For Baltimore Buyers, Foreclosure Auction Is Just One Option

Just like in many other housing markets nationwide, buying a Baltimore home from a foreclosure auction is just one of several options in buying a lower-priced home. A prospective home buyer can use online foreclosure listings, online real estate brokers and traditional realtors.

The advice of many real estate analysts is for home buyers to be patient, to be open to buying opportunities and to use cost-effective online real estate resources.

There are reliable foreclosure listings on the Internet that provide updated information on price ranges, neighborhoods and changes in the prices. They even provide user-friendly search tools so that buyers do not have to go through thousands of data before they can reach the information they need.

BethAnne and Andrew Garcia are among couples who never thought of attending any foreclosure auction to search for their first house. But when they saw a foreclosed house in the Baltimore community of Mayfield, they changed their perspective about foreclosures and foreclosure auction properties.

They realized that one can find a dream home in foreclosure listings and foreclosure auction inventories if one is patient and open to possibilities.

Hoffmann and Garcia offered $170,000 for the house, which the bank accepted. But excitement turned to frustration when the bank took time in releasing the title to the house. With thousands of bank-owned properties in foreclosure listings and foreclosure auction inventories, many banks do not have adequate personnel to quickly process the sale of their bank-owned properties.

The couple said they wanted the house so much and they liked the neighborhood so much, so they patiently waited. Now, they said all their initial frustrations were worth it because they were correct in choosing the kind of neighborhood that they like.

David McIlvaine, a broker working for Ellicott City-based Keller Williams and head of the Baltimore Board of Realtors, advised prospective home buyers interested in foreclosures to find a real estate broker experienced in foreclosure listings and in foreclosure deals.

Home inspection is also recommended by Calvin Holt, a realtor working for College Park-based Long & Foster. Holt also specializes in foreclosure deals and works with banks. He said that home buyers need to have the property inspected by a professional house inspector before they sign sales contracts. He reiterated that most deposits are not refundable.

He also warned that the Veteran Administration and the Federal Housing Administration have certain standards that need to be met before they guarantee home loans.

Home buyers then need to make sure they are buying homes worth their investment, whether they are buying from foreclosure auction inventories or from foreclosure listings.

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