True story, my buyers and I had been searching for 2 months for the perfect condo. One that was not too far north on I270, one that didn’t need too much updating and of course one that was in the popular price range of under $100k.  Well we did indeed find that perfect condo right inside the lovely city of Germantown.  Got the offer accepted by the bank as this was a foreclosure.  The condo association gave me the default rate at time of the contract and it was well within the 15% max guidelines as set by the lender. Three days prior to the closing the underwriter pulls the condo info again, now the deafult rate has climbed since 4 additional people decided to be late or non-payers on their condo fees. This condo now can only be purchased as an all cash deal.  We got the good faith deposit back to my buyers and the hunt is on again, same parameters in what seems to me a malfunctioning pattern in the lending arena.  It’s a vicious cycle: vacant units are not good for current owners nor a condo association that is now out monthly revenue.  Good , solid , eager buyers now cannot buy this unit so it sits vacant awaiting an “Investor” with cash to purchase the unit or hopefully an owner occupant with cash to swipe a super deal. With condo prices so very low  and low interest rates to boot, they make a very attractive purchase for first time homebuyers trapped in the rent cycle. Now what remains is the finding a solution to getting a loan in a condo where the price is right. 

Best Wishes,

Vicki Reyes

GRI, Associate Broker

vickirrealtor@aol.com   301-452-0157    Remax Town Center

Many buyers out there these days are looking for a “good deal” when shopping for a home. Foreclosed homes can often be a way to get that good deal.  Often I find that some buyers still want a foreclosure to have all the bathrooms updated, an attractive kitchen and new carpet or flooring.  What buyers need to remember is that the home is priced well below comparables, enough to allow such updates to be made over time. There is a terrific condo near Old Town Gaithersburg priced at a mere $54900., Despite it having all of the original cabinetry and other fixtures, this home is cheaper to own than it is to rent a similar size unit. Currently there are 35 active foreclosures in Gaithersburg in a wide range of pricing, the lowest is $ 54,900 to $ 724,900.

Rates are still low  and there are some great deals to be made out there… Enjoy the house hunt !

Vicki Reyes, GRI  vickirrealtor@aol.com

GRI, Associate Broker  at  Remax Town Center

301-452-0157