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Chris is CDPE certified, see our website for details. In many neighborhoods, Foreclosures and Short Sales make up 30% of the market. We have a listing in a neighborhood where 70% of the homes on the market are foreclosures or short sales. No question, there are some great deals to be had. But when is a Frederick Foreclosure a good deal versus a bad deal?
There are definite risks associated with foreclosures most buyers are aware of, like the repairs that often come with neglected and abused homes. These homes tend to be concentrated in neighborhoods, though not always. With the threat of more homes possibly going into foreclosure, the newest risk is that the house might continue to lose value even after you purchase it.
If you plan on purchasing a Bank-owned property, Here are 10 tips I’ve put together from many different sources, to help you mitigate against the risks as much as possible.
1. Just like any home purchase, prioritize your needs. Find a house that meets most or all of your needs, don’t compromise on things you know you’ll want and need, just because it looks like a great deal. You still have to live in it, it has to work for you.
2. Talk to the experts. Get a real estate agent who has foreclosure experience. Get someone who is referred to you by someone you trust. The same goes for a lender.
3. Look at neighborhood Data. Find out the trends for that neighborhood. Find out recent sales, don’t go further back than 3 months.
4. Find out from the local police if there is a history for the house, and the neighborhood. I’ve been reading about a case where the foreclosed house was once a meth lab. The would-be buyer had haz-mat do tests on the house, and decided against buying. It was in a good neighborhood, so don’t let that keep you from searching out the history.
5. Do your homework. If you think you might like to buy it, get estimates on the work that will need to be done. If you’re handy, and think you can do the work yourself, add the cost of paying yourself into the mix. I know many people who started out with the best of intentions, but either got tired, or got too tied up with daily life to finish.
6. Check out Rehab Loans with your lender. You may be able to finance the work you will need to do. You’ll need those estimates from at least 3 contractors.
7. Make sure your offer is contingent on a home inspection. Mold, termites, and anything else you uncover in your homework. It’s well worth the $400 to $500 to get an inspection.
8. Buy at the right time. Public Auction is a good time. Generally, the best deals are after the home has been on the market 60 days or more.
9. Don’t eliminate the rest of the homes on the market. There are some great deals out there that you don’t want to miss because they aren’t bank-owned or distress sales. Add up the cost of making the foreclosed house desirable to you, and weigh it against some of the deals out there.
10. Make sure you have the patience to wait for the right deal, the will and drive to repair and make the house livable, and enough money to finish the job.
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• 1,770 sq. ft., 2 bath, 3 bdrm 3 story
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MLS®
$209,900
- New Reduced Price
Wellington Trace, Frederick
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New Reduced Price! In Popular Wellington Trace neighborhood,close to shopping, commuter route and theater. NO city taxes! Super community ammenities, close to regional park, elementary school, Tuscarora HS district. Oversized Master BedRoom with vaulted ceilings & sitting room/den. Master Bath with double sinks, soaking tub with jets. Freshly painted. Great opportunity to enjoy all the lifestyle that this community affords.
Property information
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Well Appointed,Lovingly Kept
• 2,600 sq. ft., 3 bath, 3 bdrm 3 story "Colonial"
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MLS®
$344,900
- Great Price
Wormans Mill, Frederick
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Amazing Federal Hill Model townhouse in popular Wormans Mill! Quality Wormald Construction. Stunning 2 storyy foyer, showcase dining room, spacious living room with gas fireplace. Spacious kitchen features breakfast room, hardwood floors, newer appliances,& Corian counters. First Floor family room. Finished lower level with cozy rec room and brick hearth fireplace. Master suite with tray ceilings & superbath. All this and a 2 car garage!
Property information
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You Can Keep Your Good Credit During This Recession - If You Know The Score
RISMEDIA, August 21, 2010--People are having to make tough financial choices today, but many don't have to wreck their credit scores if they know how the system works, according to credit expert Eddie Johansson, president of Credit Security Group.
"With the same amount of money, you can make decisions that kill your credit score or ones that keep your score - or at least give you the ability to rebuild your score quickly later," he said. "Most people have wrong or little information about how the system works, and that's a big reason scores go down when difficult decisions are made during a recession."
Johansson advises major financial institutions and consumers on the FICO credit score model used by most lenders in deciding the borrower's risk and interest rate. He described three common misconceptions that needlessly lower credit scores.
Misconception #1: Paying late didn't hurting my credit since I'm caught up now.
Johansson said recent late payments are the credit score killers he sees most often. "It's great that you caught up," he said, "but it doesn't change the fact that you paid late. Anything other than 'paid as agreed' on accounts on your credit report hurts your score."
Misconception #2: Dollar Amounts Matter in Credit Scores.
