Arthur Hirsch of the Baltimore Sun wrote, “Real estate sales hit their highest March mark since 2007 and new contracts rose for a tenth straight month, while lender-owned property sales soared 72 percent.”
A large number of foreclosures continued to drag on prices. Median sales prices for the city and five surrounding counties rose 1.1 percent when compared with last March — from $227,500 to $230,075.
Ross Mackesey, president of the Greater Baltimore Board of Realtors, said he also was encouraged by the fact that standard sales continued to rise, although distressed property sales — short sales and foreclosures — also were prevalent, particularly in Baltimore City.
In the city, the median sales price dropped 24 percent to $87,500 when compared to last March, reflecting the fact that foreclosure sales rose more than 72 percent, and were more than one-third of all home sales in the city. The median sales price for a lender-owned home in the city was $38,500, compared with $166,250 for standard transactions.
In Baltimore County, lender-owned properties made up 23 percent of sales, and the difference in price between lender-owned and conventional sales also was stark: $122,025 versus $238,700. Nonetheless, the median price there rose 4.2 percent to $208,350.
When you look at the Zillow map of foreclosed homes and pre-foreclosures in Maryland, it is astounding that there are more than 42,000 families in trouble. The map only shows 500. With the prices so low versus the median price of sales, it seems that there is an opportunity for a person to make some great buys if he has the time and inclination.
Google “lender owned properties” and there is all sorts of advice how to proceed Here are just a few:
- Buying a Wells Fargo Real Estate Owned Property
- S. Bank-Owned Properties
- Buying a Bank-Owned Property
- Buying Post Foreclosures – REOs
- REO and Bank-Owned Properties: What You Need to Know
Trusted Homebuyers is a real estate investor. We know our way around buying lender owned properties. We are here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today to let us know what YOU need help with!