If you need additional information about the functionality of MD Auctions or how a membership can benefit you, please contact our auction experts today.

The time (and money) saving benefits of MD Auctions makes membership a tool any serious real estate investor cannot be without.

MD Auctions is the only website that compiles more than 90 percent of Maryland's current real estate auctions and foreclosure listings. By combining this data with a system that alerts you of changes and cancellations, MD Auctions memberships give you the largest up-to-date information on home auctions and foreclosures in the state.

Cancellations are updated automatically 4 times a day, 3 times between 6 am and 12 noon and once at the end of the business day (Please keep in mind, this update process will slow down the loading time of the site).   These crucial updates will save you enormous amounts of time each day searching for updates on the major auctioneers in the State of Maryland, including but not limited to: Alex Cooper Auctioneers Mid-Atlantic Auctioneers Harvey West Auctioneers Tidewater Auctions Although we get updates on 90 to 95 percent of the foreclosure auctions in Maryland (from the above auctioneers and many, many others), it is always important to contact the auctioneer before leaving for an auction, as foreclosure auctions can cancel up until sale time.

With MD Auctions, you are not locked into a long-term contract. If, for some reason, you need to cancel your account, follow these steps: Log into your account. Upon login, the "Signup Successful" page will appear. Click on the "MY ACCOUNT" link  which will take you to the "Subscription" page. Under "Subscription Settings" near the bottom click, "Never (unsubscribe)." Click on the "Save" button. You can also reach the "Subscription" page at any time by clicking the "Login" button. That's it. Your account will be cancelled at the end of the current billing cycle.   Watch this video if you need more assistance.  

If you are having difficulty logging in, you can reset your password by clicking on the LOGIN Button and entering a valid email address in the Reset Password field. An email will be sent to you to at the address you entered. It goes without saying, but we'll mention it anyway, if you do not receive the email please check your spam folder to be certain it wasn't redirected there by your email spam protection software. If you need further assistance, you can contact us via the CONTACT Form. We will respond during business hours.

There are more risks involved with purchasing real estate through an auction (especially a foreclosure auction) than with standard home purchases. Some risk factors include: Deferred maintenance or vandalism that may not be seen due to sight-unseen aspect of many foreclosure auctions Large cash requirement Need to evict current residents Inability to get financing to purchase real estate even after you win the auction In isolated cases with foreclosures, liens or other claims on the title, "clouded title" can impact the salability of the property To best avoid these situations, be sure to research the property before the auction. With an MD Auctions membership, you will have access to deposit information, any notes on the auctioned properties, and contact information for the auctioneer.

Buying a home or other real estate through an auction is not for everyone. There are some risks involved in real estate auction purchases, but many real estate investors believe that the significant price discount outweighs the risks. In some cases, the first chance to get a property is through auction, so if there is real estate that you are particularly interested in purchasing and it is going to be auctioned, you should consider bidding on it. Also, since there is risk involved, there are often less interested parties in homes at auction. With less competition, you may be able to acquire an auctioned home at a price lower than the current Maryland market price

Auctions are not limited to houses. In general, almost anything can be auctioned. The following is a brief list of objects that are auctioned around the world: Antiques Collectibles Various types of real estate Equipment of all kinds Industrial machinery Livestock Horses Businesses Timber Commodities

In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $202.7 billion. This figure is up 6.8% over 2003 and translates into a huge number of satisfied buyers and sellers of goods. These figures come from a comprehensive research study commissioned by the National Auctioneers Association. The study as a whole shows that the auction industry is on the rise. More and more consumers are seeing the advantages of buying by the auction method. In addition, consumers find auctions fun because they're a rewarding activity for the whole family to enjoy. On average, consumers are willing to drive 1.3 hours to attend a live auction, with 75% bringing the family when they go. Here are some of the others reasons why consumers love attending auctions:

• 83% think auctions are an exciting way to get good deals
• 51% think they offer a great value on items
• 65% think auctions offer exciting items they wouldn't otherwise purchase
• 53% like the excitement of getting a good price

