This Thursday at 3:55 PM I will be selling 27134 Scotland Parkway at PUBLIC FORECLOSURE AUCTION. I strongly believe that neighborhoods like Nithsdale are being extraordinarily affected by this type of event. I have Invited Senator Jim Mathias, Delegate Norm Conway and Delegate Charles Otto to this event to see EXACTLY WHY this foreclosure system does not work. This is a hot button topic for our elected officials and I see some steering away from the problem. With any luck, these gentlemen will attend and with your help, I can show them the faces, in real time, of the people being affected by foreclosure events.
I will be able to answer questions about the proposal I have delivered to our Governors office after the auction. The foreclosure system is based on post depression era mind set and if we have any chance of finding the bottom of the market we must prove to Annapolis that Maryland’s foreclosure system is not working.
Facts. 1. Personal Bankruptcies in MD rank in the top ten of the Nation. (many people file bankruptcy to stop my foreclosure auction)
2. MSNBC claims Maryland leads in discounting property to get it sold.
3. Loan modifications and mediation are dragging down values faster than anticipated. There were 9,000 foreclosures last year, less than 3% of the properties actually sold. Causing banks to “buy in” the property and then price it to “blow it out the door” , causing massive comparable problems in communities.
My proposed solution.
A. Allow families in foreclosure to enroll in a voluntary program to turn over there house if they cannot afford the one they are in.
B. Provide special financing for those losing a home to purchase one they can afford.
C. Allow lenders to sell foreclosed homes on site with home inspections and government bond backed mortgages.
D. Provide a $10,000 tax credit for ANYONE who purchases a foreclosed home.
E. Allow Realtors to represent buyers and earn a commission at foreclosures.
Summary: Being involved with bankruptcy, foreclosures, voluntary auctions, and the traditional brokerage world, I see the problems that are in this system. If we implement the above referenced ideas I could almost guarantee that we could funnel the current real estate demand to these homes that are being handled so ineffectively.
Doug Marshall
11 comments:
Will the auction occur at the address of the property or another location?
Very self serving letter and also heard this is a rental unit.
12:50- looks like it's a rental unit according to Maryland Real Property Search's website. Not listed as the owners' primary residence.
yes i agree a VERY self serving letter indeed. his proposal makes him easy money and realtors easy money. The fact of the matter is homes dont sell well at auctions as they once did. MR Marshall is simply looking for an easy buck. There is no real estate demand to begin with. home are foreclosed for many reasons. First of all realtors do sell foreclosures. you can also give your home back to the bank. Mr Marshall has proposed nothing that is new or ground breaking. He is simply trying to attract attention to his next auction. I hope in the future sbynews will find better letters to post from people that really care who arent out to make a quick buck. Oh and about the demand for real estate...is he for real?
A good price means good cash flow on a rental. We have college kids renting in our neighborhood now where homes in 06 were 275k + foreclosure price @ 130k - outside city limits in historically owner occupied developement. It sucks
Biting off more than you can chew shouldn't be rewarded. That being said I think maybe they could help with a fast track credit repair program.
please keep in mind Mr Marshall is simply trying to attract attention to his next auction. I agree biting off more than you can chew is wrong but when a mortgage company tells you your salary ect allow you to afford x dollars and six months later the economy takes your job what else do you do. there are alot of issues around a foreclosure they arent all cut and dry. ther are many crappy builders who dont even finish the developments they start. what laws govern that none. People dont be fooled by Mr Marshalls letter hes looking to line his own pockets,not help anyone who really needs it.
7:56 I agree the banks refused to work with a lot of people in-spite of the administrations promises. However they will be better off getting a more manageable property. But your right Doug is using these blogs for free advertising he's greedy like that.
The economy is going to tank people would be better off dumping these Nithsdale houses while they can.
People get desperate when their business is failing.
Anon 7:56. Auctioneers have a flat fee of $350.00 for a foreclosure. Check the court audits. It is a same you have to be a part of the problem. I have been sending letters to the Dept. of Housing since 2009 to help them find a better alternative.DM
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