An example of bad credit score advice here is "pay the highest bill first," Johansson said. "Dollar amounts don't matter in FICO scoring; ratios and recency do. The effect on your score is the same for a $1 late payment as a $1,000 late payment. The fewer late payments on your credit report, the higher your score - regardless of their dollar amounts," he said.
Johansson emphasized the importance of paying all your bills on time, every time. However, he says that if you must pay late and want to avoid damage to your score, pay the accounts that report to credit bureaus first. You can find this information by getting a copy of your credit report.
Misconception #3: Closing Credit Card Accounts Helps Your Score.
If you cancel a card, you may have just thrown away your chance to increase your score by continuing to build on years of positive credit. "Very long term positive account history can really boost your score," Johansson said. "It's best for your score to keep cards open and active, using them for small purchases. Next best is to just keep them open so you can build your score back up quickly by using them later."
Don't Make a Bad Situation Worse.
In tough economic times, people often buy more on credit than they usually would. The amount they pay in interest on these purchases is largely determined by their credit scores. Poor decisions that lower scores combined with an already tight budget can be very costly, making money problems worse than they have to be. "What we're trying to do," Johansson said, "is help people get through these tough times with as little financial damage as possible. This is best for them, for lenders and for our economy."
Johansson emphasized that lower credit scores may be unavoidable for some, and that credit scores are not the only factor to consider. "However," he said, "good credit is an important part of financial security and must be considered when making the best long-term decisions. Having the right information is necessary to make good choices - now more than ever."
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Jim Kramer says ...
Don't you dare buy a home right now?
Jim Kramer host of CNBC's "Mad Money" said some controversial things about the real estate market.
Jim said these 3 locations are the only place in the country where housing prices are not falling:
Seattle
zip code 10005
Montgomery County Maryland
So what's that got to do with Frederick Maryland?
Can you really afford the prices for real estate in Montgomery County?
Never mind if it's going to go up in value...
If you wanted to be *close* to the action where are you going to go?Across the Potomac River?
Costs too much there as well.
Into North West DC? Costs even more there
What does that leave?Go North my friend, Move to
Frederick Maryland.When the market rebounds and it will, what do you think that's going to do to Montgomery County home prices? If you think they're high now...
To my mind, this makes Buying a Home in Frederick County Maryland one the best ROI you can get. (ROI= Return on Investment)
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The Highland Real Estate Group
Chris & Karen Highland * 301-831-9947
Real Estate Teams, LLC
email us: isell4u2@msn.com
EXT US: 301-401-5119
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Realtor.com has an I-Phone app that allows a buyer to search their local MLS for homes on the market. A buyer can get instant information on over 4 million homes on the market, whether walking or driving through a neighborhood.
Additionally, the Realtor.com iPhone app now includes:
Area Highlighter: Use your finger to draw a search area on the map.
Area Scout: Learn about an area.
Share listings by SMS without leaving the app.
iOS 4.0 Ready — Tested and optimized for the latest iOS4 features
Information directly from the official listing site of the National Association of REALTORS®
New updates include:
New property, lot and community search options
Location Browser feature (for exploration of nearby cities/neighborhoods)
Recent Locations feature (brings up the past five searched locations)
Share Listings feature (social distribution of listings)
Calendar Integration feature (add open houses and other listing info to your calendar)
Get more information from the Realtor.com App consumer information page. Oh, yes, I almost forgot the best part... it's free.
___________________________________________________________
The Highland Real Estate Group
Chris & Karen Highland * 301-831-9947
Real Estate Teams, LLC
email us: isell4u2@msn.com
TEXT US: 301-401-5119
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MRIS has published the real estate sales statistics for Carroll County for June 2010*
| County-wide | 2010 | 2009 | % Change |
| Avg. Price | $307,600 | $311,900 | -2% |
| Median Price | $299,000 | $275,000 | +9% |
| DOM | 84 | 125 | -33% |
| # homes sold | 92 | 137 | -33% |
| New Listings: | 288 |
| Total Marked Contract: | 83 |
| Total Marked Contingent: | 36 |
| Total Pending (contract + contingent) | 119 |
New Construction: 182 listings, 3 sales
Note: There are currently 1355 homes listed for sale in Carroll County, that makes a 11-12 month inventory. Sellers got an average 93% of list price this month compared to 91% last year at this time.
Other notable sales statistics: 12% were cash deals, reflecting many investors’ purchases.
Compare to Carroll County MD Real Estate Market Report for June 2010
See Frederick County Real Estate Market Report for July 2010.
*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while accurate, are not guaranteed.
