Overview
This Preforeclosure is located at Olney Mill Rd, Olney, MD 20832. It has 2 Baths , 1,878 sqft of living space. This property is currently in auction with an estimated market value of $648,141.
Save money on this property now.
This property is available as a preforeclosure at Olney Mill Rd. This property features bedrooms and 2 bathrooms, perfect for investment and/or your personal residence. With 1,878 square feet of living space, you can enjoy sizable rooms for comfortable living and flexibility in the common areas for family gatherings. Our team of real estate experts has conducted a thorough analysis of the current market conditions in Olney, specifically for Olney Mill Rd and comparable listings. Based on this expert analysis, the estimated market value is $648,141. If purchased for rental purposes, the monthly rental rate could range between $2,170 and $2,650, providing a solid return on investment. Factors considered in this calculation include the property location, condition, status, and convenience, all assessed by our experienced professionals. Properties like this one on Olney Mill Rd are updated daily along with others in Olney, Maryland, ensuring you have the most current and accurate information. Since this property is a preforeclosure, be sure to check out our Foreclosure Timeline for Olney Mill Rd below to see detailed and helpful information about what stage of the foreclosure process this listing is in.
Plus with taxes and insurance
Based on 20% down, 30 year mortgage, with 6% APR
All calculations are estimates provided for informational purposes. Actual amounts may vary by location. It is important to know that mortgage rates are dependent on credit scores, loan timeline, and a down payment amount.
Not in Foreclosure
Pre-Foreclosure
Auction
Bank Owned
Get up-to-date information and real-time property status updates:
Address: Olney Mill Rd Olney MD 20832
The countdown is usually accurate but not exact. To be safe, place bids 2 hours before the bidding ends.
There are 8 schools in the area. Nearby schools include Olney Elementary School and Brooke Grove Elementary School.
There are plenty of activities near this property like MedStar Montgomery Medical Center, Olney Library, and more.
Public transportation options include: Montgomery County Ride On bus service, Regional bus connections toward Glenmont, Rockville, and other Montgomery County destinations, Access to Metrorail via nearby Glenmont station on the Red Line, Commuter access via Georgia Avenue (MD-97), Olney-Sandy Spring Road (MD-108), and the Intercounty Connector (MD-200). Other services include ride-sharing services like Uber and Lyft.
Parks nearby include Olney Manor Recreational Park, Southeast Olney Local Park and more.
Services available in the area include cellular and internet options.
This property in Olney, MD is located in the Olney Mill Subdivision.
The property located at Olney Mill Rd in Olney, MD is listed as a Preforeclosure
This listing located at Olney Mill Rd in Olney, MD could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.
Please take note that this property in Olney, Maryland is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Olney, MD, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.
Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.
You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Olney, Maryland doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.
For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.
This is an important legal concept to understand before moving forwardPreforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender. At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.
Steps as you search for your pre-foreclosure property:
Property owners and lenders are both in awkward positions when a loan goes into default. The property owner would like to avoid the foreclosure as it will have very negative consequences for his credit, and can severely limit his chances to obtain credit for a long time into the future. The lender knows it will probably be taking a loss because, if the property was worth the debt on it, the owner probably would have already sold it to avoid the foreclosure. Short sales are very common in pre-foreclosure situations and this leaves the door open for opportunities for you as the lucky real estate investor.
Auction Information |
||
|
The estimated rental value for Olney Mill Rd located in Olney, MD is $2,410/month. Comparable homes around Olney Mill Rd that are rentals have monthly ranges starting as low as $2,170 per month and as high as $2,650 per month. An owner looking to use this property as an investment could bring a return in the area of $2,170 - $2,650 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
Status: Active
The owner is behind on payments and has entered preforeclosure. It may still be possible to avoid foreclosure or sell early.
Status: Active
The information provided on the Website, which encompasses details such as property dimensions, floor area, valuation, geographic location, and general property description, is furnished for your convenience and originates from third-party sources. This data should not be interpreted as constituting a contractual offer for the procurement, leasing, or advertising of real estate. No express or implied warranties or assurances are extended concerning these properties, including their availability. While the data presented on this Website is considered reliable, it acknowledges a degree of uncertainty, thus necessitating independent verification.
The administrators of this platform, as well as their respective directors, associates, and personnel, have not undertaken a process of due diligence to verify the accuracy of the information. Their role is limited to disseminating the information, and they do not accept liability, whether direct or indirect, for any injuries, losses, claims, damages, or associated indirect or consequential harms, including but not limited to lost profits or savings, arising from the use of any information or any deficiencies, inaccuracies, or defects in the disseminated information within the bounds of the Website.
Foreclosure.com, in conjunction with its Affiliates, disclaims any responsibility arising from your acquisition of third-party goods, services, or tangible properties based on the informational context of the Site. Foreclosure.com reserves the right, at its sole discretion and without prior notice, to rectify errors or omissions within any section of the Site or to restrict access to the Site.
Relying solely on the informational content featured on the Website is not advisable. Conduct your own personal inquiries and seek legal counsel regarding any property under consideration within the scope of the Website or the associated data.
Calculate monthly mortgage payments with our easy mortgage loan calculator.
Copy the link below:
Millions of people receive foreclosure alerts daily, don't miss out.
Alert me about homes in that match this search.
By signing up for property alerts, I have read the Terms and Conditions of Service and agree to receive emails from Foreclosure.com.
Foreclosure.com Advantage:
At Foreclosure.com, we are driven by a mission — to streamline the journey of finding and purchasing distressed properties for our users across the nation. We understand both the challenges and opportunities presented by the real estate market. So learning is an essential part of investing and we equip you with tools and knowledge through how-to videos, insights from local area experts, and state-specific legal information. These resources are designed to empower you with the knowledge to make informed decisions, whether you're a first-time buyer or seasoned investor.
