how to find baltimore foreclosures (21209, 21215, 21208) before they hit the market

[Shoshana Shulman]

Hi folks,

It's been quite a while since I've posted.

I have been looking for months for a deal I am comfortable with in Baltimore.

Unless I get in at the right price (and I'm not buying war zone properties), it just isn't a deal.

Can anyone give me any advice about how to contact a bank to make offers before foreclosures/auctions hit the general market?

Thank you,

Shoshana Shulman

[Nancy Roth]

@Shoshana Shulman I agree with @Ned Carey about the propensity of banks to list their properties. What I've observed is that many banks have rather inflexible guidelines as to how they price a property they list for sale, and how long they must leave the listing at that price before lowering. If an offer comes in at a certain percentage below their asking price, they are not allowed to accept it.

I can't tell you how many times I've watched a bank-owned property linger on the MLS, twisting in the wind at a completely unrealistic price, while the bank rejects lower offers--only to have the property eventually sell at that lower price point several months later, when the bank has fulfilled its internal obligations to seek the highest price.

So there may have been a point that banks were unprepared for the slew of foreclosed properties that came into their possession, and were more open to the offers of individual investors. Now they generally have rules in place that bias them against your offer. Anyone who advises you to try to get properties directly from banks is probably not in tune with today's market. Not in the DC-Baltimore-Virginia area, anyway.

If you are looking for properties that haven't hit the listed market, there are tons of wholesalers in the Baltimore area that you can contact. Alternately, you might look for REOs that have failed to sell on list, and wind up in auction. Go online and look at the sites of Hudson and Marshall, Billig, HUBZU, auction.com, Alex Cooper, and Ashland Auctions, to name a few. Check HomePath and Freddie Mac and HUD websites as well.

BTW, no one wants a war zone, but everyone's idea of what constitutes a war zone is a little different.  

Best of luck,

Nancy Roth