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Anne Arundel County foreclosure search

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FORECLOSURE HOMES FOR SALE IN ANNAPOLIS AND ANNE ARUNDEL

 

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.

Most recent Anne Arundel county foreclosures

Arnold image
Arnold $408,500

Quaint 2BR 1 Bath Bungalow/Cottage. Updated Kitchen. Fireplace. Front Porch and Deck, Rear Deck. Level Yard. SOLD ONLY IN AS-IS CONDITION. Ample off street parking ( 4 c...

  • 2 Beds
  • 1 Baths
  • MDAA2034754 MLS
340 Cottswold Pl, Riva image
340 Cottswold Pl, Riva $1,049,900

Welcome to Annapolis Landing, A Waterfront Community. This Large, Stunningly Renovated and Redesigned Waterfront, Brick Colonial features a New Designer Kitchen with SS A...

  • 4 Beds
  • 4 Baths
  • MDAA2034718 MLS
3430 Carriage Walk Ct Unit #15-B, Laurel image
3430 Carriage Walk Ct Unit #15-B, Laurel — Carriages At Russett Condo $359,900

To help visualize this home’s floorplan and to highlight its potential, virtual furnishings may have been added to photos found in this listing. Come and take a look at t...

  • 3 Beds
  • 3 Baths
  • MDAA2032820 MLS
  • Carriages At Russett Condo Bldg.
2446 Vineyard Ln, Crofton image
2446 Vineyard Ln, Crofton $346,800

Brick front unit in Crofton Hill. 3 finished levels with walk out basement. Features include table space kitchen and separate dining room , Master Bedroom with private fu...

  • 3 Beds
  • 3 Baths
  • MDAA2032914 MLS
966 Patuxent Rd, Odenton image
966 Patuxent Rd, Odenton $105,000

Private lot with tremendous possibilities!! Sitting back off Patuxent Road is a gorgeous half acre lot that gives you privacy and convenience. Lots of trees and a creek m...

  • MDAA2032532 MLS
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Foreclosure listings by town

  • Annapolis
  • Edgwater
  • Crofton
  • Arnold
  • Severna Park
  • Davidsonville
  • Piney Orchard
  • Odenton
  • Gambrills
  • Millersville
  • Pasadena
  • Glen Burnie
  • Crownsville
  • Hanover
  • Linthicum
  • South County
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  • Queen Annes County
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  • Calvert County

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