Like all states, Kansas HUD officials sell many real estate properties. HUD originally acquires these Kansas HUD homes at foreclosure sales throughout the state. The reason that the Department of Housing and Urban Development would even buy a house is to avoid taking a big loss on a mortgage loan. The Federal Housing Administration, which is part of HUD, insures certain mortgage loans in Kansas. When the owner of one of these mortgaged homes defaults on the loan payments, HUD is then forced to buy some of these properties at the resulting foreclosure auction.
Now that HUD has a Kansas home in its possession, it needs to sell it to the public to recoup the losses caused the loan default. This is where people looking for cheap homes in Kansas come into the picture. Members of the public can find these Kansas HUD homes through online listings and then place bids on them through a Kansas real estate broker. If HUD Kansas officials accept the bid on a property, then the bidder buys a HUD home in Kansas by paying that bid to HUD.
Access the full listing of Kansas HUD homes by clicking on Kansas on the map at hudhomestore.com/HudHome/Index.aspx. This HUD home listings website will then display the first page of results for all HUD homes in Kansas.
Use your preferred home characteristics,such as city, size and price range, to create a smaller, more manageable list of HUD Kansas properties for sale. You can see those advanced search options above the full listings.
Note that only prospective owner occupants are eligible for certain Kansas HUD homes. Other properties are open to both investors and owner occupants.
Certain Kansas residents are also eligible for the HUD Good Neighbor Next Door program. Use the website to call a HUD Kansas office if you need more information on this program. You can select these HUD homes from the “buyer type” search option.
Browse through the listings of HUD homes throughout the state of Kansas to find homes that suit your needs. Make a list of addresses and listing numbers to show your agent.
From the web page mentioned above, click on the “Find a Broker” option at the top to find a Kansas real estate agent for the bidding process.
Discuss matters with the agent as far as your plans and which properties you wish to buy. You can also try to get a loan to increase your odds of buying a Kansas HUD home. In some cases, even the FHA may insure the loan. Speak to Kansas banks and other mortgage lenders to find out about getting preapproved for a mortgage.
Get your real estate agent or broker to place bids on any HUD homes in Kansas that you want to purchase. If HUD accepts the bid, then you need to make final arrangements with your lender for the mortgage loan. A HUD-approved closing agent will then conduct the closing on the home. Your agent will help you with all of the paperwork.
A Kansas property deed, filed in the county of the Kansas HUD home that you buy, is the only way to protect your property rights in Kansas real estate. Make sure you get a deed from HUD Kansas officials and file it in the recording office of the HUD property’s county.
HUD Home Listings