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MRIS has published the real estate sales statistics for Washington County for July 2010*
| County-wide | 2010 | 2009 | % Change |
| Avg. Price | $176,100 | $178,800 | -2% |
| Median Price | $165,900 | $155,000 | +7% |
| DOM | 110 | 130 | -15% |
| # homes sold | 97 | 95 | +2% |
| New Listings: | 234 |
| Total Marked Contract: | 78 |
| Total Marked Contingent: | 44 |
| Total Pending (contract + contingent) | 122 |
New Construction: 108 listings, 1 sales
Note: There are currently 1237 homes listed for sale in Washington County, that makes a 10-11 month inventory. Sellers got an average 87% of list price this month compared to 88% last year at this time.
Other notable sales statistics: 25% were cash deals, reflecting many investors’ purchases. 93% of the homes sold were under $300,000.
Compare to Washington County Real Estate Market Report for June 2010.
See Frederick County Real Estate Market Report for July 2010.
*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while accurate, are not guaranteed. _____________________________________________________
To see homes for sale in Frederick or Washington County, use our free property search
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
Pictures of Frederick
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Real Estate market statistics for July 2010 for the sales activity in Thurmont MD have been published.* Here is the synopsis:
| Thurmont | 2010 | 2009 | % Change |
| Avg. Price | $259,300 | $255,000 | +2% |
| Median Price | $220,000 | $249,900 | -12% |
| DOM | 134 | 173 | -23% |
| # homes sold | 7 | 11 | -36% |
| New Listings: | 29 |
| Total Marked Contract: | 12 |
| Total Marked Contingent: | 5 |
| Total Pending (contract + contingent) | 17 |
There are currently 85 homes listed for sale in Thurmont. This represents roughly an 8 month absorption rate in Thurmont. Thurmont sellers got an average 94% of list price this month, compared to 90% this time last year.
Compare to June 2010 Real Estate Market Report for Thurmont.
See all of Frederick County real estate market statistics for July 2010.
*All statistics are gathered from the MRIS, Metropolitan Regional Information System, and while deemed accurate, are not guaranteed.
Use our free MLS search to find your Thurmont home:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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Mount Airy Real Estate Statistics for July 2010 have been published by MRIS*. Here is the synopsis:
| Mt. Airy | 2010 | 2009 | % Change |
| Avg. Price | $382,200 | $417,700 | -9% |
| Median Price | $380,000 | $350,000 | +9% |
| DOM | 93 | 110 | -15% |
| # homes sold | 11 | 29 | -62% |
| Inventory | | 200 | |
| Total New Listings | | 54 | |
| Properties Marked Contract | | 16 | |
| Properties Marked Contingent Contract | | 16 | |
| Total New Pendings (Contracts + Contingents) | | 32 | |
Mount Airy has roughly a 7-8 month absorption rate. Sellers, on average, got 95% of list price, compared to 91% at this time last year. Average sale price was up 3% over last month; median sale price was up 6% over last month. The market seems to be leveling off in Mt. Airy.
Compare to Mt. Airy Real Estate market reports for June 2010.
See Frederick County Real Estate market reports for July 2010.
* Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data Copyright 2010 - Information deemed reliable, but is not guaranteed.
Search for homes in Mt. Airy, use our free MLS search:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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Real estate market statistics for July 2010 for sales activity in New Market MD have been published.* Here is the synopsis:
| New Market | 2010 | 2009 | % Change |
| Avg. Price | $347,900 | $346,200 | +.5% |
| Median Price | $366,800 | $355,000 | +3% |
| DOM | 116 | 108 | =7% |
| # homes sold | 17 | 9 | +89% |
| New Listings: | 15 |
| Total Marked Contract: | 10 |
| Total Marked Contingent: | 8 |
| Total Pending (contract + contingent) | 18 |
There are currently 83 homes listed for sale in New Market. This represents roughly a 5-6 month absorption rate in New Market. Sellers got, on average, 92% of list price, compared to 88% last year at this time.
Average price has leveled off compared to last year, but was +14% over last month. Median price was up 26% over last month.
Compare to New Market real estate market report for June 2010. See Frederick County Real Estate Market Report for July 2010.
* Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed
Search for homes in New Market, use our free MLS search:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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July 2010 Real Estate Market Report for Frederick City, by zip code:
| 21701 | 2010 | 2009 | % Change |
| Avg. Price | $305,600 | $245,200 | +24% |
| Median Price | $222,000 | $220,000 | +1% |
| DaysOnMarket | 90 | 142 | -37% |
| # homes sold | 38 | 45 | -16% |
| New Listings: | 77 |
| Total Marked Contract: | 29 |
| Total Marked Contingent: | 17 |
| Total Pending (contract + contingent) | 46 |
There are 332 active listings in the zip code, which represents roughly a 7-8 month inventory. 61% of homes sold were under $300,000. Sellers are getting an average 91% of list price, compared to 91% one year ago.
| 21702 | 2010 | 2009 | % Change |
| Avg. Price | $247,700 | $210,400 | +18% |
| Median Price | $225,000 | $184,900 | +22 |
| DOM | 63 | 104 | -39% |
| # homes sold | 44 | 53 | -17% |
| New Listings: | 671 |
| Total Marked Contract: | 28 |
| Total Marked Contingent: | 21 |
| Total Pending (contract + contingent) | 49 |
There are currently 261 active listings in the zip code, representing roughly a 7-8 month inventory. 73 % of homes sold were under $300,000, first-time buyer range. Average (+18%) and Median (+24%) prices were higher than last month. Sellers received 90% of list price compared to 92% this time last year.
| 21703 | 2010 | 2009 | % Change |
| Avg. Price | $195,600 | $210,200 | -6% |
| Median Price | $180,700 | $190,000 | -5% |
| DOM | 69 | 94 | -27% |
| # homes sold | 30 | 48 | -38% |
| New Listings: | 689 |
| Total Marked Contract: | 24 |
| Total Marked Contingent: | 18 |
| Total Pending (contract + contingent) | 42 |
The 21703 zip code shows 252 active listings, representing roughly a 7-8 month inventory. 87% of the sales were under $300,000. Sellers got on average 92% of list price compared to 93% last year at this time.
*All Statistics gathered from MRIS, Metropolitan Regional Information System. Though deemed accurate, not guaranteed.
Compare to Frederick City Real Estate Market Report for June 2010.
County-wide statistics: Frederick County Real Estate Market Report for July 2010
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Real estate market statistics for July 2010 for sales activity in Walkersville MD have been published.* Here is the synopsis:
| Walkersville | 2010 | 2009 | % Change |
| Avg. Price | $302,500 | $253,900 | +19% |
| Median Price | $315,000 | $268,000 | +18% |
| DOM | 38 | 86 | -56% |
| # homes sold | 5 | 13 | -62% |
| New Listings: | 17 |
| Total Marked Contract: | 7 |
| Total Marked Contingent: | 5 |
| Total Pending (contract + contingent) | 12 |
There are currently 59 homes listed for sale in Walkersville. This represents roughly a 6-8 month absorption rate in Walkersville. Sellers in Walkersville got 101% of list price, on average, compared to 96% of list price last year.
Compare to Walkersville real estate market statistics for June 2010.
See Frederick County real estate market statistics for July 2010.
* Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed.
Search for homes in Walkersville, use our free MLS search:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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Real estate market statistics for July 2010 for sales activity in Middletown MD have been published.* Here is the synopsis:
| Middletown | 2010 | 2009 | % Change |
| Avg. Price | $396,600 | $410,800 | -3% |
| Median Price | $397,000 | $350,000 | +13% |
| DOM (days on market) | 206 | 103 | +100% |
| # homes sold | 13 | 13 | 0% |
| New Listings: | 14 |
| Total Marked Contract: | 3 |
| Total Marked Contingent: | 4 |
| Total Pending (contract + contingent) | 7 |
There are currently 84 homes listed for sale in Middletown. This represents roughly a 8-10 month absorption rate in Middletown. Middletown sellers got an average 91% of list price this month, compared to 92% in last year at this time.
Compare to Middletown real estate market statistics for June 2010.
See Frederick County real estate market statistics for July 2010.
* Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed.
Search for homes in Middletown, use our free MLS search:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
301-831-9947
Real Estate Teams, LLC
isell4u2@msn.com
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Real estate market statistics for July 2010 for sales activity in Urbana MD have been published.* Here is the synopsis:
| Urbana | 2010 | 2009 | % Change |
| Avg. Price | $353,400 | $381,500 | -7% |
| Median Price | $310,000 | $342,500 | -9% |
| DOM (days on market) | 51 | 79 | -35% |
| # homes sold | 16 | 14 | +14% |
| New Listings: | 28 |
| Total Marked Contract: | 12 |
| Total Marked Contingent: | 7 |
| Total Pending (contract + contingent) | 19 |
There are currently 95 homes listed for sale in Urbana. This represents roughly a 5-6 month absorption rate in Urbana. Sellers got an average of 89% of their list price compared to 91% this time last year. Average and Median home price was slightly higher than last month.
Compare to Urbana real estate market statistics for June 2010.
See Frederick County real estate market statistics for July 2010.
* Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed.
Search for homes in Urbana, use our free MLS search:
The Highland Real Estate Group
Chris & Karen Highland * Frederick County MD Real Estate Agents
Specializing in Frederick County Real Estate
301-831-9947
Real Estate Teams, LLC
ISELL4U2@MSN.COM