Maryland Foreclosure Auctions
Maryland is a judicial jurisdiction. Sales must be ratified by the courts.
Properties are sold in an “as-is”/”where-is” condition and subject to conditions, restrictions and agreements of record affecting the same, if any and with no warranty of any kind.
As a potential bidder, it is your responsibility to perform your own due diligence. Maryland has websites where you can begin your research. The Department of Assessments & Taxation website http://sdatcert3.resiusa.org and the Land Records website http://mdlandrec.net are two places to start. As a matter of course, the Trustee, noteholder and auctioneer DO NOT have access to the property. Potential bidders may contact the Trustee directly to see if access can be made available prior to the sale. Additional information such as rent rolls, liens, surveys, property tax info, environmental concerns, etc are only shared with potential bidders if such info is made available to the auctioneer by the Trustee in advance of the sale.
All Maryland foreclosure auctions are advertised in a newspaper of general circulation. Please review the legal ad carefully for exact terms and conditions of sales. While not 100% of our sales have the legal ad available on our website, we do post a majority of them online for easy access to our customers.
The Trustee/Auctioneer will qualify all bidders at the sale, other than the holder of the Deed of Trust or an affiliate, by asking to see the required deposit in the form of certified check, cashier’s check, cash or money order.
If you are the successful bidder, you will need to give the auctioneer the name you will be taking title in for the Memorandum of Sale (purchaser’s contract). The Balance of the purchase price is to be paid in immediately available funds, within a certain amount of business days (refer to exact terms and conditions of sale) after the final ratification of sale by the courts. If payment of the balance does not take place within the allotted amount of days (refer to exact terms and conditions of sale) after ratification, the deposit will be forfeited and the property will be resold at the risk and expense of the defaulting purchaser. If you taking title in the name of a company or an LLC, the entity must already be formed and be in good standing.
The successful purchaser is responsible for all closing costs, for taking possession of the property and for all adjustments of costs as specified in the legal ad. As a matter of course, we do not cooperate with brokers on Maryland foreclosure auctions and there is no buyer’s premium.