How to Acquire a HUD Home in Oklahoma
- 1). Go to the Department of Housing and Urban Development's website and click on the "Oklahoma" link on the HUD Homes page (see Resources). The state links on this page lead to a management company contracted to manage the sale of HUD homes in each state. BidSelect lists and accepts the bids for Oklahoma HUD homes for sale.
- 2). Use the BidSelect search engine to enter the price range, area and other details you are looking for in a home. Run a search and look through the results to decide which properties you would like to place a bid on. Look for homes that have Federal Housing Administration (FHA) financing insurability if you need to finance the purchase of a home. The FHA insures some HUD home purchases on behalf of lenders.
- 3). Contact Oklahoma banks or other mortgage lenders in your area. Many HUD homes for sale give first priority to buyers who intend to reside in the HUD property after purchase. You need preliminary approval for a loan pending your purchase of a HUD home. Alternatively, you can provide a bank statement if you wish to pay in cash.
- 4). Speak to Oklahoma real estate brokers to set up a bidding arrangement. HUD requires buyers of HUD homes to use a broker approved by HUD to place bids. According to HUD, most real estate brokers have HUD approval for placing bids on behalf of home buyers. Submit earnest money in the event your bid is successful. According to HUD, earnest money generally ranges from $500 to $2,000 on a HUD home. The broker returns the money if your bid is not successful. You may also go with the broker to inspect the property before placing a bid.
- 5). Ask the broker to submit your bid. Work with the broker and lender to finalize the loan and close on the property in the event that your bid results in a purchase of the home.
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