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Buying a HUD home in Maryland
Buying a HUD Home in Maryland
Many consumers ask us about finding the best deals available and we always ask them if they have looked at HUD homes ? Many consumers are not aware of the guidelines and benefits to buying a HUD home inMaryland.
What is a HUD Home
A HUD home is a property that was secured by an FHA Mortgage. If the homeowner stopped making his/her payments then the property would be foreclosed upon. After foreclosure the home would revert back to HUD instead of the bank.
So in essence a HUD home is a home that was insured by FHA then was foreclosed on.
How Do I find HUD HOMES IN MARYLAND
Nationwide all HUD homes are marketed online at www.hudhomestore.com in addition to the multiple list service, trulia, zillow, etc. The www.hudhomestore.com site however, is the most accurate source for locating HUD properties.
How do I Buy a HUD Home in Maryland
HUD homes are purchased using an online bidding process and have to be submitted by HUD registered real estate professional. HUD has very strict bidding guidelines so you may want to make sure that your realtor is registered with HUD and understands the bidding process prior to bidding.
Benefits to Purchasing a HUD home in Maryland
Prior to marketing the property HUD homes inMarylandare appraised by a licensed FHA appraiser and the list price is the appraised value of the home. So consumers go into the bidding process already knowing what the home is worth.
Owner Occupant purchasers get priority over investors.
Can investors purchaser HUD homes in Maryland?
Yes, in the event that an owner occupant does not place an acceptable bid within the bid deadlines, investors are free to submit offers. The deadlines vary depending on whether the property is insurable, insurable with escrow or uninsurable. Most investors will find the best deals on the uninsurable properties.
If you would like more information on purchasing a HUD home inMaryland, give us a call at 410-384-4059 and we would be happy to answer any questions.