Baltimore HUD Homes 2021 Listings View all HUD homes and VA foreclosures properties listings in your local area 24/7.
Baltimore HUD Homes are 1-to-4 unit residential property foreclosed by HUD on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Baltimore HUD Homes or foreclosed homes., from the Department of Housing and Urban Development In several Baltimore Neighborhoods.
New HUD homes listings get published online late Thursday night or Friday morning. New “Daily’s,” homes previously sold which fell out of escrow, post-Saturday morning.
HUD homes not sold during the bid time stay listed as daily. Bids are due to the Department of Housing and Urban Development by the following Tuesday at midnight.
The HUD Home bid has to be submitted by a real estate agent who has completed a Department of Housing and Urban Development registration.
How do I get to qualify for a Baltimore HUD Home?
HUD is not a lender for homes. Anyone with the cash or an approved loan can qualify for a HUD property.
For FHA-insured properties, buyers can qualify for FHA financing with only 3.5 percent down with a minimum credit score of 620.
How much money do you have to put down on a HUD home?
The Federal Housing Administration, or FHA, requires a credit score of at least 580 to buy a home with an FHA loan.
A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.
Don’t waste your time using a Realtor who is not familiar with selling Baltimore HUD Homes
Any mistake causes the bid to be rejected. Don’t use an agent who says you must bid way over the minimum bid.
Find a real estate agent specializing in the Department of Housing and Urban Development homes who want to work with you on your terms.
Many Baltimore HUD Homes sell for far more than the minimum bid.
Hold out for the one property which doesn’t get way overbid. I bid about $40,000 under minimum on our second homeowner-occupant mountain cabin.
We submit many bids and won enough to make it pay me well. The Department of Housing and Urban Development only allows one foreclosure home purchase as an owner-occupant every two years from the date of closing.
Rely on your gut instinct and don’t let your real estate agent unduly influence you. It is not a complicated process for your agent to make a computer bid.
You need a real estate agent willing to several bids to finally getting a successful bid. Is it like winning a lottery, with the odds in your favor?
Bids must have a lender’s loan commitment statement. Lenders unfamiliar with Baltimore HUD Homes requirements is a waste of your time.
Any mistake causes you to lose the purchase. Not all lenders understand the Department of Housing and Urban Development’s bid, finance, and purchase process.
When placing a bid on Baltimore HUD Homes raise your offering bid to cover some of your closing costs.
You can ask the Department of Housing and Urban Development to pay your closing costs can save out-of-pocket expenses.
The higher sales price impacts the comparable market sales in your favor for purchase later. Your purchase price influences the values of the market area.
Keeping prices higher for current sales during your renovation time protects your investment potential.
Don’t get attached to one particular property. We placed a bid on a home I felt in love in Baltimore and lost it by a few hundred dollars.
The house came back on the list later, not at all uncommon for the Department of Housing and Urban Development. But, by this time, we had already purchased a better-distressed property.
To make a good profit in real estate, you must buy at no more than 70% of market value minus repairs.
Check out all property types available to find the best transaction for your specific situation. Consider fixers, distressed sales, repossessions, multiple listings, for sale by owners, and vacant properties just wasting away.
Baltimore Maryland Distressed Properties
The difference between a fixer and a distressed property. Distressed properties may be fixers or just unwanted houses.
Divorce, job loss or transfer, death, financial difficulty, and other problems often force a sale for less than market value. Just because an owner’s problem causes, a distressed house for sale does not mean the house requires fixing.
Baltimore Maryland Repossessed Home
Repossessed Homes market is hot.
Real estate agents try to discourage you from Baltimore HUD Homes and switch you to multiple listed homes.
Do not listen to negative remarks about how hard it is to find a suitable deal property. Find another agent.
Even in the hot market at the time of this writing, when the average house sells in less than three weeks, we found two properties for at least forty thousand dollars under market value.
Paying a listing service to mail you lists of repossessed properties is a waste of money.
Foreclosure listing service on the internet can give access to foreclosure properties online 24/7.