• Speed of the Process. There's no doubt that an auction is the fastest sales process around. It's quick and efficient and that's what makes it attractive. We sell a multitude of items in a short time.
• You Set Your Own Price and Establish a Value. You are in control at an auction. You decide when to bid and how much to bid , i.e. how high or low you want to go.
• Certainty of Knowing What You're Getting. Auctioneers deal with a wide range of merchandise. They are educated professionals who know value and price. Many have special certifications in personal property or estate appraisals.
• Opportunity for Good Value. With the wide array of items up for bid, there's always an opportunity to get a good deal. Sometimes it's a matter of just wearing down those other bidders.
• Fun and Excitement. There's no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It's an event the whole family can enjoy.
• Honesty of the Transaction. Auctions are very organized and the rules are straightforward. Auctioneers who are members of the National Auctioneers Association, as I am, are bound by a code of ethics that protects consumers against unfair auction practices.

As noted on Christie's website, a buyer's premium is the "percentage (%) the buyer pays in addition to the final bid price or hammer price in respect of each Lot purchased." In other words, the buyer's premium is a charge added on top of the successful bid amount, and is usually expressed as a percentage of that successful bid amount. For real estate auctions, the buyer's premium is generally 5 to 10 percent of the successful bid amount. For personal property, chattel, and antique auctions the buyer's premium is generally 10 to 15 percent. For example: A purchaser successfully bids for a house at $100,000. If the auction house handling the sale has a 10 percent buyer's premium on purchases, the buyer's premium would amount to $10,000. The final purchase price of the property, with the buyer's premium, would be $110,000. It is also important to note that a very small handful of auction houses do not charge a buyer's premium on purchases; therefore, a high bid amount of $100,000, without a buyer's premium, would lead to a final purchase price of $100,000. Although, there may not be a buyer's premium, the seller still pays a commission to the auction company.

An absolute auction is a public auction without a reserve or minimum. This means that the property, once the auction begins, will be sold that day to the highest bidder. Foreclosures on the other hand are technically sold "absolute with a minimum," as they are either sold to a third-party investor or sold back to the bank at a predetermined amount that only the bank knows.

The State of Maryland's Department of Assessments and Taxation has a well-maintained website for researching real property (real estate) transaction prices. There is a delay in this information and it may take two to three months after a real estate sale for the transaction information to post on the site.

In a sealed bid auction, all potential purchasers submit their bid without knowledge of what the other purchasers are bidding. For example, an auction house might offer a property by sealed bid auction, and require all bidders to submit their bids through the mail by a certain date. At the end of this time period, the property would be awarded to the purchaser with the highest bid (unless the reserve is not met). A silent auction is often used at charity and benefit events. Bidders, in general, write down their bids near the object they are interested in purchasing. At the end of the bidding period, the highest bidder successfully wins the object.

Generally, a public auction is for "sale by owner." The owner may or may not be in financial distress and the owner has concluded that selling the property via the auction process is the most effective method for getting a property sold quickly. As selling at auction moves further towards the main stream, more and more people are finding that selling their real estate at auction is the best way to maximize value in a very timely manner. A foreclosure, on the other hand, is a forced sale by creditors, which is a highly regulated legal process. These homes are auctioned sight-unseen and are generally held on the courthouse steps of whatever county the property is located. However, sometimes foreclosure auctions are held at the actual property location. (This makes one of the benefits of an MDAuctions membership – access to auction location listings – very valuable.)

If you need additional information about the foreclosure auction process or want to learn more about the benefits of an MD Auctions membership, contact our Maryland auction team today.

Buying a home at a foreclosure auction can be confusing, especially if you don't understand all of the terminology. There are many resources online to help you decipher the language related to foreclosures.  Check this list of common foreclosure terminology or this more comprehensive list of real estate and foreclosure definitions to learn more.

