Contact Margaret57 Bank-Owned Homes for Sale in Geater Crofton Area
October 30th, 2009 Categories: Crofton Real Estate 2
According to REALIST, the Greater Crofton Area in Maryland is not immune to bank foreclosures in this market.
But this area reaches far beyond the 21114 zipcode to include Crownsville (21032), Davidsonville (21035), Gambrills (21054), Millersville (21108) and Odenton (21113).
Of the 57 bank-owned properties listed, ten of them are actually in Crofton. 98 additional homes, including nineteen in the 21114 zipcode, are in pre-foreclosure status (Realist). You will usually find them advertised as a “potential short sale.”
Buying a bank-owned or pre-foreclosure property can be a challenge, however, with prospective buyers sometimes waiting months for an answer to their offer. For that reason, most buyers of these homes are investors and not owner-occupants.
It is a GREAT time to invest in real estate!
One local investor recently purchased a detached home in Four Seasons for $163,000 at the foreclosure auction and then put it on the market for $289,900. Yes, he got a great deal and will make a lot of money flipping this property. If he held on to the property five years, however, chances are he would get an even larger return on his investment. There hasn’t been a better opportunity in our lifetime to make money in real estate, so I recommend you get out there and do it if you’re in a position to take advantage of this market.
What does all this mean to homeowners in the area?
Distressed properties always drive down pricing in the immediate area. One here or there might be considered an anomaly, and other comps would help offset a single foreclosure or short sale. Fortunately, many neighborhoods in Crofton have not even been touched by foreclosures.
Well-priced homes in good condition continue to sell – in fact, 206 detached homes have gone under contract in the Greater Crofton Area (as defined above) since July 1, including forty in the 21114 zipcode. Of these forty, thirteen went under contract in a month or less. Not bad, for a “bad market.”
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