Maryland lenders can institute legal foreclosure proceedings when a home owner fails to maintain payments on a mortgage loan. The lender files suit and eventually proceeds to sell Maryland foreclosures at public auction. Prospective buyers must first learn how to find foreclosed homes in Maryland. After finding the homes and getting auction details, buyers can prepare funds and participate in the auctions. Those who place the highest bid at public auction become the buyer of Maryland foreclosures.
Find foreclosure listings in Maryland by using local newspapers. In this state, a lender must advertise once a week for three weeks. The last of these three publications may not be more than a week before the foreclosure auction. The lender must choose a newspaper of general circulation in the county where the Maryland foreclosed property is located. Other than using actual newspapers, you may wish to find online versions of Maryland newspapers in the various counties so you can look for Maryland foreclosures on a statewide basis. The USNPL Maryland page at Usnpl.com/mdnews.php has a list of newspapers in the state that publish online versions.
Look at the listings to determine the time, date and place of individual foreclosed properties in Maryland. The general rule on foreclosure-auction locations is that the lender is supposed to conduct the foreclosure in the same county as the foreclosed property.
Look at each listing to determine the method for bidding and buying a foreclosed home. Each listing must state the terms of the sale. So if you have to prepare cash only to buy a foreclosed property, you should be able to learn that in individual Maryland foreclosure notices.
Do your best to estimate the value of any foreclosed homes you are interested in purchasing. Although you do not have a right to inspect a Maryland foreclosure before the auction, you can still drive by and talk to neighbors or even a real estate agent to get an idea of the fair market value of the foreclosed property. You need to know this to come up with a maximum bid.
Prepare the funds necessary to bid. Show up at the Maryland foreclosure auction and bid. Place the highest bid for a particular property to buy a foreclosed home or property in Maryland.
Complete the sale with the auction seller (a lender or trustee) so you can get a property deed to the foreclosure. You should then immediately file the deed in the real property records (recording office) in the Maryland county where you buy foreclosures.
Maryland Statutes on Foreclosure of Lien Instruments (Mortgages)