Foreclosure laws vary by state. So, even if you are familiar with the foreclosure laws of another state, be sure to be familiar with Maryland foreclosure law before buying a house through a foreclosure auction. As a judicial state, Maryland has laws, including ratification of a foreclosure sale by the circuit courts that are different than other states. Also, Maryland has enacted legislation to give added protections to home owners. To learn more about Maryland laws related to foreclosure sales, review the following resources: Maryland Foreclosure Law Summary Maryland General Assembly List of Foreclosure Bills MD General Assembly Article - Real Property (Foreclosure) Maryland State Bar Association Foreclosure Proceedings

Immediately following an auction, you don't own the property yet. Also, the Trustee may not have a key yet. The debtor still has possession until the jurisdictional circuit court ratifies the sale and the property goes to settlement.

No, if the sale is ruled invalid by the circuit court, your deposit is returned.

Generally, no. Most contracts state that the buyer is tendering a non-refundable deposit and if the buyer doesn't go to settlement the property will be re-sold at the buyer's risk and expense.

When buying at public auction, properties are sold free and clear of all liens and encumbrances. The terms and conditions of the sale will tell you if there is anything you need to concerned with. The auction company will be able to tell you if there is anything you need to know. At foreclosure auctions, it's very important to read the legal advertisement to be certain  what it is you are bidding on. If you are bidding on the first deed of trust, all junior liens, i.e. second mortgage are wiped out. If you are bidding on a second lien, the first lien remains in place and as the purchaser, you are responsible for that lien. It's important you check with the attorney at the auction is you have any questions.

In traditional real estate sales, a deposit is often called an "Earnest Money Deposit". For foreclosure auctions, as a general rule, the deposit (amount) is approximately 10 percent of the outstanding debt plus legal fees that is being foreclosed upon.

The "Trustee" or "Substitute Trustee" is the authorized individual or individuals, who are acting as agents of the court, who oversee the sale process, making sure that the property is sold in a fair and equitable manner to the maximum benefit of all concerned parties.

It probably is different. There are several factors in a foreclosure sale advertisement that are different from a sale by a private party or a real estate agent transaction. In a foreclosure situation, a Trustee or Substitute Trustee is charged with selling the property. Usually the property will be sold "AS IS" with no warranties. The buyer will be paying all closing costs

You will have to do a search of the records or hire someone to do so.

All liens junior to the lien being foreclosed on are wiped out under Maryland law. Federal tax liens are first in line and if there is one it should be announced.

The "Statement of Debt" is filed with the foreclosure papers in the circuit court. They are available to the public. A few Trustees will tell you. Fewer still list the statement of debt in the legal advertisement.

If it is an auction sale by a private party, usually there will be open houses or you can arrange with the auctioneer to see the property. In a foreclosure situation, we often do not have access. It is your decision how you obtain details concerning the property. In most real estate foreclosure sales neither the auctioneer nor the Trustee has access.

Foreclosure sales are listed in the jurisdictional "newspapers of record;" every county and Baltimore City has at least one. In Maryland a foreclosure sale is required to be advertised three successive weeks prior to the sale. In addition to the Washington Times for foreclosures in the District of Columbia, some of the newspapers we currently use for Maryland foreclosures include: Allegany County - Cumberland Times News Anne Arundel County - The Capital Baltimore County - The Jeffersonian Baltimore City - The Daily Record Calvert County - Calvert Recorder Caroline County - Times Record Carroll County - Carroll County Times Cecil County - The Cecil Whig Charles County - Maryland Independent Dorchester County - The Daily Banner Frederick County - The Gazette; The Frederick News Post Garrett County - The Republican Harford County - The Aegis Howard County - Howard County Times Kent County - Kent County News Montgomery County - The Gazette Prince George's County - Enquirer-Gazette Queen Anne's County - Queen Anne's Record St. Mary's County - The Enterprise Somerset County - Somerset Herald Talbot County - Star Democrat Washington County - The Herald Mail Wicomico County - Daily Times Worcester County - Daily Times

No, unlike tax sales, once a Maryland foreclosure sale is completed, the previous owner has no right of redemption on the property. A tax sale generally has a 6-month right of redemption. This means that the owner has the right to make good on the taxes due and thus keep the home.

