Maryland foreclosure listings contain HUD foreclosures. HUD is the federal government department of Housing and Urban Development. HUD does not make loans, HUD acts as an insurance agency to banks and home lenders who are in the business of transacting real estate closings. People who may not qualify for standard loans many times qualify for a HUD backed loan. With HUD backing, lenders will qualify these borrowers for a home loan. In case the homeowner defaults on their repayment of the loan, HUD then returns the defaulted dollar amount to the lender. HUD then takes control of the property.

HUD foreclosure properties are evaluated and controlled by the Property Disposition department. The Property Disposition Department initially determines whether they will sell the property or place it with a HUD approved broker. HUD approved brokers can buy the property themselves or attempt to sell it. Should a broker decide to purchase the property, the property comes to him 'as is?. If any repairs, small or large need to be done, the broker would assume the responsibility for this. Additionally, each HUD broker is paid a flat 6% commission for selling the property. If purchasing the property, the HUD broker is allowed to subtract the amount of their commission from the purchase price. HUD brokers use this as a huge negotiating tool.

Some HUD properties are never revealed to the public as it is purchased from a HUD broker as soon as it becomes available. If a HUD broker then decides to purchase the property, fixes it, has inspections done, he then will attempt to sell it at market price, and use conventional methods. Persons searching for HUD foreclosures should make it a point to develop a relationship with a HUD broker for best results. All contracts and transactions pertaining to the closing of a HUD owned property must go through a HUD approved broker or other HUD authorized agent. Remember, HUD is not a lending institution, so you must arrange for the financing of the desired property elsewhere.

When searching Maryland foreclosure listings, be sure not to skip HUD foreclosures. HUD foreclosures are truly similar to other foreclosures, they are simply insured by the federal government. Many times they can provide a great home at a bargain basement price. Good foreclosure listings should and do carry HUD foreclosures in their properties.

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