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Maryland Law Great for Investors in Mobile Foreclosures

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By : John Cutts    99 or more times read
The recently enacted law on mobile homes in Maryland is a positive development for investors in mobile foreclosures.

With mobile homeowners getting the assurance they will be protected in case their park gets converted for other use, there will be more people considering buying mobile homes and more investors will have more prospective buyers.

The new law requires mobile park owners to provide ten months of park rent if they convert their park for other use, in addition to notifying park residents properly. Previously, what was needed in Maryland was only a notification one year in advance before a park owner can change the usage of his park.

Advocates lauded the new law because the cost of relocating a mobile home now has spiked to more than $10,000. Besides, many parks now accept only mobile homes which are less than ten years old.

It is not only mobile foreclosures that investors can explore for investment in Maryland. They can also look at lower-priced foreclosed homes for sale in Baltimore, MD. In the first 4 months of 2010, almost 40 percent of all houses sold in the city were distressed sales, based on data from the local realtor association.

In Greater Baltimore, 23 percent of all houses sold in the first 4 months were foreclosure homes for sale while 8 percent were short sales. The foreclosure share was even higher in the city, as foreclosures comprised 35 percent of total house sales in the first 4 months. Short sales accounted for 6 percent.

Local realtors contended that investors and owner occupant buyers were snapping up foreclosures more than nondistressed homes because the available foreclosure inventory in April dramatically was 5 percent, compared to 23 percent for the entire 4-month period.

The number of Maryland foreclosed homes also increased in April to 965, up by 29.5 percent from 745 REO units in March. Foreclosure filings rose from 5,293 in March to 5,446 in April, and these numbers included mobile foreclosures, single-family homes and other residential types.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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