This typically is investors.

But again, condo's sell on "comps" and apartments ( i know you listed a 3 unit in your example but regardless) typically trade at what they make.

Does anyone know if in Maryland, for the auctions that happen on the county courthouse steps, have the foreclosure deeds on each property already been executed or is there typically still a waiting period to have this done?  

Any thoughts as to how the owner can best utilize the land if she doesn't sell?  

Most are not distressed, however and estates sellers are typically aware of what they have and not rushed. 

You may find you have an "unfair advantage" which you find an interest in utilizing such as a friend or relative with some sort of interest or connection in real estate or you might find a desire to do something way outside of your comfort zone.

How does that typically work?

Also, what are the typical requirements to qualify for the refinance?

In the CA example you are talking about an exceptional appreciation rate that is not typical and will not continue forever at those rates.

I estimate it will take .50% to .75% in rate increase on typical cases to absorb this.