Foreclosure listing services that want to mail you the listings weekly, by the time you get these lists, the houses are already sold.
Take a flashlight with you to view all foreclosed properties. With no electrical service and boarded-up windows, being able to see in the dark viewing any house in the dark.
In wintertime make sure you have a heavy coat and gloves, during summertime remember that the hud houses will be hotter than the temperatures outside.
VA Homes or Baltimore HUD Homes
VA homes are cleaner than Baltimore HUD Homes sell on a bidding system through real estate agents.
The VA partially fixes up their repossessed homes. The VA sometimes offers vendee (seller) financing with few processing costs, low interest, and no prepayment penalty. You do not have to be a Veteran to buy these easy to qualify for homes.
As of this writing, the VA has changed the way their homes are for sale.
Another reason you need a real estate agent who stays on top of recently revised marketing procedures relating to government-owned properties.
Less known government agencies such as Fannie Mae, Freddie Mac, FDIC, SBA, the IRS, and GSA list repossessed properties on their websites.
These properties, rarer than the Department of Housing and Urban Development and VA, usually get cleaned and repaired before listing with real estate agencies with sale prices closer to market value.
Baltimore Maryland REO’s Homes
Banks often offer their real estate owned REO homes at bargain prices. Depending on the bank’s resale policy, conditions of the property, and available financing, REO opportunities vary widely.
Several banks lend on their repossessions while other banks want out. Great funding becomes possible through the banks that offer in-house terms.
Ask for no points, low-cost loans are the best, and no prepayment penalties. Check with your local lending institutions and find out how they market their repossessions.
Many of these bankers will give you their web page listing available property. Befriend real estate agents who specialize in listing bank-owned repossessions so they will notify you of a new listing immediately.
Multiple Listings In Baltimore Maryland
It is hard to find a bargain in the multiple listings service, but not impossible. Check out listings that have been on the market for a while. Look for vacant houses, as these cost the seller money every month.
Make an offer for much less than the asking price with a quick escrow. Many anxious sellers jump on an offer if they think they will be out of their problem in only ten days.
You need a lender and escrow agents who perform fantastic under pressure to being able to close the loan and escrow in 10 days.
I follow the multiple listings in our area on the Multiple Listing Service. One of my agents emails me new listings daily.
You need an agent who calls you the minute a new distressed property listing becomes available. Underpriced listings mostly get snapped up by the real estate agents and their investors before they hit the market.
Just like making many bids, make many offers. You never know when a seller’s problems reach a critical point causing abrupt action.
For Sale by Owners
Houses for sale by owner may not always be a great buy, but there is still at least one bargain out there.
Many investors prefer buying directly from the owner. If you have ever tried to sell your home by yourself, you probably met some of these investors.
Cruel, hard, and in some cases, fraudulent investors dream up all kinds of schemes to steal houses from distraught homeowners.
Understand that the home seller most likely dealt with these callous investors before you and therefore may view you with suspicion.
Earn their trust by working with them honestly and compassionately.
Let honesty and kindness guide your actions with sellers. Finding out the seller’s specific problem is the key to helping them and yourself. Uncover the seller’s particular need and find a solution.
Because it is embarrassing for some sellers to let you in on their troubles, extra sympathy and relaxed timing help you unearth their underlying motivation.
Listen carefully, stop talking, and pay attention to details that lead to understanding the real reason they need to sell.
The seller may need a quick escrow, need to rent back the home for a while, or want immediate cash.
You could give the seller a loan of cash with a note secured by the property. Ask an attorney about your state laws regarding this type of purchase advance.
We offered a seller a $2,000 deposit outside of escrow, which went toward the down payment, to entice a money-hungry seller to commit to our low price.
Many sellers do not need all of their cash out. Owner financing is an excellent deal for you.
Usually, you get a lower interest rate, and you don’t have to pay the lender’s points or prepayment penalties.
Also, these loans typically won’t show on your credit report so you won’t have these payments counted against you. If
you have a good credit report, take a copy with you to show to the seller. Prevents more inquiries on your credit history and keeps your credit score from dropping.
