Courthouse Step Auctions pre or post foreclosure deed filed?

Question

Does anyone know if in Maryland, for the auctions that happen on the county courthouse steps, have the foreclosure deeds on each property already been executed or is there typically still a waiting period to have this done?  Some of the properties I'm looking at have sizable deposits and I'm trying to figure out if there is a chance I will need to sit on these for an extended length of time.  Also, what is the average length of time to close on these? Thanks.

Rich Baer · Answer

@Patrick Alcoke

I have your answers if you want to PM me. My group has purchased over 50 properties at the Courthouse steps the last few years.

Ned Carey · Answer

You will have to wait for the auction to be ratified by the court. I would expect at lest a month perhaps 2 months or more before you cold settle.  I haven't bought at foreclosure auctions in a LONG time so I don't know the actual time frame. The above is the sense I get from looking at the court dockets and deals I have otherwise been involved in.

Josh Carr · Answer

@Ned Carey usually knows about Maryland.  That's his expertise as well.

Zach Leasure · Answer

Try looking up the property on SDAT. If the owner's name is a bank then it's already been executed. If not then you could be waiting a while.

Josh Carr · Answer

There is typically still a waiting period.  County specific and each county may be different.

Ned Carey · Answer

@Patrick Alcoke I should have tagged @Rich Baer in my post he is the guy that would know.

Patrick Alcoke · Answer

Thanks @Ned Carey and @Rich Baer!

Patrick Alcoke · Answer

Thanks @Josh Carr and @Zach Leasure

Courthouse Step Auctions pre or post foreclosure deed filed?

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