Buying Foreclosures in Canton & Federal Hill
Although there are fewer foreclosed homes on the market today than there were in the years immediately following the financial crisis, there are still many to be found. If you’re interested in owning a home in popular Baltimore neighborhoods such as Canton and Federal Hill, purchasing a foreclosure is a popular option.
Founded in the late 19th century, Canton is a charming waterfront neighborhood of Baltimore’s outer harbor. The heart of this neighborhood is a quaint village square lined with pubs, restaurants, and shops. The surrounding blocks off Canton Square feature the heart of Baltimore, such as the classic local art form of painted screen windows, and rows of classic marble stoops on traditional Baltimore brick row houses. Canton is buffered by a waterfront park that includes marinas and a public boat launch, and is minutes to Downtown Baltimore.
The Federal Hill neighborhood is renowned for its outstanding view of the Baltimore skyline and Inner Harbor, as well as the picture-perfect walkable streets. Imagine historic row houses, cobblestone sidewalks, and attractive storefronts. Locally-owned shops, restaurants and Cross Street Market, one of Baltimore’s trendy public markets, make this one of Baltimore’s most popular and welcoming areas.
While there are some benefits to buying a foreclosed home in Canton and Federal Hill, such as get more house for your money, be prepared for the fact that the process isn’t as easy as a standard real estate transaction. Before you attempt to buy a foreclosed home, there are a few things you need to know.
First, once you make an offer on a foreclosed home, you should be prepared for the process to take longer than a traditional home sale. Instead of submitting an offer to an individual seller, you’re submitting an offer to a bank. Many banks have lots of foreclosures listed at any given time and have multiple layers of approval through which your offer must pass. Foreclosed homes are also more likely to run into title issues, such as uncovered liens on the property that can further delay and complicate the transaction. So be prepared to wait.
Further, an inspection is extremely important when buying a foreclosed home, particularly if the property has been vacant for some time. Many foreclosed homes have problems that are tough to detect with an untrained eye, such as mold buildup in the walls or broken pipes.
Even if an inspection goes well, be prepared to invest a considerable amount of money in repairs. The prior owners may have neglected maintenance issues, or even intentionally damaged the property prior to vacating. Foreclosed homeowners often sell valuable items such as appliances before the bank takes the home.
For exceptionally good foreclosure deals, you will probably face stiff competition from cash buyers. It can be especially tough to take advantage of the best deals if you’re planning to obtain a mortgage
The foreclosure process can be tricky. So long as you have a somewhat flexible time frame for the purchase of your next home, and you’re willing to deal with all of these issues, a foreclosure could be a great way to get into a home in Canton or Federal Hill at a cheaper price than you could obtain otherwise. The Simply Referable Real Estate Team extensive experience in foreclosures. You can rest assured that we are always available for you as you look to buy a foreclosed home. We are committed to providing consistent ongoing communication and exceptional service throughout the process.