Kentucky Foreclosures and Foreclosed Homes for Sale

In order to foreclose on real estate in Kentucky, lenders use a judicial process, which starts by filing a lawsuit with the court. The notice of pending action is delivered to the borrower, giving 20 days to respond. If no response is given during this time, the court will generally rule in favor of the lender, declaring the borrower in default. After this occurs, the auction date is set. Before the property can be sold, however, it must be appraised.

Once an auction date has been set, a notice of sale must be published in a local newspaper for three weeks. These notices contain important information relevant to the sale, including the terms of the sale, as well as the time, date, and location of the auction. After the date has been set and the notice of sale has been published, the auction cannot be postponed, except through a court order.

The auction will be presided over by a court official, known as a master commissioner. Most auctions take place at the courthouse, where the highest bidder wins the property. Payment in cash must be made immediately, but in certain cases, bonds can be posted to be paid in installments. After payment is made, the court will confirm the sale and the deed will be transferred.

While foreclosures in Kentucky can yield amazing deals, it is important to carefully research a property before committing to a purchase. Kentucky requires all foreclosures to be appraised prior to sale, and if the winning bid is less than two-thirds of this value, the court will grant redemption rights to the previous owner. This redemption period can last up to a year, and allows the previous owner to retake possession by paying the winning bid plus interest.

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