Good Investment Properties available in Maryland and Washington D.C.
The foreclosure rate in Maryland presently is high; what does this mean? First, it is bad news to sellers who want to get rid of their properties fast. Second, it is the best news potential investors want to hear. This is really good news because people looking to make a new and lucrative investment have a good bargain. There are a few things we have to be aware of before rushing in for this pot of gold.
The Minimal Risk Factor
One of the biggest advantages of pre-foreclosure investments with Maryland investment property is that there is a greatly reduced risk factor. From the point of view of the seller, they want to get out of the house and be done with the bank as soon as possible. From the point of view of the bank, a house that is foreclosed doesn’t make them any money. In other words, both the bank and the seller will be willing to sell as quickly as possible. This will probably mean reduced prices as well as more flexible payment plans.
Some other factor to consider with Maryland investment property are any hidden or extra costs that come about when rehabbing the property. Because everyone involved would like to move the property as quickly as possible, your extra costs will also be greatly reduced. You can easily negotiate for a lower down-payment amount and you’ll find that other small fees can also be reduced or cut out completely. Bear in mind that foreclosures are also known as a Buyer’s Market. This is because the buyer not only has the upper hand; they also have the most to profit.
If you’re looking at Maryland investment property for your own use, then foreclosures are a speedy option. Unlike other homes, where you will probably have to wait for the tenant to leave, these homes are either already vacant or the owners are about to vacate. This means that you can move in almost as soon as the deal is closed. You will however need to show proof that you are able to purchase the foreclosed property. If you are using your own cash, proper financial records are required. For example, your bank statement. If you are using financing, you will need to show that your loan is approved by your lender.
If you are a first time investor or are unsure about investing trends, putting your money into pre-foreclosures is not only lucrative, it is also a relatively safe investment option. If you are familiar with house renovation and redecorating, there’s nothing like foreclosure investment to make some quick and good money. All you have to do is get the foreclosed home at a bargain price, do the necessary renovations and repairs that add value to the property then put the house back on the market for a good profit. Many people have earned sizable capital by renovating their properties this way.
While you can handle your pre-foreclosure bids yourself, it might be a good idea to hire an agent to help you out. In that way, you’ll not only gain access to the best homes, you’ll also be in a better position to make a good bid and get the best bargain for your Maryland investment property.
Robert Kilonzo helps home buyers and investors in Maryland, Washington D.C, and their surrounding counties. Search for available homes in these regions at: => http://www.mdjustlisted.com