreclosures, trustee sales, foreclosures and REOs. Listing agent for Countrywide Home Loans in Montgomery County.
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