PG County Real Estate

Maryland Governor Marvin O’Malley is shaking his head at recent news that Maryland is in the Top 10 for foreclosures. Though the state has the highest median household income in the country due to high-paying federal jobs, federal contracts, and research grants, foreclosure filings are up 70% in Prince Georges County and up 20% in wealthy Montgomery County.

O’Malley has attempted to alleviate the foreclosure situation by promoting reforms that included one to slow foreclosures and aide homeowners through Department of Housing and Community Development grants.

The efforts to hold off or prevent foreclosures are frustrated by many factors the state cannot control.  When people lose jobs, they often cannot pay their mortgage, even if they have received loan modifications or other help.  As a result, local communities lose tax money and foreclosure rates rise.

Many are not eligible for loan modifications since their homes are underwater.  The governor is pushing for state-backed intervention in the form of mediation between borrowers and lenders.  With a $2 billion budget deficit, the state will have to cut other programs to finance mediation efforts.

Those who are in loan modification programs do not send their paperwork in fast enough, according to banks.  Foreclosure counselors, like Tom Simonton of consumer Credit Counseling Services in Rockville, MS, say the banks are to blame.  He cites cases of sending in paperwork 8 to 10 times by fax.  UPS, FedEx, and certified mail – only to have the lender say they didn’t get it.

Express Homebuyers can buy your home for cash.  Check our list of frequently asked questions to see how this can help you, and then call 877-804-3252 to get started.

This may be familiar territory for some of you, but here is a comprehensive guide to purchasing a bank-owned property.

• Your first step is to secure loan pre-approval.  If you are not already working with a lender, we have several we would be happy to recommend.  While you’re free to use a vendor of your choosing, know that certain banks may require you to be approved by their lender before you can proceed with buying one of their foreclosed properties.
• Next, select one of the homes the bank has available.
• For the offer to be considered, you must submit your Earnest Money Deposit to the listing agent.
• If your offer is accepted, you will receive a list of bank addendums from the listing agent.
• After you have reviewed this document thoroughly, send it back to the listing agent, who will then forward it back to the bank and obtain the necessary signatures.
• During this waiting period, you should reach out to a loan officer to secure more accurate figures.  Give them the sale price, the interest rate, the monthly payment amount and the closing cost, at which point the loan officer will provide you with a Good Faith Estimate, and a list of the documentation necessary to complete the loan application.  Items on this list will include pay stubs, w-2 forms, and bank statements among others.  While you must ultimately select the mortgage that is best for you, we have found the 30 year fixed rate mortgage to be an excellent choice.
• The lender will require that you have Homeowner’s Insurance, so your next move should be to obtain a quote.  We recommend that you choose a plan covering your home and belongings in the event of a fire, robbery or other unforeseen set of circumstances.  As always, shop around for the best deal, and be sure to consult your car insurance agent, as you may be able to arrange a multi-policy discount.  After providing your insurance agent’s name and phone number to your loan officer, they will then order Hazard Insurance for you.
• You should receive your fully ratified (signed by both you and the lender) contract within a matter of days.
• Next, we will reach out to the listing agent and confirm that all utilities have been activated before scheduling a home inspection.  The inspection process typically lasts about 2-3 hours, and can be performed by an inspector of your choosing.  Once again, we would be happy to recommend one to you if you do not have one in mind.
• The loan officer will then request Appraisal and Title work.
• A full termite inspection will then be performed by either you or the seller.
• HOA documents should then be ordered by either you or the seller.  Review these thoroughly, and let us know if you have any questions.  We need to ensure that neither the bank nor the home’s previous owner are behind on paying HOA dues, and that there haven’t been any HOA code violations.
• You should then perform a final walk-through inspection, either before or the day of closing.
• When closing day arrives, your loan officer or title company will inform you of the materials you will need to bring (along with proof of identity) to complete the process.

As we have said many times before, we have the expertise and experience to represent you as you purchase a bank-owned property. And, we also have many bank-owned properties for sale since we work with a number of national banks and the Federal Government. Contact us at Info@ExpressRS.com or 703-752-1380 for more information or any comments you might have.

With the number of house flippers and fortune hunters increasing in today’s sagging real estate market, we feel it’s important to be as clear as possible about what we do.  Like any other crisis, the current economy has created its share of “miracle workers,” scammers who promise to make your foreclosure troubles disappear for a modest fee, or to provide renovations that they guarantee will help your home sell immediately.  Like any other predator, they view the difficult choices homeowners are faced with as a golden opportunity to take advantage of their concerns about the future, and see a way to turn a quick profit.

Unlike the kindsof companies (or in some cases, individuals posing as companies) described above, we don’t make any such promises.   We’re not asking to work on your house, or offering you a surefire way to avoid losing it.  Like our name suggests, Express Homebuyers is interested in buying homes.  Any and all renovations to the home occur after it has been purchased, not before.  The only service we provide is to pay you for houses that you’re having trouble affording (or are tired of constantly repairing and worrying about).  Our Express Realty Services branch is responsible for selling the homes once they’ve been completely restored, but this isn’t a two-step process unless you already keep tabs on the Express RS website and find a more affordable residence that you’d consider buying after having sold yours.  We aren’t looking to buy your home, refurbish it and then sell it back to you, or make any extravagant guarantees- the only step you should be focusing on as you consider moving forward with us is whether or not you feel the time is right to sell your home.  It is our sincere hope that we can be helpful to you in these difficult times, but know that we won’t promise anything we can’t deliver on, or suggest any “quick fixes” for your situation.  Express Homebuyers is here to buy your home if you’re ready to sell it, and if this is a move that makes sense for you, we’re only a call away.