Purchasing real estate through foreclosure auctions can be frustrating since Maryland foreclosure auctions can be cancelled right up until the auction. Debtors can (and often do) file bankruptcy or (less likely) bring their mortgage payments current at the last moment. On sale day, it is advisable to contact the auction company conducting the auction, or the trustee, in order to determine if the sale is still to take place. As a registered MD Auctions member, not only will you be alerted to many of these cancellations, but you also will have access to the contact information for each auction company – making it easy to contact them.

Yes, there is a possibility that a property can be bought from the current owner before foreclosure; however, it is absolutely imperative that you check all state and local laws concerning this process. Many states, including Maryland, have amended their foreclosure laws to further protect defaulting homeowners from investors, thereby forcing more homes into the foreclosure process. (These legal changes add to the reasons that real estate investors should consider an MDAuctions membership.) It is better to consult Maryland foreclosure laws rather than the local auctioneer or the attorney representing the bank, who often do not have the relevant information nor the right to disclose needed information. If you are a homeowner about to lose your home to foreclosure or if you wish to learn more about this topic, check this PowerPoint presentation provided by the Maryland Department of Housing.  

As a general rule, the deposit amount is approximately equal to 10% of what the defaulting owner owes on the property.

Because Maryland is a judicial state the court has to ratify (approve) a foreclosure sale. This ratification typically occurs within 55 to 60 days of the foreclosure sale. Once the court ratifies the sale, you, as the purchaser, must settle the sale within 10 days from the date of court ratification. It is important that you are ready to settle promptly within this timeframe or risk losing your deposit.

As mentioned above, the possibility that a previous owner or tenant still occupies a home is a risk a home owner or real estate investor assumes in this process. As the new owner, it is your responsibility to get the property vacated. Consult local county laws to determine the correct way to go about this process. As the new owner, you should also check with the local county agency that regulates landlord-tenant relations.

Maryland Foreclosure Law Information

-  Judicial Foreclosure Available: Yes

-  Non-Judicial Foreclosure Available: Yes, with restrictions

-  Primary Security Instruments: Deed of Trust, Mortgage

-  Timeline: Typically 90 days

-  Right of Redemption: No

-  Deficiency Judgments Allowed: Yes

In Maryland, lenders may foreclose on a mortgage or deed of trust in default using either the judicial, assent to decree, or non-judicial foreclosure process.

Judicial Foreclosure

In cases where the security instrument contains neither a power of sale nor an assent to a decree, a lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. The court will then determine whether a default has occurred.

If the court finds that a default has occurred it shall: 1) fix the amount of the debt, interest, and costs then due; and 2) provide a reasonable time within which payment may be made. The court may order that if payment is not made within the time fixed in the order, the property must be sold to satisfy the debt.

Assent To Decree Foreclosure

Assent to a decree foreclosure is used when a provision in the security document declares an assent to the entry of an order for the sale of the property upon a specified default. Lenders who use the assent to decree foreclosure must file a complaint to foreclose. However, it is not necessary for a hearing to be held prior to the foreclosure sale.

Non-Judicial Foreclosure

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

Despite the permission given in the power of sale clause, lenders in Maryland must still file an order to docket before foreclosure proceedings can begin. However, it is not necessary for a hearing to be held prior to the foreclosure sale.

Foreclosure Guidelines

Unless otherwise stated in the original loan document or ordered by the court, the following guidelines must be adhered to in any foreclosure proceedings:

1. A notice of sale must be published in a newspaper of general circulation in the county where the property resides at least once a week for three (3) successive weeks, with the first publication to be not less than fifteen (15) days prior to sale and the last publication to be not more than one week prior to sale. The notice of sale must also be sent by certified and by registered mail, not more than thirty (30) days and not less than ten (10) days before the date of the sale, to the borrower at their last known address.
2. The sale must be conducted by the person authorized to make the sale (i.e. trustee, sheriff) and may take place immediately outside the courthouse entrance, on the property itself or the location advertised in the notice of sale, if different. The terms of the sale vary by process.
3. If the sale is postponed, notice of the new date of sale shall be published in the manner the original notice of sale was given.
4. Within thirty (30) days after the sale, the person authorized to make the sale must file a complete report of the sale with the court. The clerk of the court will then issue a notice containing a brief description to identify the property and stating that the sale will be ratified unless cause to the contrary is shown within 30 days after the date of the notice. A copy of the notice shall be published at least once a week in each of three successive weeks before the expiration of the 30-day period in one or more newspapers of general circulation in the county in which the report of sale was filed.
5. Lenders have a period of three (3) years to file for a deficiency judgment, but it is limited to the balance of the loan in default after the foreclosure sale proceeds have been applied.

