If you are in the market for a Maryland property, then this is just the right time to invest in one. Since the year 2005, Maryland has witnessed a rising curve as far as foreclosures are concerned. After the number of Maryland foreclosures last year doubled what they were in 2006, the state government has finally taken several steps that will stop homeowners from losing their houses due to foreclosure.
Maryland foreclosures have always been quite high on the national chart as well and hopefully, government interference will soon bring about a positive change in the currently depressing market scenario. The government has made it compulsory for lenders to inform the state government before issuing home owners who have defaulted on their mortgages with a repossession or foreclosure notice. The move is supposed to give time to the authorities to provide help and support to home owners so that they can deal better with a situation where they are forced to foreclose.
On the other hand, much stricter action will now be taken against lenders who have given loans without fully informing the borrowers about the implications and those who have resorted to lending under false pretences. Most real estate experts have predicted that the market will definitely get better after the worst is over in 2008. While this is great news for Maryland homeowners, what this signals to buyers is that prices of Maryland foreclosures will definitely see an upswing come 2009.
The major advantages involved in investing in Maryland foreclosures right now is that due to the inventory of foreclosure properties being quite high, buyers are in a position to negotiate and avail prices that could be as low as 50% of the actual value of the properties. Buying at auctions will not just provide buyers with a large choice and low prices; they might even be able to haggle for payments terms that suit their pockets and their budgets.
Another thing to consider is that as of now, some of the best localities in popular places like Washington, Baltimore, Gaithersburg, Marlboro, Hagerstown etcetera are available at great discounts, but once the market turns, the value of these properties might rise up very fast. While this will signal great profits for savvy investors and home buyers, it will only be a missed opportunity for people who do not buy right now.
Maryland foreclosures have always been quite high on the national chart as well and hopefully, government interference will soon bring about a positive change in the currently depressing market scenario. The government has made it compulsory for lenders to inform the state government before issuing home owners who have defaulted on their mortgages with a repossession or foreclosure notice. The move is supposed to give time to the authorities to provide help and support to home owners so that they can deal better with a situation where they are forced to foreclose.
On the other hand, much stricter action will now be taken against lenders who have given loans without fully informing the borrowers about the implications and those who have resorted to lending under false pretences. Most real estate experts have predicted that the market will definitely get better after the worst is over in 2008. While this is great news for Maryland homeowners, what this signals to buyers is that prices of Maryland foreclosures will definitely see an upswing come 2009.
The major advantages involved in investing in Maryland foreclosures right now is that due to the inventory of foreclosure properties being quite high, buyers are in a position to negotiate and avail prices that could be as low as 50% of the actual value of the properties. Buying at auctions will not just provide buyers with a large choice and low prices; they might even be able to haggle for payments terms that suit their pockets and their budgets.
Another thing to consider is that as of now, some of the best localities in popular places like Washington, Baltimore, Gaithersburg, Marlboro, Hagerstown etcetera are available at great discounts, but once the market turns, the value of these properties might rise up very fast. While this will signal great profits for savvy investors and home buyers, it will only be a missed opportunity for people who do not buy right now.
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