Foreclosures were rare in Montgomery County during the housing boom. The recent changes in market conditions have created an opportunity for home buyers to own a home and have instant equity after settlement. Foreclosed properties are priced better than ever. Some properties are available for $50,000 to $100,000 under market price and require no fixes.

You may have heard about foreclosure tours. Are they worth it?

The answer is yes and no.

When should I participate in a foreclosure tour?

Foreclosure tours are best for buyers who are interested in moving within the next two to three months. Most importantly, you must be able to put an offer on a home that appeals to you, immediately. This means that you need to be pre-qualified for a mortgage loan. The primary reason being the high rate at which “best of the deal” properties are contracted.

Consider a recent property in Gaithersburg listed almost $80,000 below market. The property was off the market in two days with multiple offers. In cases where a lender decides to accept offers over a 30 day period, the lender will receive numerous offers, most of which are over the asking price.

In short, be ready to act in order to increase your chances of the bank accepting your offer.

If you are six months away from buying a property and would like to browse properties in the meantime, contact the listing agent to find out when the house is scheduled for an Open house event. This is the best and most casual way for you to take a look at the interior without a prequalification.

How do I pre-qualify for a mortgage loan?

Most residential real estate property sales require a pre-approval qualification letter. It ensures that you have the means to finance the home that you want to purchase. If you are working with a buyer’s agent, ask him/her to recommend a lender. You can also take advantage of internet resources to locate local lenders and mortgage brokers available in your area. If you are interested in Maryland mortgage loan programs such as CDA or HOC, be sure to work with a lender or broker that is qualified to process these types of loans.

Get date and time information on upcoming foreclosure tour information in the Germantown, Clarksburg, Gaithersburg and Montgomery Village areas by visiting my website http://www.gaithersburgmdhomes.blogspot.com You will also find a current listing of bank owned/REO properties for sale in Montgomery county

Delia Galley specializes as an exclusive buyer agent, with a special focus in finding buyers their dream home and negotiating on their behalf.

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That's when taking out a short term loan can come in handy.