Ready Buy a Baltimore HUD Homes
Be prepared to make an offer immediately when you find a bargain. Make sure you are pre-approved with a great lender who can close quickly.
Distressed sellers and fixer houses offer you a great way to get into the real estate investing business.
Baltimore HUD Homes 2021 Listings
Baltimore is officially divided into nine geographical regions: North, Northeast, East, Southeast, South, Southwest, West, Northwest, and Central, with each district patrolled by a respective Baltimore Police Department.
Interstate 83 and Charles Street down to Hanover Street and Ritchie Highway serve as the east-west dividing line and Eastern Avenue to Route 40 as the north-south dividing line.
However, Baltimore Street is a north-south dividing line for the U.S. Postal Service] It is not uncommon for locals to divide the city simply by East or West Baltimore, using Charles Street or I-83 as a dividing line or into North and South using Baltimore Street as a dividing line.
Baltimore HUD Homes
Central Baltimore, originally called the Middle District, stretches north of the Inner Harbor up to the edge of Druid Hill Park. Downtown Baltimore has mainly served as a commercial district with limited residential opportunities.
However, between 2000 and 2010, the downtown population grew 130 percent as old commercial properties have been replaced by residential property. Still the city’s main commercial area and business district, it includes Baltimore’s sports complexes:
Oriole Park at Camden Yards
M&T Bank Stadium, and the Baltimore Arena; and the shops and attractions in the Inner Harbor: Harborplace, the Baltimore Convention Center, the National Aquarium, Maryland Science Center, Pier Six Pavilion, and Power Plant Live.
The University of Maryland, Baltimore, the University of Maryland Medical Center, and Lexington Market are also in the central district, as well as the Hippodrome and many nightclubs, bars, restaurants, shopping centers, and various other attractions.
The northern portion of Central Baltimore, between downtown and the Druid Hill Park, is home to many of the city’s cultural opportunities. Maryland Institute College of Art, the Peabody Institute (music conservatory), George Peabody Library, Enoch Pratt Free Library – Central Library, the Lyric Opera House, the Joseph Meyerhoff Symphony Hall, the Walters Art Museum, the Maryland Historical Society and its Enoch Pratt Mansion, and several galleries are located in this region.
North Baltimore lies directly north of Central Baltimore and is bounded on the east by The Alameda and on the west by Pimlico Road. Loyola University Maryland, Johns Hopkins University Homewood Campus, St. Mary’s Seminary and University and Notre Dame of Maryland University are located in this district.
Baltimore Polytechnic Institute high school for mathematics, science, and engineering, and adjacent Western High School, the oldest remaining public girls secondary school in America, share a joint campus at West Cold Spring Lane and Falls Road.
Several historic and notable neighborhoods are in this district: Roland Park (1891), Guilford (1913), Homeland (1924), Hampden, Woodberry, Old Goucher, and Jones Falls.
Along the York Road corridor going north are the large neighborhoods of Charles Village, Waverly, and Mount Washington. The Station North Arts and Entertainment District is also located in North Baltimore
South Baltimore, a mixed industrial and residential area, consists of the “Old South Baltimore” peninsula below the Inner Harbor and east of the old B&O Railroad’s Camden line tracks and Russell Street downtown. It is a culturally, ethnically, and socioeconomically diverse waterfront area with neighborhoods such as Locust Point and Riverside around a large part of the same name.
Just south of the Inner Harbor, the historic Federal Hill neighborhood is home to many working professionals, pubs and restaurants.
At the end of the peninsula is historic Fort McHenry, a National Park since the end of World War I, when the old U.S. Army Hospital surrounding the 1798 star-shaped battlements was torn down.
The area south of the Vietnam Veterans (Hanover Street) Bridge and the Patapsco River was annexed to the city in 1919 from being independent towns in Anne Arundel County] Across the Hanover Street Bridge are residential areas such as Cherry Hill, Brooklyn, and Curtis Bay, with Fort Armistead bordering the city’s south side from Anne Arundel County.