INFORMATION ON THE NEW FORECLOSURE LAW (Senate Bill 761) On May 26, 2005 Governor Robert Ehrlich signed Senate Bill 761 into law. The new foreclosure law defines three types of investors and prescribes rules to which these investors must conform. The Foreclosure Consultant The Foreclosure is a real estate investor who markets to those homeowners facing foreclosure.  The consultant can help the homeowners facing foreclosure.  The consultant can help the homeowner in dealing with lenders, line up potential buyers for the residence in foreclosure, arrange for bail-out loans, and line up other individuals who may be able to assist the homeowner in foreclosure. The Foreclosure Consultant must sign a Foreclosure Consulting Agreement with the homeowner which must completely disclose the services to be rendered, the fees associated with those services, any compensation paid by a third party, and in rescindable by the homeowner at any time.  The Foreclosure Consultant Agreement must be notarized.  The Foreclosure Consultant is prohibited from purchasing the home.  The Foreclosure Consultant is also prohibited from collecting any fees until the services to be performed have been performed in full. The Foreclosure Purchaser The Foreclosure Purchaser is an investor who agrees to purchase a residence in foreclosure with a promise to reconveyance back to the original homeowner.  In most cases a Foreclosure Consultant must be in place in order for a Foreclosure Purchaser to purchase the residence.  If the purchase does not include a promise of reconveyance, the end buyer is not considered a Foreclosure Purchaser, and therefore is not subject to this law. The Foreclosure Purchaser is required to sign a Notification of Transfer of Deed or Title with the homeowner.  The Notification of Transfer or Title must disclose all of the terms of the sale and subsequent reconveyance.  This includes the terms of any lease, option, or reconveyance agreements.  Make sure you pay special attention to any provision that defines the actions that result from a default on the part of the homeowner, and any provision for removal of the homeowner.  The Notification of Transfer of Deed or Title must be notarized. Note - The Foreclosure Purchaser is prohibited by law from entering into any agreement that includes leasing or reconveying back to the homeowner if the homeowner has a debt-to-income ratio exceeding 60%. Note 2: The foreclosure purchaser must make a detailed accounting of the basis for the amount of a payment made to the homeowner of a property resold within 18 months after entering into an agreement and must ensure that the homeowner receives at least 82% of the net proceeds of any resale of the property.   The Foreclosure Surplus Purchaser The Foreclosure Surplus Purchaser is an investor who agrees to purchase the surplus that occurs when a home is sold at foreclosure sale and the buyer pays more for the home than is required to pay off all existing liens. The  Foreclosure Surplus Purchaser agrees to advance funds to the homeowner in return for the homeowner assigning all or a portion of the surplus to the investor.  The Foreclosure Surplus Purchasing  Agreement with the homeowner that discloses all of the terms of the transaction.  This agreement must be notarized. Rights of Rescission

• Foreclosure Consulting Agreement: The homeowner can rescind this agreement at any time without penalty.
• Notice of Transfer of Deed or Title: The homeowner can rescind this agreement with three days following the signing of the deed.
• Foreclosure Surplus Purchasing Agreement: The homeowner can rescind this agreement within ten days following the final audit of the foreclosure sale.

http://mlis.state.md.us/asp/web_statutes.asp?grp&7-301 http://www.foreclosurelaw.org/Maryland_Foreclosure_Law.htm  

RIVERDALE, Md. (April 3, 2008)-- Maryland Gov. Martin O'Malley signed a series of bills into law Thursday, giving the state broad, new powers to help homeowners avoid foreclosure.

The governor is taking action against predatory lenders and shady practices that have caused a sharp increase in foreclosures.

