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Foreclosure Search

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Maryland Foreclosure Homes for Sale

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (reposession) of the property securing the loan.  The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens.  The foreclosure process can end one of four ways:

  1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law.  This grace period is also known as pre-foreclosure.

  2. The borrower/owner sells the property to a third party during the pre-foreclosure period.  The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.

  3. A third party buys the property at a public auction at the end of the pre-foreclosure period.

  4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market.  The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction.  Properties reposessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

The advantage of buying a foreclosure is fairly obvious - the opportunity to obtain a property for a lesser sale price.  Foreclosed properties are often neglected or even damaged intentionally by the owners when the owners cannot recover the loan value by selling on the open market.  This disadvantaged state presents a potentially substantial value to open-minded or budget conscious buyers.  Furthermore, banks are not in the business of holding onto real estate.  Their goal is to liquidate.  Being on the buying end of this scenario can be financially favorable.

There are, however, pitfalls and nuances of buying foreclosures that require considerable experience to navigate successfully.  A Realtor who is a foreclosure specialist is an absolutely key ingredient to a successful foreclosure purchase.  He or she will be able to advise you on the amount of time the process will take, as it does take longer than a normal buying transaction.  The Realtor will also be able to tell you what inspections are or are not allowed and when they must be obtained.  He or she will also help you mitigate unnecessary expenses, give you important selection considerations, and ensure you are prepared at each step that is unique to a foreclosure transaction.

Latest Maryland Foreclosure Homes for Sale

1615 Castleton   Road, Darlington image
1615 Castleton Road, Darlington $131,000

Now Available in Darlington. 2 Bedroom 1.5 Bath Home with 2 car detached garage.

  • 1 Beds
  • 2 Baths
  • MDHR257212 MLS
1011 N Old Mountain   Road, Joppa image
1011 N Old Mountain Road, Joppa $279,900

SPACIOUS FOUR BEDROOM COLONAIL WITH TWO FULL BATHS CONVENIENTLY LOCATED. HUGE DETACHED TWO CAR GARAGE. LEVEL 1.6 ACRE LOT.

  • 4 Beds
  • 3 Baths
  • MDHR257198 MLS
1111 Benjamin   Road, Bel Air image
1111 Benjamin Road, Bel Air $423,500

PROPERTY IS SCHEDULED TO GO TO AUCTION. ONLINE AUCTION BEGINS ON 3/22/2021. All offers from interested buyers must be entered online for the duration of the time that thi...

  • 4 Beds
  • 3 Baths
  • MDHR257084 MLS
124 Boxthorn   Road, Abingdon image
124 Boxthorn Road, Abingdon $339,900 ▼

**NEW PRICE** Beautifully Renovated Colonial Backing to Trees & Common Area! Main Level Entrance Foyer is open to Living Room & Family Room. Kitchen includes New White ...

  • 3 Beds
  • 2 Baths
  • MDHR254946 MLS
4004 Paddrick   Road, Darlington image
4004 Paddrick Road, Darlington $194,850

Spacious three bedroom ranch home with attached oversized and heated two car garage. Brand new roof. Walk out basement. Large lot with a small stream makes this location ...

  • 3 Beds
  • 2 Baths
  • MDHR255848 MLS
114 Inca  W Street, Aberdeen image
114 Inca W Street, Aberdeen $39,900

Wonderful opportunity to own this 2 bedroom 2 bath home in Aberdeen. Generous room sizes, eat-in-kitchen w/breakfast nook and separate formal dining room. Owner's bedr...

  • 2 Beds
  • 2 Baths
  • MDHR255606 MLS
620 Erie   Street, Havre De Grace image
620 Erie Street, Havre De Grace $105,000 ▼

Great location in Downtown Havre de Grace. Close to Marinas, Restaurants, Shops, and Parks. Home features 3 Bedrooms, 1 Full Bath, Kitchen, Dining, Room, Living Room, ...

  • 3 Beds
  • 1 Baths
  • MDHR253970 MLS
property image
301 Northeast Road, Aberdeen $189,000

BUYER TO VERIFY HOOK-UPS AND SUBDIVISION POTENTIAL WITH ABERDEEN. IDEAL FOR INVESTORS OR DEVELOPERS. THERE IS AN EXISTING COTTAGE BUT THE VALUE IS IN THE R-3 ZONING FOR...

  • MDHR250336 MLS
1030 Woodshire   Lane, Street image
1030 Woodshire Lane, Street $799,000 ▼

Welcome to Falling Branch Farms, rich in history, and a captivating fifty-seven acres in Street, Maryland. This farm was once owned by the Street - Glen Family Farm Plant...

  • 5 Beds
  • 6 Baths
  • MDHR245126 MLS
1030 Woodshire   Lane, Street image
1030 Woodshire Lane, Street $799,000 ▼

Welcome to Falling Branch Farms, rich in history, and a captivating fifty-seven acres in Street, Maryland. This farm was once owned by the Street - Glen Family Farm Plant...

  • 5 Beds
  • 6 Baths
  • MDHR245084 MLS

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Bel Air, MD 21014
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