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Updated almost 17 years ago,

User Stats

16
Posts
1
Votes
Jonathan Rundlett
  • Silver Spring, AL
1
Votes |
16
Posts

Foreclosure Purchaser law - MD

Jonathan Rundlett
  • Silver Spring, AL
Posted

I'm interested in purchasing some investment properties by means of a short sale in Montgomery County, MD. After completion of the short sale, I would prefer to sell the property for a profit but MD has a state law that requires Foreclosure Purchasers to pay the original homeowner 82% of the net proceeds if sold within 18 months of a foreclosure reconveyance. Does anyone else do short sales in MD? Are there ways to avoid having to pay 82% of your net proceeds to the original homeowner if re-sold within 18 months?

Thanks for any suggestions you may have!