Monthly Archives: April 2014

New Deficiency Judgment Rules in Maryland

Deficiency judgment rules in Maryland are about to change, thanks to the passage of a new law in the recent legislative session. A deficiency judgment is the process by which a lenders seeks payment for any funds that weren’t accounted for in a foreclosure sale. As an example, if a home is valued at $100,000, and sells for $75,000 in a foreclosure sale, the lender can seek a deficiency judgment to file for the additional $25,000 in value that the sale didn’t bring.

Previously, the lender had up to 12 years to file a deficiency judgment and collect this outstanding mortgage debt. This extended timeline made it difficult for homeowners who had been through foreclosure to move on, as they could never be sure if the lender would seek a deficiency judgment 5, 10, or even 12 years out.

The new law shortens this timeframe significantly, reducing it from 12 years to 3 years. The new law also makes a deficiency judgment the only method by which a lender can seek payment on an outstanding mortgage. The law will go into effect on July 1, 2014. Another bill which would have put a halt on all foreclosures in the state for 6 months did not pass.

Finding a buyer for your home doesn’t have to be a difficult process. We’re looking for properties of all types across the Tri-state area. It doesn’t matter if your house is in pristine condition or if it has seen better days, we buy it all. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home. Now there’s an offer that you can’t refuse.

Even if you’re not looking for a buyer, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.

Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.

Sources

http://www.lexology.com/library/detail.aspx?g=3873dc88-1dca-429c-9fba-fef5f101b244

http://www.wbaltv.com/politics/compromises-fail-on-several-highprofile-md-bills/25398598

Maryland 3rd Best State For Home Flipping

Maryland is the 3^rd best state in the country for buying and flipping homes, according to 24/7 Wall St. and USA Today. So what makes Maryland a great place for investing in and flipping real estate? It has a lot to do with the state’s foreclosure rate. Maryland has ranked in the top 5 states with the highest foreclosure rate for many consecutive months now. Just two months ago in February there were 2,210 foreclosure starts in the state, and in March the state ranked as the second highest in the nation for foreclosure rates behind Florida. In March, 1 in every 527 units received a foreclosure filing in Maryland compared to 1 in every 1,121 nationally.

At Grays Home Solutions, our goal is to provide solutions for those on both sides of the foreclosure coin. If you’re facing foreclosure, we offer a fast solution that provides an alternative to foreclosure and some of the consequences associated with foreclosure. If you’re a real estate investor, we offer these homes as an opportunity for you to use affordable real estate as a means for wealth-building and earning potential.

So what kind of earning potential is there in Maryland? According to 24/7 Wall St. the average gross profit for a flipped property in 2013 in Maryland was $98,122. Home flipping has significantly increased in popularity over the past few years as well, with 3,522 homes flipped in 2013 compared to about 1,000 in 2011. Maryland’s proximity to the highly desirable D.C. metro area also bodes well for flippers. “On average, flipped homes in the D.C. metro area were sold for $372,792 at a profit of more than $112,000 last year, more than in most other metro areas.”

If you’re looking to invest in low-cost properties with lots of earning potential, we can help. Gray’s Home Solutions has properties of all types across the Tri-state area. Click here for a full list of properties, and contact us for more detailed information. Even if you’re not looking to buy right now, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.

Sources

http://www.usatoday.com/story/money/business/2014/02/02/6-best-states-to-flip-a-house/5115321/

http://www.bankrate.com/finance/real-estate/state-foreclosures-maryland/

See Our Available Homes Now

Did you know that you can see a listing of our available properties right now? Just navigate to our “Homes for Sale” page for plenty of photos and more information on our homes that we’re selling right now in a variety of locations.

As a home buyer throughout Maryland and the Tri-state area, we’re always on the lookout for new homes, and we keep our listings updated. We offer great deals on these homes, and they can go fast once the word gets out. So how can you stay in the loop? It’s simple. Just sign up for our e-mail notification list. Once you’re on the list, we’ll e-mail you whenever a new property becomes available, so you’ll be the first to know. This is a great way to take advantage of great deals on homes in Maryland, Pennsylvania, and West Virginia. Don’t let our homes pass you by, check out our available homes and sign up for our e-mail list today!

Your Home Buyer in the Tri-State Area: Grays Home Solutions

Looking for a home buyer in the Tri-state area? You might be overwhelmed. Not only with the number of choices you have, but with how similar they all are. Grays Home Solutions is a home buyer that distinguishes ourselves by being different. How do we do this?

Quick Sales

How many home buyers in the Tri-state area do you know of who can buy your home in 7 days? We specialize in fast home sales in situations where the homeowner is facing foreclosure. We know that in these situations time is of the essence, which is why we place such an emphasis on speed. We’ll work with you to buy your home fast.

No Repairs

You’d probably also be hard-pressed to find many home buyers who will buy your house regardless of the condition it’s in. Whether your house is in great shape, is a little rough around the edges, or is in need of significant repairs, we’ll make you an offer. We take care of these repairs ourselves, which is one of the reasons we’re able to buy your house so quickly.

No Fees, All Cash

When you’re facing foreclosure, you need a quick solution. That’s why we pay you cash for your home. No waiting on checks to clear or having a portion of the funds deducted from a check cashing service. We pay in cash and we don’t charge you any fees, because our goal is to find a solution for you.

Finding a buyer for your home doesn’t have to be a difficult process. Gray’s Home Solutions will buy your home quickly. We’re looking for properties of all types across the state of Maryland. Whether you’ve got a townhouse in Frederick, a rowhome in Baltimore, a rancher in Carroll County or a duplex in Rockville, we’d like to make you an offer. It doesn’t matter if your house is in pristine condition or if it has seen better days, we buy it all. Best of all, in addition to our speed, you pay no fees or commissions when we buy your home. Now there’s an offer that you can’t refuse.