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Foreclosure Friday - March 13, 2009 - Current MS Foreclosures
Last week I wrote the premiere edition of Foreclosure Friday, a series of blog posts designed to discuss buying foreclosures. As a reminder, the tips in last week's issue were:
Arrange financing before beginning your search for a home. Find a qualified agent to help you in your search for a foreclosure. Foreclosures are usually sold "as is - where is" without any warranty or repair allowance. Following is the process for buying a HUD foreclosure:
When a property is first listed for sale through HUD, only owner-occupants can submit offers to purchase during  the initial "10 day bid period". An owner-occupant, quite simply, is someone buying the home with the INTENTION OF LIVING in the property as their primary residence. If no-one purchases the property during the initial 10-day bid process, the status for bids will be changed to "All Bidders". Once the initial bid period has expired, investors are then able to sumit offers to purchase. All bids must be in writing and submitted through a real estate brokerage approved to sell HUD homes. Individuals are not allowed to submit a bid on their own behalf. Earnest money must be presented at the time of submitting an offer to purchase. In HUD's case, the dollar amount is either $500 ... more

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