HUD Homes and Foreclosures in Wichita Kansas

HUD homes and foreclosures in Wichita Kansas.

HUD homes and foreclosures, also called REO's or real estate owned, are big business in Wichita Kansas. Before 2007 foreclosure deals were few and far between and who even knew what a HUD home was? Every once in awhile you would hear about someone who found a good deal due to someone else’s misfortune. Now foreclosures and HUD homes are part of everyday language.

You can't get away from them these days. Seems every street in Wichita Kansas has or had at least one foreclosure or HUD home on it. Some neighborhoods are full of them.

While good deals can be found you have to be careful when buying a foreclosure or HUD home. Some are in OK shape but most have some sort of problems. The foreclosure or HUD home may be cheap but the cost of bringing it up to standard may be more than you had bargained for. How much money is it going to take to fix up that house in Wichita Kansas?

As a real estate agent I often get asked the question "how do I buy a HUD home in Wichita Kansas?" Buying a foreclosure or HUD home is just like buying any other home. You have to get financing from a lender first. The bank selling the home will want a pre-approval letter or proof of cash with any offer. Earnest money will be required. Every bank or Government entity has their own set of paperwork and it's all different. Make sure your real estate agent understands the documents he is asking you to sign.

Finding good deals with foreclosures and HUD homes is easy if you can beat the investors to them. Investors scan the MLS here in Wichita Kansas daily searching out the best buys. I do the same work for my clients and can even have those deals delivered to your inbox often before even other agents know there’re out there.

Foreclosures and HUD homes have driven down prices in the previous few years. In Wichita Kansas home prices have changed direction and have started creeping back up. If you have ever thought about homeownership now is the time to make a move.

HUD homes and foreclosures in Wichita Kansas.