Example Listing- Baltimore HUD Home
I am going to use a Baltimore HUD home as an example of a HUD listing. There are very few Baltimore HUD homes currently on the market.
I apologize for the poor quality of the listing image of the HUD home in Baltimore. I am working on improving it.
The listing sheet does have a lot of information on this Baltimore HUD home but your real estate agent will have more. You should have your agent pull up Baltimore HUD homes listings on the local Multiple Listing Service. Some of the information listed on the listing sheet for this HUD home in Baltimore is: 1. Address: 5328 Denmore Avenue. 2. Price: $53,000. 3. As-Is Price: $53,000. This is the FHA appraised price. 4. Appraisal Date: 05/22/06. 5. Bed/Bath: 2 Bedrooms,1 Bath. 6. Square FT of Living Space: 1,132 SF. 7. Year Built: 1920 8. LBP Disclosures: If a house was built before 1976 it will have a Lead Based Paint Disclosure. 9. LBP Initial Inspection: Inspection for Lead Based Paint. 10. Environmental Compliance Report: 11. Type: Detached. Detached means it is not attached to another unit, condo would be an example of "Attached". 12. Financing: Insured with Repair Escrow (IE). This information is very important if you are financing the Baltimore HUD home with a FHA loan. IE means there are needed repairs but if you are FHA buyer you can escrow the cost of the repairs. The repairs have to be completed 90 days after closing. If any balance is left in escrow, the amount will be used to reduce your mortgage balance. THIS IS ONLY FOR FHA BUYERS, not cash or conventional buyers. 13. 203K Eligible: Yes. This means the estimated repairs will exceed $5,000. Again, only for FHA buyers of this Baltimore HUD home. 14. List Date: 08/11/06 15. List Type: Relist. This means it has been listed before. There was a successful bid on it before but the tranaction didn't close. So it was put back on the market. 16. Bid Deadline: Daily at 23:59:59. The listing is past the initial 10 days period for only owner-occupant bidders. Anyone can bid on it now. The bid has to be submitted by 11:59 P.M. each day. 17. Priority: All bidders. Anyone can bid. 18. Property Condition Report: This one does have a Property Condition Report. If you are going to bid on this Baltimore HUD home, you need to print out the report. It is similiar to a Home Inspection but it shouldn't take the place of one. 19. Status: Property available for Bidding. 20. Revitalization Area: This Baltomore HUD home is part of a Revitalization area. This property is available for special HUD programs such as the Policeman, Fireman, and Teacher Next Door Program. 21. Escrow Amount: $4,600. The amount that can be ecrowed for repairs. Most of the time this escrow amount is low. 22. Submit Offer: If you want to make an offer, hit SUBMIT.
As you can see there is a lot of information, but you still don't have enough information to make a bid yet. You need to have your real estate agent do a CMA of the property. Have the agent compare this HUD home with other Baltimore HUD homes that are active and ones that have sold.
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