Has anyone used the vacant to value program in Baltimore to buy properties? Does the application process take long? I would like to use the program to rehab a property for rent. On average how much does it cost to rehab these vacant properties? I've been looking for vacant properties around the college areas - Coppin, Morgan and Hopkins. Any insight will be greatly appreciated.
I think anything with city takes time. I did find this...
"Buyers will be notified in writing of an award decision within three (3) weeks of submission of a completed application. The buyer shall sign the award letter and return with deposit within seven (7) business days. If the signed award letter not received by the deadline, the award offer will be rescinded and your original proposal will be sent back to you.
If the City receives multiple offers for the same property, the City may request additional information from all buyers.
A deposit of ten (10%) percent of the purchase price (per property) is due within seven (7) business days upon receipt and acceptance of the award letter.
The deposit is applied to the purchase price at the time of settlement.
The deposit is NOT refundable if the buyer fails to reach settlement."
Thank you. Great info
You might be able to find something around Chopin, be hard to find something around Hopkins ( unless you are talking about hospital) and Morgan.
These houses usually need a full renovation which can go up to 80K depending on the size.
If this is your first house, try hud homes. You might be able to find better deal if you can house hack for a year.
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