St. Louis, Kansas City, Springfield and other Missouri residents can buy a Missouri home from the Department of Housing and Urban Development (HUD). This federal agency sells homes that it purchased through foreclosure due to a loan default on a mortgage backed by the federal government. Residents seeking to buy a Missouri HUD home can find listings of these Missouri properties online. After finding a house that meets their needs and budget, buyers then find a Missouri real estate broker in that local area to place a bid for a HUD home in Missouri. They then purchase a house by paying the house bid to HUD officials.
Find HUD’s current list of Missouri HUD homes at hudhomestore.com/HudHome/Index.aspx. Choose to view Missouri properties by looking at the map and selecting that state. This will give you the broadest possible list of HUD Missouri properties for sale. However, you can narrow down your search by using the search tools on the results page. Look above the listings of Missouri homes to find the advanced search options.
For example, let’s say that you want to purchase a St. Louis HUD home as an owner occupant for you and your family. You would select “Owner Occupant” as the buyer type and then enter your other preferences. You would then get a listing of St. Louis HUD homes instead of a list of the whole state.
Contact local Missouri real estate brokers. You need to access a list of approved brokers and agents for this step. The HUD site with the property listings also maintains a list of approved brokers. Just click on “Find a Broker” and enter “Missouri” or a Missouri city as the location in the broker search engine.
Seek out a Missouri lender that will give you preliminary approval for a mortgage loan on HUD homes in Missouri. You will need proof of the ability to get a loan unless you actually have the money in the bank to buy a HUD Missouri home for cash.
Start the bidding process by completing all paperwork with your agent. Your agent will then place your bid for the HUD property.
Finish buying the Missouri HUD home if the agency accepts your bid. HUD has approved closing agents that will work in conjunction with your real estate agent to close on the Missouri property. You also need to go back to any lender to get the loan money for the closing.
Missouri home and land owners should be advised that a deed is necessary to show transfer of ownership of your Missouri HUD home or any other piece of real estate. Get such a property deed from HUD and file it in the Missouri county where your new HUD property is located.
HUD Home Listings