Kentucky HUD homes potentially provide a fertile source of cheap Kentucky real estate. The Department of Housing and Urban Development purchases certain homes at foreclosure when its Federal Housing Administration insures a mortgage that later goes into default. HUD then needs to sell these homes to make up for the losses incurred by the foreclosure. Those seeking to buy HUD homes in Kentucky can use online listings to find these HUD homes for sale. When a buyer decides that he wants to buy a HUD Kentucky home, he needs to find an approved real estate broker to place a bid. After HUD accepts the bid, the buyer then pays HUD the bid to purchase one of these Kentucky HUD foreclosures.
Step 1:
Find listings of Kentucky HUD properties. HUD now operates a website with the listings of HUD homes for sale throughout the nation. Visit the site’s home page at hudhomestore.com/HudHome/Index.aspx. Look for the map and click on Kentucky.
Step 2:
Look through the listings in the search results to find HUD homes in Kentucky. You can also save time by using advanced search features, including a price range, number of bedrooms, etc.
It is also important to distinguish between Kentucky HUD homes listed for owner occupants and those listed for investors. Investors are welcome to bid on HUD properties but cannot bid during the initial period on specified homes meant for owners who want to live in the house.
Step 3:
After finding properties that you may want to purchase, then look for a Kentucky real estate broker or agent that is approved by HUD for processing loans on HUD Kentucky real estate. You may not place bids by yourself because only approved brokers may submit all the paperwork. Yo can find approved agents/brokers from the website mentioned above by clicking on “Find a Broker” in the main navigation menu. You then select Kentucky or even a Kentucky city to find a broker.
Step 4:
Discuss the possibility of getting a mortgage loan with Kentucky mortgage lenders or banks. You should give your plans and which Kentucky HUD homes you wish to buy. If the lender thinks you are a worthy risk, you can be preapproved for a loan.
Step 5:
Take any loan documents and other required information to your agent. Have the agent place bids on your desired Kentucky HUD homes.
Step 6:
The agent will complete the process if HUD Kentucky accepts your bid. You will need to help by providing an initial payment and paperwork and getting final approval from the lender for your mortgage loan. A Kentucky closing agent will then complete the sale.
Step 7:
The last thing you need to do is get a property deed for HUD homes in Kentucky. Obtain the deed from HUD and then file it in the real property recorder’s office in the county where you bought the Kentucky HUD property.
Sources:
HUD Home Listings
