Oklahoma HUD officials often buy foreclosed properties at local public auctions and then resell these Oklahoma HUD homes to the public. The homes are bought to try to recover losses when the FHA insures a home mortgage loan that subsequently goes into foreclosure. Those interested in trying to purchase a cheap home with these HUD Oklahoma properties need to find free listings of them online. They can then check out the individual HUD homes in Oklahoma, decide which ones to buy and then get an Oklahoma real estate broker or agent to place a bid on the home.
Visit HUD’s property listing service website at hudhomestore.com/HudHome/Index.aspx. This is where you can find Oklahoma HUD homes that are listed for sale by choosing Oklahoma on the home-page map.
View the listings for the whole state on the next page. You might also save time and find a HUD home with the exact features you are looking for by using the search functionality to narrow your home search. You can see the search options above the listings. For example, you could look for just Tulsa HUD homes or Oklahoma City HUD properties with two bedrooms.
Once you have a list of HUD Oklahoma real estate that you are thinking of buying, you then to find and select an Oklahoma real estate broker that is approved by HUD to place bids on homes. Use the same HUD property listing site to find an Oklahoma broker. You can see the “Find a Broker” link on the main page that will lead you to the real estate broker/agent search tool. View either a full state list of brokers or narrow by city or even name.
Discuss options for financing with a local Oklahoma mortgage lender. This can be mandatory in some situations, as HUD homes in Oklahoma will almost never get an approved bid unless you show sufficient cash or an ability to secure a mortgage loan.
Talk with your Oklahoma broker about the necessary paperwork. Get all the documents together and have your agent place a bid on the HUD Oklahoma properties that you want to purchase.
As soon as HUD accepts your bid, your agent should call and start the process of completing the purchase of the Oklahoma HUD home. A closing agent will also take part in the process. Additionally, you will need to complete matters with your lender if you are using a loan to buy the property.
Get a deed from HUD for any HUD homes in Oklahoma that you purchase. A property deed is extremely important to show ownership in real estate. Take this deed and file it in the real property records office in the Oklahoma county of any HUD home that you acquired.
HUD Home Listings