Buying a HUD Home- Step by Step Part Two

Once you’ve completed the online bid process to make an offer on a HUD homes foreclosure, there are additional steps on the road to closing. Once you’ve made an offer online with a registered HUD selling broker, the results are posted within 24 hours of the bid deadline.

• Bid Acceptance Ratification Process. Once your online bid has been accepted, the original sales contract must be received by HUD or their representative within 48 hours. A copy signed by or on behalf of HUD will be returned within one to two weeks.

• Inspections- Look at page two of HUD contract. When using FHA 203k financing, a 203k consultant works with you to manage the renovation project and written contractor’s estimates are required.

• Financing- Appraisal will be ordered and updated loan documentation may be required. If using FHA financing, the lender can contact HUD for a copy of the FHA appraisal completed prior to listing.

• Title Work- The title or settlement company will coordinate closing and offer title insurance. It is very important to obtain title insurance when purchasing HUD homes for sale.

• Closing- Approximately 45 days from bid acceptance. This timeline can be shorter in a cash sale or longer when using FHA 203k financing. Closing must take place within the deadline specified for closing by HUD or contract extension fees will be assessed.

There are a limited number of homes available each week. For frequently asked questions about HUD Homes in Baltimore and a list of HUD homes, visit http://www.urbanlivingrealty.com

You will be informed throughout the process which will make your transaction less stressful. Buying and selling real estate can be stressful enough as it is. Urban Living Realty has a network of local real estate specialists. Experts at what they do. We’ve sold hundreds of HUD homes and our experience makes for a better informed, smoother process for you. The more information you have the better prepared you will be.

About the Author:
We are specialists with experience representing buyers and sellers of historic lofts, renovated rowhomes.