Overbidding On a HUD Home In Maryland
Home buyers and their buyer agents need to understand the guidelines when bidding on HUD Homes in Maryland. Many buyers use FHA financing since that is usually the best option when purchasing a HUD home as a new primary residence. The market is competitive and many of the homes will sell for more than the asking price.
When a FHA buyer bids over the as-is value listing on the website, the buyer must pay the difference between the as-is appraisal value and their bid in cash at settlement.
The buyers must use the existing FHA appraisal. The mortgage lender can simply request a copy using the Appraisal Request Form.
Visit this website for announcements and information on available HUD homes:
We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties. Your Real Estate Professionals In Maryland.
Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group
Client Assistance: 301-670-8996 Home Search Website: www.roykelley.com
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Recipient of the RE/MAX International Lifetime Achievement Award - 2008
