Sell your house for cash in Kentucky

How to sell a house for cash in Kentucky, step by step

1. Get your numbers first. Call your lender for a payoff statement and check your county tax bill. Run a quick estimate with our cash offer calculator so you know what a fair offer looks like.
2. Request several offers. One offer tells you nothing. Get at least two, from local investors, iBuyers that serve your area, or Cash Offer Desk where we buy, and check each one with the calculator.
3. Compare more than price. Look at the closing date, who pays closing costs and the transfer tax, the inspection period, earnest money, and whether the buyer will assign the contract.
4. Close with a professional. Attorneys commonly conduct Kentucky closings and title work. Title companies may also handle settlement under a 2003 Kentucky Supreme Court decision.
5. Get paid at closing. Your mortgage and any liens are paid from the sale proceeds, and the rest is wired to you or paid by check.

Wholesalers in Kentucky

HB 62 (2023 Ky. Acts ch. 84, effective June 29, 2023) added 'advertising for sale an equitable interest in a contract' to the definition of brokerage in KRS 324.010. Publicly marketing a contract you hold now requires a real estate license.

Wherever you live, ask every buyer one question: “Are you buying this house yourself, or will you assign the contract?” A wholesaler can still be a fine option if they are upfront about it. Read our guide to wholesaling for sellers before you sign.

Closing costs and taxes

Kentucky's transfer tax is $0.50 per $500 of value (0.1%). The seller customarily pays.

Many cash buyers offer to pay closing costs. Get that in the contract, and ask which costs it covers. Capital gains rules are federal and state; a tax professional can tell you what you will owe.

Do you have to disclose problems?

When a licensed agent is involved, sellers must give the Seller's Disclosure of Property Condition form (KRS 324.360) before the buyer is bound. Selling 'as is' does not remove the requirement, though some transfers, such as certain estate and foreclosure sales, are exempt.

If you are behind on payments

Foreclosures go through court, followed by a master commissioner sale. If the home sells for less than two-thirds of its appraised value, the owner may have up to a year to redeem.

Selling before a foreclosure sale can protect your equity and your credit, but watch for foreclosure rescue scams. Never sign your deed over to anyone outside of a formal closing. A free HUD-approved housing counselor can walk you through every option. More in our foreclosure guide.