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HUD Home Listing Example |
Baltimore HUD Home Listing
_________________________________________________________________________________ Different areas throughout the country will have different companies marketing the HUD Homes for Sale but the listing sheets will look the same for each company. We will show you what one looks like by using a listing for a Baltimore HUD Home.
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. Case Number: 241-517210 2. Eligible Bidders: All Bidders. This means this property has been on the market more than 30 days and it is open for bids by investors also. 3. Bid Submission Deadline: Daily at Midnight CST. Because it has been on the market more than 10 days it is on a daily bidding. You need to make a bid before Midnight CST, you will know the next day if you got the bid or not. 4. Bid Submission Time Remaining: 13 Hours 15 Minutes. This is just the time remaining before Midnight CST when this screenshot was taken. Property Information Section 5. Address 6. Appraisal Date: 09/22/2011. This is of course the date the FHA Appraisal was done. Usually the property will go on the market soon after the appraisal date. This appraisal date tells me that it has been on the market for a while. If the appraisal date is more than 6 months after you make a bid you will have to get a new appraisal if you are going to use FHA financing. 7. BED/Bath: 3/2.00 8. Total Room: 6 9. Square Feet: 1204 SF of living space. 10. Year Built: 1962. Since this property was built before 1978 there will be a Lead Based Paint Disclosure. You can get more information here about Lead Based Paint Disclosure. 11. Property Design: 12. Parking: Driveway 13. HOA Fees: $0.00. This is Homeowners Association Fees. Listing Information 14. List Date: 12/19/2011. This list date tells me that it is a relisted date or it has been reduced in price because it is too far from the appraisal date of 09/22/2011. 15. Listing Period: This means it has been on the market longer than 30 days. 16. Period Deadline: 3/29/2012, this is when the listing will expired. 17. List Price: $143,264. You can tell that the list price has been reduced because it is lower than the appraisal price (As-Is Value) of $185,000. 18. As-Is Value: $185,000. This is the same as the appraisal price. 19. FHA 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. 20. 203K Eligible: Yes. This means you can do a FHA 203K Mortgage for needed repairs. Again, only for buyers that are going to use FHA financing. 21. Repair Escrow: $770.00. This is an estimate on how much the repairs will cost. You can review the Property Condition Report (PCR) for the required repairs items.
You will also find links for more information such as the PCR, Lead Based Paint Disclosure Form, and Flood Zone Addendum. 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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