Foreclosure property in Kentucky can be a bit tricky to find, but they are well worth the effort of the search. However, there are many tips to help those interested in Kentucky foreclosures find a good deal.
Kentucky's foreclosure rate is less than other states in the U.S. Additionally, on average, Kentucky foreclosures sell for about 22% less than traditional properties.
If you are looking to buy foreclosure property in Kentucky, consider the following:
1. Purchase Kentucky foreclosures during the pre-foreclosure process.
2. Bid on the property at an auction. This is often the best place to get a deal, but because properties are sold as-is, unknown problems may exist.
3. Buy the property once it is back on the market. These Kentucky foreclosures will cost more than at auction but, there is less risk involved.
Action Steps
The best contacts and resources to help you get it done
Research Kentucky foreclosure laws
Laws vary widely from state to state and knowing the laws of foreclosure in Kentucky may help you find a better deal on foreclosures. Kentucky, on average, allows property owners about six months to go through the foreclosure process which is on par with the rest of the nation.
I recommend: Foreclosure University breaks down Kentucky foreclosure laws in an easy-to-understand format.
RealtyTrac will let you compare the laws of foreclosure in Kentucky with other states.
Discover Kentucky foreclosure listings before anyone else
If you find Kentucky foreclosures before anyone else, chances are you will get a better deal. The best times to buy foreclosure properties in Kentucky would be during auction or the pre-foreclosure period.
I recommend: The Real Estate Disposition Corporation (REDC) will send automatic email updates about upcoming auctions of foreclosure properties in Kentucky. Also, check out the legal section of the local
Kentucky newspapers for listings of auctions.
FindMeDistressedHomes.com and
Preforeclosure.com are services that specialize in findings homes in pre-foreclosure.
Search KY foreclosure listings
Even if the property wasn't purchased during pre-foreclosure or at auction, deals still abound on foreclosures. You have several options in the Kentucky area.
I recommend: Work with a local Kentucky realtor; for example,
Amy Bailey, Certified Residential Specialist and Graduate of the REALTOR's Institute, knows the Louisville market and can provide detailed information on properties in the area. Get daily listings on foreclosures including bank-owned homes and government foreclosures at
ForeclosureDeals.com. Or, search for Kentucky foreclosure property listings at
RealtyTrac.
Tips & Tactics
Helpful advice for making the most of this Guide
- Whenever possible, have foreclosure property in Kentucky checked out by a certified home inspector. There may be extensive and costly damage to the property that you don't know about.
- Plan on renting out Kentucky foreclosures or holding on to properties for a while. It may take a while for the market to rebound enough to make a profit.
The official source of Kentucky Foreclosure Listings is
the Kentucky Foreclosure Listings page at Business.com
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