Prince George's County has more foreclosures than any other area in the state, but almost every county in Maryland has experienced an alarming increase in foreclosures in the past year.

Maryland's new laws are the most comprehensive in the country. The laws subject fraudulent mortgage schemes to criminal prosecution, extend the time a bank must wait to foreclose from 15 days to 150 days and offer homeowners protection from tricks that result in signing away their homes to third parties.

Source:  http://www.nbc4.com/news/15786445/detail.html

Maryland real estate auctions are held at auction houses or (especially in the case of foreclosure auctions) at the Maryland County courthouses. Below are the addresses, phone numbers and map for each of the state's county courthouses.

• ALLEGANY COUNTY 30 Washington St. Cumberland, MD 21502 Phone: 301-777-5924  Courthouse Map
• ANNE ARUNDEL COUNTY 7½ Church Cir. Annapolis, MD 21404 Phone: 410-222-1425 Courthouse Map
• BALTIMORE CITY Courthouse Door, Calvert St. Entrance, 100 N. Calvert St. Baltimore, MD 21202 Phone: 410-333-3760 Courthouse Map
• BALTIMORE COUNTY Courthouse Steps, 401 Bosley Ave. Towson, MD 21204 Phone: 410-887-3483 Courthouse Map
• CALVERT COUNTY 175 Main St. Prince Frederick, MD 20678 Phone: 410-535-1660 Courthouse Map
• CAROLINE COUNTY 109 Market St. Denton, MD 21629 Phone: 410-479-1811  Courthouse Map
• CARROLL COUNTY 55 N. Court St. Westminster, MD 21157 Phone: 410-386-2642  Courthouse Map
• CECIL COUNTY 129 E. Main St. Elkton, MD 21912 Phone: 410-996-5375  Courthouse Map
• CHARLES COUNTY 200 Charles St. La Plata, MD 20646 Phone: 301-932-3235  Courthouse Map
• DORCHESTER COUNTY 206 High St. Cambridge, MD 21613 Phone: 410-228-0480 Courthouse Map
• FREDERICK COUNTY Courthouse Door, 100 W. Patrick St. Frederick, MD 21701 Phone: 301-694-1961 Courthouse Map
• GARRETT COUNTY 203 S. 4th St. Oakland, MD 21550 Phone: 301-334-1938 Courthouse Map
• HARFORD COUNTY 20 W. Courtland St. Bel Air, MD 21014 Phone: 410-638-3474  Courthouse Map
• HOWARD COUNTY 8360 Court Ave. Ellicott City, MD 21043 Phone: 410-313-3837 Courthouse Map * Temporary location due to construction; The Thomas Dorsey Building - 9250 Bendix Road Columbia, Maryland 21045 *
• KENT COUNTY 103 N. Cross St. Chestertown, MD 21620 Phone: 410-778-7460  Courthouse Map
• MONTGOMERY COUNTY 50 Maryland Ave. Rockville, MD 20850 Phone: 240-777-9477  Courthouse Map
• PRINCE GEORGE'S COUNTY 14735 Main St. (the Duvall Entrance) Upper Marlboro, MD 20772 Phone: 301-952-3352  Courthouse Map
• QUEEN ANNE'S COUNTY 100 Courthouse Sq. Centreville, MD 21617 Phone: 410-758-1773  Courthouse Map
• ST. MARY'S COUNTY 41605 Court House Dr. Leonardtown, MD 20650 Phone: 301-475-4554  Courthouse Map
• SOMERSET COUNTY 30512 Prince William St. Princess Anne, MD 21853 Phone: 410-651-1555  Courthouse Map
• TALBOT COUNTY 11 N. Washington St. Easton, MD 21601 Phone: 410-822-2611 Courthouse Map
• WASHINGTON COUNTY 95 W. Washington St. Hagerstown, MD 21740 Phone: 301-739-2255  Courthouse Map
• WICOMICO COUNTY 101 N. Division St. Salisbury, MD 21801 Phone: 410-543-6551 Courthouse Map
• WORCESTER COUNTY 1 W. Market St. Snow Hill, MD 21863 Phone: 410-632-1221  Courthouse Map