Most recent Anne Arundel county foreclosures

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$209,900

8211 APPALACHIAN DRIVE, Pasadena

Deeply discounted foreclosure . Best buy in aspen park price now approved. No waiting . Sold as is and priced as an assignment of the banks contract . No fha . Cash , h...

  • Beds3
  • Baths4
  • MLSAA10087708

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$243,000

1401 WOODLAND BEACH ROAD, Pasadena

This is a Fannie Mae Homepath Property. Waterview home in Woodland Beach. This open floorplan offers three bedrooms and extensive waterviews from the living room and ma...

  • Beds3
  • Baths2
  • MLSAA10086947

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$175,000

7 SILVERWOOD CIRCLE Unit #7, Annapolis

Large 3 bedroom, 2 Full bath condo with updated kitchen, balcony, spacious living room, separate dining room, den and large master.

  • Beds3
  • Baths2
  • MLSAA10085733
  • Bldg.Fairwinds

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$418,000

1234 HILLSIDE ROAD, Pasadena

Property sold as is. Water front. Seller will not pay for repairs, make repairs, or reduce sales price after inspections due to repairs. Inspections for buyer's info o...

  • Beds3
  • Baths1
  • MLSAA10085711

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$170,000

1319 FARRARA DRIVE, Odenton

3-bedroom rancher that is close to schools and shopping. Great Price! Great Opportunity! It will not last long!

  • Beds3
  • Baths1
  • MLSAA10084828

The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than Real Estate Company. are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified. All listing information copyright MRIS 2017. Last updated:

FORECLOSURE HOMES FOR SALE IN ANNAPOLIS AND ANNE ARUNDEL

 

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Differences between a Foreclosure and an REO home

Foreclosure is the process in which a lender takes possession of a property. When a homeowner fails to make payments on his/her mortgage, the lender can begin foreclosure proceedings. This is a very specific legal process with set timelines and outcomes. In a short sale situation, the homeowner's name is still on title of the property and they are the official owners who are trying to sell the property. In a foreclosure, the lender takes possession of the house and as a result, the homeowner is no longer a party in the sale.

Foreclosure properties are auctioned at a Trustee Sale at the court house in the county where the property is located. Foreclosure properties must be paid for in full at the time of the auction. Because these transactions do not go through the same closing process as regular sales, usually only seasoned investors will purchase property at a Trustee Sale. This is due to the inherent risks and potential problems that are normally investigated and cleared during a title search. Problems may include: title problems, superior loan pay offs, IRS liens, tenants or owners still occupying the property, and/or structural problems. The price may seem good at auction (priced well below other houses in the neighborhood), but costs and risks may come after taking title.

Real Estate Owned (REO) is a term frequently used by lending institutions as applied to ownership of real property acquired for investment or as a result of foreclosure. REO is property owned by a lender, usually a bank, after an unsuccessful sale at a foreclosure auction (Trustee Sale). The bank will then go through the process of trying to sell the property on its own. It will try to remove some of the liens and other expenses on the home, and then try to sell it through the use of Realtors.

If the buyer of an REO is making any moving plans, they should note that a closing delay could occur. The bank, as the seller, will set the pace of the transaction. This is especially true in the last days prior to closing. Please be sure to work with an experienced agent in helping you buy an REO home.

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