Are you looking for an investment opportunity or a new home?
There are more bank owned opportunities than in previous years. The searches have been created for your convenience. For a custom search, call (240) 284-4114
Please note that there are special requirements to ownership with regards to title, as-is condition addendums and special contracts that protect the seller (the bank). Home inspections are allowed though for the purchasers information purposes only. The seller (the bank) will not make any repairs based on the home inspectors findings. It may be suitable to get a renovation loan through FHA or Fannie Mae. To learn more about renovation loans, go to FHA 203K and Fannie Mae HomeStyle to learn how you can turn any home into your dream home.
Foreclosure/REO Listings in the Washington Metro Area
The terms below are the most misunderstood terms in real estate with regards to short sales and foreclosures.
REO - real estate owned is real property owned by a bank or corporation after a foreclosure sale. Many people refer to real estate that is listed in the multiple listing service as a foreclosure when in fact, it is an REO.
Foreclosure - process in which the bank takes back possession of real estate due to a default mortgage by a borrower that is more than 3 months or more behind in payments.
Short sale - sale of a home that is being sold for significantly less than the mortgage amount. For example, if a homeowner brought a home in 2005 for $300,000 and in today's market the home would only sale for $190,000. That's a difference of $110,000. The lender(s) and investors must agree to take a loss in order to allow the home to sell in order to give clear title without the lien on the property. Not all short sales are approved. There are 3 outcomes of a short sale. The bank accepts, counters or rejects the offer submitted. The bank may counter the buyer on terms and/or seller on terms with regards to funds or a promissory note for the seller.