Q: What is the purpose of a Buying Into Baltimore $5,000 Incentive event?
The purpose of a $5,000 Incentive Event is threefold:
- To educate homebuyers and connect them with real estate professionals who are knowledgeable about Baltimore City
- To show off Baltimore City neighborhoods and their many amenities
- To make homebuyers eligible for a $5,000 downpayment and closing cost incentive from Baltimore City Housing
Q: I don’t care about the $5,000 incentive. Should I still attend the event?
Yes! Events are not just for those interested in the $5,000 incentive. Attend the event if:
- You want to learn about the homebuying process
- You’re looking for a lender, real estate agent, or other homebuying professional
- You want to learn more about Baltimore City and explore its neighborhoods
- You are interested in information about other city incentives, like Vacants to Value
- You hope to use a Buying Into Baltimore incentive sometime in the future
Incentives are awarded by lottery. The odds of receiving an incentive vary based on the number of applications submitted following each event. The following are results of our most recent lotteries.
Percent of applicants receiving an incentive
Buying Into Baltimore, Fall 2016
Buying Into Baltimore, Spring 2016
Buying Into Baltimore, Fall 2015
Q: Do I have to earn my Homeownership Counseling Certificate before I attend a $5,000 Incentive event?
No. Homebuyers who have not yet received their Homeownership Counseling Certificate are welcome to attend Incentive Events. However, please be aware that you must earn a city-certified Homeownership Counseling Certificate in order to be eligible for the related $5,000 incentive. Because the number of these awards is limited for each event, Live Baltimore recommends that you complete your counseling prior to the event date if you intend to apply for the incentive.
Q: How many Incentive awards are available through each event?
Thirty homebuyers from each Buying Into Baltimore event (60 total per year) may receive the Buying Into Baltimore incentive. Incentive money is not awarded at events. Tickets, redeemable for the incentive, are distributed at each event. Attendees must complete an incentive application for the $5,000.
Q: When can I put a contract of sale on the home I wish to purchase, using the $5,000 incentive?
Contracts of sale on the home you wish to purchase, using the $5,000 incentive, may not be entered into until the day of the Buying Into Baltimore event. This means, do not make an offer on your target property until after you have attended the event. There is a 10-business-day timeframe, from the day of the event, in which homebuyers must secure a ratified contract of sale on qualifying properties. A limited number of homebuyers who successfully complete and submit their incentive paperwork will be drawn from a pool of eligible applicants and subsequently receive the incentive.
Q: How are $5,000 incentives awarded, following an event?
Thirty Buying Into Baltimore incentives are awarded by lottery following each Buying Into Baltimore event (2 per year). Follow these steps to be entered in the lottery drawing:
- Attend an incentive event.
- Complete your ticket on the events’ neighborhood tour.
- Obtain a ratified contract of sale on a home within 10 business days of the event. (A specific deadline will be listed on your ticket.)
- Bring your application package, including your 1) complete event ticket, 2) Homeownership Counseling Certificate, 3) signed contract of sale (dated on or after the date of the event), and 4) photo ID to Live Baltimore Home Center, 343 N Charles Street, 1st Floor, Baltimore, MD 21201 (open between 9am and 5pm, Monday through Friday).
- Work with a Live Baltimore staff member to ensure your application package is complete and that your contract details meet application requirements.
- Take your receipt and wait for the lottery drawing to be held.
Lottery winners will be chosen from a pool of all eligible applicants after 5pm on the 10th business day following each incentive event (usually a Friday, with the exception of holidays). Winners will be notified, via the contact method indicated on their incentive application, immediately following the drawing. Incentive money is distributed at settlement.
Please note, chances of winning depend on the number of eligible applicants and vary by event. Also note that one contract equals one entry; meaning two people buying a home together will not be entered into the lottery twice.
To increase chances of receiving an award, Live Baltimore recommends that homebuyers complete Homeownership Counseling, obtain a mortgage loan pre-approval, and meet with a real estate agent prior to the event date. Attendees can then devote the days following the event to finding a home and obtaining a ratified contract of sale. Reminder: Contracts of sale (on properties eligible for the incentive) may not be written until after the event..
Q: How do I APPLY FOR the incentive after the event?
Homebuyers who meet all of the eligibility requirements for the incentive, submit their 1) complete event ticket, 2) Homeownership Counseling Certificate, 3) signed contract of sale (dated on or after the date of the event), and 4) photo ID to: Live Baltimore Home Center, 343 N Charles Street, 1st Floor, Baltimore, MD 21201 (open between 9am and 5pm, Monday through Friday).
All homebuyers who successfully complete and submit their incentive application packages within 10 business days of the event will be entered into a lottery. (Lottery deadline is 5pm on the 10th day.) Incentive award winners will be drawn from this pool of applicants. Incentive money is distributed at settlement.
Q: I have a house for sale. Can it be included on a tour?
- Live Baltimore begins reviewing homes 6 to 8 weeks prior to each event.
- Real estate agents may email their MLS listings to firstname.lastname@example.org. Homes must be listed on the Metropolitan Regional Information Systems (MRIS) in order to be considered.
- Only homes in Baltimore City will be considered.
- Live Baltimore cannot make guarantees that homes will be included on our tours.
- Live Baltimore visits homes to determine which properties will be selected.
- Homes to be featured tours will not be disclosed to the public until the day of the event.
Q: How can I volunteer at an incentive event?
We are always looking for city-loving volunteers to assist with our events. Contact us today to be put in touch with our volunteer coordinator.
Q: How can I find out more about the event?
Contact Live Baltimore at email@example.com or 410.637.3750 x112.
Q: How can I find out more about the incentive?
Call Baltimore City Housing’s Office of Homeownership at 410.396.3124.