Deep Creek Lake MLS Now Has Search Functions for Short Sales & Foreclosures
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By: Mike Kennedy mkennedy@railey.com 301-616-6106 June 19th, 2009 Category: Deep Creek Lake Buyer Info, Deep Creek Lake Market Update, Deep Creek Lake Real Estate, Garrett County Real Estate, Uncategorized, Wisp Real Estate |
Just recently, our local MLS (multiple list service) that serves the Deep Creek Lake and Garrett County Maryland area added the ability to search for foreclosures, potential short sales, and bank owned (REO) properties. These types of properties are often referred to as “distressed properties”. Most real estate buyers and investors looking for bargains often target these distressed properties first.
As I have wrote about in previous posts - our local real estate market here at Deep Creek Lake doesn’t have a significant amount of these distress sale opportunities - and this is still the case. This is unlike what is happening in other resort markets and is testament to the overall strength of our market!!
As of today here is a summary of the total number of distress sales in Garrett County;
Deep Creek Lake and Garrett County Short Sales
Potential Short Sales - 10 active residential properties. Only 1 of the 10 is currently under contract or sale pending - an Overlook Villas townhome atop Wisp Mountain listed at $649,000. Of these 10 - 5 are located in the general Deep Creek Lake/Wisp Ski Resort area;
- - Red Run lakefront townhome listed for sale at $299,950.
- - Lakeland Estates lake view townhome (across from The Creamery) listed for sale at $220,000.
- - Lake access home on Brenneman Lane in the Summit subdivision listed for $649,000.
- - Lake access home on Glen Cove Road in Swanton listed for $549,000. No boat slip with this one.
- - The Overlook Villas townhome currently under contract.
The other 5 properties are located in the outlying areas of Garrett County - most in the Oakland, Mt. Lake Park and southern Garrett County area.
A short sale is basically a situation where the current homeowner owes more to the bank or lending institution than what the property is currently worth.
Deep Creek Lake and Garrett County Foreclosures
Foreclosures - 12 active residential properties currently for sale in Garrett County. Nearly all have already gone thru the foreclosure process and were bought back by the bank at the public auction. The various banks are now offering these REO (real estate owned) classified assets for sale thru local real estate brokers. Of the 12 foreclosures, 6 are currently under contract. Only 2 of the 12 are located in the Deep Creek Lake area - a split lakefront home on State Park Road with a Type A dock listed for $428,601 and a house located on Route 219 near the Deep Creek Bridge.
As a member of MRIS (the name of our local mls), we at Railey Realty can provide you a complete list of these distressed properties along with additional details and photos - and we can even set you up to receive automatic e-mails when any new distressed properties hit the market. If you are looking for a bargain or a great deal - give us a call or shoot us an e-mail - we’ll be more than happy to help you search for these types of properties or any others that may interest you.
Tags: Deep Creek Lake Real Estate, Distress Sales, Foreclosures, Garrett County Real Estate, Short Sales