How The HUD Home Buying Process Works : Tips From Local Real Estate Agent Kevin R. Larkin

If you are looking to purchase a Catonsville Maryland home then this is an excellent time to do so.  But even though buyers search diligently on the internet for the perfect buy they often overlook one group of homes- those owned by HUD.  

For a home to be classified as a HUD home it has to meet the requirement that it was originally financed with an FHA loan.  When the homeowner loses the home to foreclosure then it becomes a HUD property.  This is an area where you can get phenomenal buys- if you know what to do.

The first thing you will need to do is find yourself a HUD authorized buyer's agent.  The great thing about this is that as a buyer's agent the commission is paid for by HUD so they will basically be working for you for free.  Some people will try to argue that having an agent's commission in the deal will cause the price of the home to be higher, but that isn't the case.  In fact, you will come out better for being represented.

Another reason to be represented is that only an authorized HUD agent can open up HUD homes.  They have a special key required to gain access.  These agents attend specialized training in order to obtain the HUD status so they will know the ins and outs of the process.

In order to get one of their homes you have to start by bidding online.  If your bid wins then you have 48 hours to have an originally signed contract at the HUD location.  Anything later and your bid is thrown out.  No exceptions.  At this point you can typically expect to close within 45 days. 

If you are skeptical working with a government agency, don't be.  Believe it or not, HUD is right on top of things.  Their support lines are manned every weekday and the personnel answering the calls are knowledgeable and thorough.  They are well ahead of many banks in resolving issues in a timely manner.

Just remember that HUD has their guidelines, too.  If something needs to be signed or an initial was left out they will give you ample time to correct it.

There is a lot of free information available for you about buying, selling or investing in Catonsville Maryland Foreclosures. For complete information about the Catonsville Maryland Foreclosures market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Catonsville Maryland real estate at LivinginCatonsville.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than happy to answer your questions. Feel free to call me on my cell at 443-386-3434 or contact me using the form below. Make sure to visit my site to sign up for a free weekly list of Catonsville Maryland foreclosures with 3 or more bedrooms!

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Article's Author

Kevin Larkin
Daniel Lloyd & Associates Realtors
Catonsville, MD

Contact Kevin Larkin