Many of the Ocean City Maryland foreclosures found in our local Multiple Listing Service (MLS) are homes or condo units that have gone back to the bank after a foreclosure sale. This happens where no third party bidders bought the property at auction. In today’s marketplace, many bank foreclosure auctions do not result in acceptable bids from third parties on the day of auction. As such they become “REO” properties.
“REO” means “Real Estate Owned.” These properties, also called “Bank-Owned” properties, are now owned by a bank.
Sometimes an Ocean City Maryland Bank-Owned property is obtained by the bank thru a “Deed-In-Lieu-Of-Foreclosure.” This occurs where the bank acquired ownership voluntarily from a borrower in default. Sometimes borrower’s find this arrangement advantageous to avoid the negative credit impact of a foreclosure.
Any Ocean City Maryland foreclosure purchase should not be undertaken without expert buyer agent assistance. Let us help. We work with Ocean City REO foreclosures all the time and stand ready to assist and guide our clients thru these often challenging, sometimes complex purchase transactions.
Want to know the inside scoop on Ocean City Maryland foreclosure listing prices, sales and trends? Visit our Ocean City foreclosure Market Report for all the details.
There are deals to be had in the Ocean City Maryland marketplace, but you would be wise to move quickly. The better deals don’t last.
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