Tips for Buying a Foreclosure in the Frederick Real Estate Market
According to the Center for Responsible Lending, the number of foreclosures in 2009 has eclipsed 1 million. While half of those foreclosures are located in California, Florida and Nevada, we have a few in Frederick County too. We have 8% of the foreclosures in the state of Maryland. According to Realtytrac.com, more foreclosures are expected in the next 4 years.
Foreclosures are making their impact on the Frederick Real Estate market, and many first-time buyers and investors are getting some great deals. What is the best tip for winning in the Frederick REO market?
The best tip is to get an experienced buyers' agent. Get an agent who:
A. Knows not only the market statistics but also the way the market is trending. You want to get a good deal on a foreclosure, but in a competitive situation, you don't want to loose to another buyer because your agent didn't give you the best advice.
B. Knows the technicals of the contract. Don't assume that all agents do. We just saved a buyer of a bank-owned property over $1000 because we carefully read the bank's addendum. Every bank has different addenda, crafted by their own legal team. In many cases, they take precidence over the MAR contract (Maryland Association of Realtors).
Contact us to see some great deals in the Frederick REO market, or use our free MLS search:
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The Highland Group
Chris & Karen Highland * 301-831-9947
Turning Point Real Estate – 301-831-8232
email us: isell4u2@msn.com
Text Us: 301-401-5119 | |