Buying HUD Foreclosure Homes in Abilene, Kansas

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The rich history and lively community of Abilene, Kansas offers an exciting opportunity for any potential homebuyers. And if you are looking to invest in real estate, buying an FHA foreclosure home could be worthwhile. This post will give you a step-by-step guide to help navigate the process and set you up for success.

Step 1: Understanding FHA Foreclosures

It is important to understand FHA Foreclosures before jumping headfirst into the process of buying. These properties have been repossessed by the Federal Housing Administration (FHA) due to the previous owner’s inability to make mortgage payments. While purchasing one of these properties can offer significant savings, the buying process itself requires following strict guidelines. It is also important to remember that these homes are being sold “as-is” and the Secretary of Housing and Urban Development will not do any repairs or upgrades.

Step 2: Getting Pre-Approved for a Mortgage

The first thing you need to do is get pre-approved for a mortgage in order to determine your budget. This is a crucial first step as it will lay the foundation for your transaction by clarifying your financial standing and strengthening your position when making offers. It is important to keep in mind that the condition of these properties could dictate what type of financing you can get, so, make sure to visit with your lender about your options.

Step 3: Find an Experienced Agent

Finding a real estate agent who is experienced with foreclosures is essential for navigating the unique buying process. They will be able to guide you and ensure you make informed decisions every step of the way.

Step 4: Researching Available FHA Foreclosures

 Working with your agent, explore FHA foreclosures that match your preferences and budget. Consider factors such as location, property condition, and potential for appreciation. Websites such as, www.hudhomestore.gov and your local MLS are going to be your most reliable in your search.

Step 5: Conduct a Thorough Inspection

While FHA foreclosures are typically sold “as-is”, meaning you as the buying agree to the responsibility of any needed repairs. Before making an offer, asses the property thoroughly. Factoring in the potential repair costs when deciding if it is a feasible investment.

Step 6: Make Your Offer

After researching properties and finding the one, work with your agent to write your offer by taking into account market value, property condition, and recent sales in the area. Keep in mind that FHA foreclosures often have a competitive bidding process.

Step 7: Secure Financing

Once your offer has been accepted, it is now time to secure your financing. You should work closely with your lender to ensure that you meet all FHA loan requirements and documentation. When financing, HUD only allows for a maximum of 45 days to close. Discuss with your lender about shooting for 30 days to ensure the deadline is met and won’t you more money or to lose the property.

Step 8: The Closing Process

The closing process is when the sale of the property is finalized, transfer of ownership occurs, and all necessary paperwork is completed. Be sure to communicate closely with your agent and lender to ensure a seamless closing but always be prepared for potential delays.

Purchasing FHA foreclosures in Abilene, Kansas can be a rewarding endeavor with careful planning and expert guidance. If this is an investment you are looking to make, look to Real Estate Advisors to help you along your journey as we have the HUD foreclosure contract for the area.

Give us a call to learn more today!

Travis Hecht, real estate professional at Coldwell Banker Manhattan
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Travis Hecht

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