Investors or individuals seeking to buy their own home can scope out good house deals in Maryland through HUD homes. A Maryland HUD home is a real estate property owned by the Department of Housing and Urban Development that was purchased at a foreclosure sale. HUD buys homes for the purpose of trying to get back losses caused by a mortgage default on a mortgage insured by HUD’s Federal Housing Administration.
To purchase HUD homes in Maryland, a potential buyer must first figure out how to find these properties. After finding the properties and deciding which ones to buy, the buyer must use a Maryland real estate broker or agent approved by HUD to place bids on these Maryland HUD foreclosures. If the agency accepts the buyer’s bid, then the buyer pays the bid to purchase a Maryland HUD property.
Step 1:
HUD has a special website to provide listings of HUD properties throughout the country. Start your search for Maryland HUD homes by going to hudhomestore.com/HudHome/Index.aspx and looking at the map on the main page. Click on Maryland to see the complete statewide list of HUD homes in Maryland.
Step 2:
Look through all of the properties if you have time. But you may also save time by using the advanced search features provided at the top of the search results. For example, let’s say you want to buy a Baltimore HUD home with 3 bedrooms that costs between $100,000 and $200,000. You can just enter that information into the search options to find the Maryland home you are hoping to buy.
Step 3:
Once you have completed your search for HUD Maryland homes, you can then find a broker to help you through the process of bidding on and buying your home. HUD also makes this search easy using the same website as the one with the property listings. Just go back to the home page and use the “Find a Broker” search engine to locate a Maryland real estate broker or agent who can help you.
Step 4:
Try to secure a loan for the Maryland HUD home that you want to purchase. You will need to get preapproved and then take those documents to your agent to add to your bidding package. If your bid is eventually accepted, then you will need to go back to the lender and finalize this mortgage loan to buy the Maryland property. Get your agent to place a bid on the property.
Step 5:
If the Maryland HUD authorities accept your home bid, then the agent will work with a closing agent to complete the sale of your new home. There will be several days between the bid acceptance and closing for you to secure the loan and pay a down payment.
Step 6:
As in all cases of real estate, you have one more step – get a property deed from HUD. A Maryland deed should be filed in the county of HUD homes in Maryland that you buy from the agency. Each county has a recorder’s office for filing real property records. Go there to record the deed for your new Maryland home.
Sources:
HUD Home Listings