Northeast is primarily a residential neighborhood, home to Morgan State University, bounded by the city line of 1919 on its northern and eastern boundaries, Sinclair Lane, Erdman Avenue, and Pulaski Highway to the south and The Alameda on to the west.
Also in this wedge of the city on 33rd Street in Baltimore City College high school, the third oldest active public secondary school in the United States founded downtown in 1839.
Across Loch Raven Boulevard is the former site of the old Memorial Stadium for the Baltimore Colts and Baltimore Orioles, now replaced by a YMCA athletic and housing complex. Lake Montebello is in Northeast Baltimore.
Located below Sinclair Lane and Erdman Avenue, above Orleans Street, East Baltimore is mainly made up of residential neighborhoods.
This section of East Baltimore is home to Johns Hopkins Hospital and Johns Hopkins University School of Medicine on Broadway. Notable neighborhoods include Armistead Gardens, Broadway East, Barclay, Ellwood Park, Greenmount, and McElderry Park.
This area was the on-site film location for Homicide: Life on the Street, The Corner, and The Wire.
Southeast Baltimore, located below Fayette Street, bordering the Inner Harbor and the Northwest Branch of the Patapsco River to the west, the city line of 1919 on its eastern boundaries and the Patapsco River to the south, is a mixed industrial and residential area. Patterson Park, the “Best Backyard in Baltimore,”, as well as the Highlandtown Arts District, and Johns Hopkins Bayview Medical Center, are located in Southeast Baltimore. The Shops at Canton Crossing opened in 2013.
The Canton neighborhood is located along Baltimore’s prime waterfront. Other historic neighborhoods include Fells Point, Patterson Park, Butchers Hill, Highlandtown, Greektown, Harbor East, Little Italy, and Upper Fells Point.
Northwestern is bounded by the county line to the north and west, Gwynns Falls Parkway on the south, and Pimlico Road on the east is home to Pimlico Race Course, Sinai Hospital, and the headquarters of the NAACP. Its neighborhoods are mostly residential and are dissected by Northern Parkway.
The area has been the center of Baltimore’s Jewish community since after World War II. Notable neighborhoods include Pimlico, Mount Washington, and Cheswolde, and Park Heights.
West Baltimore is west of downtown and the Martin Luther King, Jr. Boulevard and is bounded by Gwynns Falls Parkway, Fremont Avenue, and West Baltimore Street. The Old West Baltimore Historic District includes the neighborhoods of Harlem Park, Sandtown-Winchester, Druid Heights, Madison Park, and Upton.
Originally a predominantly German neighborhood, by the last half of the 1800s, Old West Baltimore was home to a substantial section of the city’s African American population.
It became the largest neighborhood for the city’s black community and its cultural, political, and economic center. Coppin State University, Mondawmin Mall, and Edmondson Village are located in this district.
The area’s crime problems have provided subject material for television series, such as The Wire. Local organizations, such as the Sandtown Habitat for Humanity and the Upton Planning Committee, have been steadily transforming parts of formerly blighted areas of West Baltimore into clean, safe communities.
Southwest Baltimore is bound by the Baltimore County line to the west, West Baltimore Street to the north, and Martin Luther King Jr. Boulevard and Russell Street/Baltimore-Washington Parkway (Maryland Route 295) to the east. Notable neighborhoods in Southwest Baltimore include Pigtown, Carrolton Ridge, Ridgely’s Delight, Leakin Park, Violetville, Lakeland, and Morrell Park.
St. Agnes Hospital on Wilkens and Caton avenues is located in this district with the neighboring Cardinal Gibbons High School, which is the former site of Babe Ruth‘s alma mater, St. Mary’s Industrial School. Also through this segment of Baltimore ran the beginnings of the historic National Road, which was constructed beginning in 1806 along Old Frederick Road and continuing into the county on Frederick Road into Ellicott City, Maryland.[
Other sides in this district are Carroll Park, one of the city’s largest parks, the colonial Mount Clare Mansion, and Washington Boulevard, which dates to pre-Revolutionary War days as the prime route out of the city to Alexandria, Virginia, and Georgetown on the Potomac River.