Kansas City, like most large cities in the United States, has a steady supply of local foreclosure sales. Missouri law allows lenders to foreclose when a home owner causes the mortgage loan to go into default. Buyers can use foreclosure listings to hunt down Kansas City foreclosures. Buyers can then prepare funds and bid at public auctions to purchase foreclosed homes in Kansas City.
Find Kansas City foreclosure listings. Missouri law requires lenders to advertise upcoming foreclosure sales in a county newspaper. This makes finding Kansas City foreclosures potentially complicated simply because Kansas City, Missouri is located in Jackson County but also several other counties. Perhaps the best way to find foreclosure listings, then, is to go online. Visit USNPL at Usnpl.com/monews.php and click on the newspaper names. Look through the newspapers to see if you can find listings of Kansas City foreclosure auctions. Track these daily for at least one week out of every three weeks. This is because some Missouri foreclosure listings appear only once a week for four weeks, while others appear for 20 straight days.
Look at the listings to find out the address of the foreclosed homes in Kansas City and the time, date and place of the auction. In Missouri foreclosure law, the only requirement for the location of a foreclosure sale is that it take place in the county where the property is located. This means there is no central place for all Kansas City foreclosure auctions. Some will take place somewhere in Jackson County (often the courthouse), while the others will take place in other counties.
Of course, you will want to visit all Kansas City foreclosed properties before making a final decision on whether to bid on them. Knowing the approximate fair market value of a Kansas City property up for auction is very important to your bidding strategy. You need a maximum bid that is well below that fair market value. Neighbors of real estate professionals familiar with home values in a foreclosed property’s area or neighborhood may be able to assist you in coming up with an estimated fair market value.
Look at the individual listings to determine how to bid on and pay for each foreclosed property in Kansas City. Missouri law does not prescribe the rules for this, so the lender will decide what forms of payment and payment schedules are acceptable.
Bid on Kansas City foreclosures at the various auctions. Complete your payments so you can conclude the purchase by getting a property deed.
Take the Missouri property deed and file it with the county recorder’s office in the county where the Kansas City foreclosure is located. Remember that Kansas City is spread across multiple counties, so go to the correct county recording office to file your property deed.
Missouri Statutes on Foreclosures