Western Shore Realty, LLC

This house for sale is a foreclosure in Lusby for 49,900! View more information below. Email me if you would like to view it or need more information.

Signup for a weekly best buy report of fixer-uppers, REO, short sales, foreclosures, and HUD just for investors in southern maryland. To receive the free report of  investment properties in Southern Maryland weekly go to http://www.southernmarylandrentals.com/investors

We're sorry, but we couldn't find MLS # CA7759257 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Broker price opinions, evictions and other foreclosure activity are increasing in Southern Maryland. This could mean more foreclosures will come to the market this year. For over a year the activity decreased due to Robo-Signing issues. We were seeing less than half of the foreclosures from 2009 come on the market in 2011 in Southern Maryland. If you are an investor it is a great time to sign up for our best buy of the week it includes short sales, foreclosures and fixer uppers in Southern Maryland at the site below: http://southernmarylandrentals.com/investors/

Fannie Mae has special financing for some of their properties. It is called a Homepath Renovation Loan. I received an email last week from a Homepath Lender and he says they even do this loan for vacation homes. Here is the summary of how this loan can help you when purchasing a vacation home:

•  Buyers are eligible to add up to 35% of the as renovated value or $35,000, whichever is less, to their loan for renovation expenses.

• (The buyer must choose one credible General Contractor to complete the renovation bid and project.  Do it yourself projects are not allowed.)

•  The minimum credit score for a down payment less than 20% is 660 for down payments of 20% or more the minimum credit score is 620.

• An “As Completed” appraisal is required for HomePath Renovation Mortgages.

• The current interest rate is less than 5.25%.

•  The minimum down payment is 3%

• No mortgage insurance required.

• Seller can pay up to 6% of the sales price towards closing costs

Currently there are 2 homes on the market in Calvert County that qualify for this special financing. You can view them below. Both homes are located in Drum Point, Lusby.  One is a waterfront home on Drum Point Lake listed at $314,500, the other house in Drum Point has water access to the community beach. Let me know if you would like to see these and find out more about these special offers on Fannie Mae properties in Calvert County, St Marys County, Anne Arundel County and Charles County .

We're sorry, but we couldn't find MLS # CA7588204 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # CA7597982 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

I list foreclosures for banks and here what is going on with foreclosures in Calvert County:

• Buyers are putting in very low offers even when there are multiple offers
• Banks are more willing to make repairs. I have lost so many buyers in the past because they would not make repairs
• Attorneys are pushing to have all title issues resolved before listing the house. This has held up a number of closings in the past.
• Investors are coming out with cash to buy properties
• There is still high turnover with asset management companies and their clients
• New auction company has arrived that will let the buyer agent write up a regular offer to submit. In the past buyer agents and buyers would not deal with auctions. Maybe this will help.

Luckily most of these trends are good ones. Banks need to do something because several reports have found a growing number of buyers including investors do not want to look at foreclosures when searching for a home.

If you are interested in viewing vacation foreclosure homes for sale signup at SMdBeach.com

Here are the top three reasons to select your own title company when buying a foreclosure home in Calvert County. Here is what happens after your offer is accepted by the bank: they want to sell you on using their title company instead of choosing one yourself and they say it is paid for. If it sounds too good to be true it is. By law you as a buyer of real estate  get to choose your own title company. Below are the top 3 reasons why you should select your own title company when buying a foreclosure in Calvert County.

1 – You do not save money.  I have not seen any buyer save money by choosing the banks title company. I have also asked other agents if they have seen their clients save money and it is a definite no. Some agents even said it actually cost the buyer more.

2-Deed issues can come up where the deed can not transfer after the closing occurs. Sometimes the banks’ title companies do not check to see if tax, water bills, HOA and other items are paid.

3- Communication – The banks title company is working for the bank and they do not communicate effectively with the lender and the buyer agent.

This is a quick update on foreclosures in Calvert County and St Marys County.   Mortgage Servicer Affidavit Issues are starting to effect closings here. I have two under contract that are delayed due to this issue.   

One servicer pulled all listings to reforeclose on them. Some of my listings get offers and the banks can’t negotiate due to these issues. Another problem is I have 2 offers in from buyers that the bank can’t respond to until it is cleared up. It is a mess!

Thankfully it is not effecting all of my foreclosure listings. I have had two go to closing without problems this month and two scheduled to close next month without issues.

Below from National Mortgage Professional  online explains the process required to clean up the issues:

“With respect to the clearing of title for REO properties, servicers must confirm that the information contained in any affidavits relied upon in the foreclosure proceeding was correct and that the affidavits were completed in compliance with applicable law. If the servicer’s review indicates either (a) that the information in a previously filed affidavit was not correct or (b) that the affidavit was not completed in compliance with applicable law, the servicer must work with foreclosure counsel to address the issue consistent with local procedures and take actions as may be required to ensure that title insurance is available to the purchaser for the subject property in light of the facts surrounding the foreclosure actions.”

I will keep you updated on the foreclosure problems in St Marys COunty and Calvert County. when I find out more.