Desoto-Tate County Real Estate

Tate County MS Real Estate Market Report - October 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sun, 08 Nov 2009 21:40:41 -0600

Tate County MS Real Estate Market Report - October 2009
by Pam Simpson
Desoto-Tate County Real Estate

There were 19 sales in Tate County MS in the month of October which is up a bit from the previous month. The average sales price was $156,942 which is up significantly from the past few months. The average days on the market was 180.

The percentage of sales in October that were foreclosures dropped to 21%.

Here are the comparisons to last month and last year:

September 2009
Sales 15 Avg $104,304 Avg days on market 129

October 2008
Sales 19 Avg $108,881 Avg days on market 188

Here is a graph showing the location of the October sales in Tate County MS:

Currently, there are 170 residential listings in Tate County MS with the prices ranging from $32,000 to $1,300,000. The median price is $160,000.

Those 170 listings represent a 9.8 month supply of inventory which is down slightly from last month. Foreclosures make up 5.3% of the active listings.

Click here to search for Tate County MS homes for sale>>>

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Tate County MS Real Estate Market Report - October 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Olive Branch MS Real Estate Market Report - October 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sun, 08 Nov 2009 21:20:55 -0600

Olive Branch MS Real Estate Market Report - October 2009
by Pam Simpson
Desoto-Tate County Real Estate

There were 71 residential sales in Olive Branch MS in the month of October. The average sales price was $180,729 and the average days on the market was 151.

Of the 71 sales in October, 8.5% of them were foreclosures.

Here are the comparisons for last month and last year:

September 2009
Sales 68 Avg $184,670 Avg days on market 126

October 2008
Sales 61 Avg $192,817 Avg days on market 143

Currently, there are 449 active residential listings in Olive Branch MS with prices ranging from $45,000 to $995,000. The median listing price is $209,900.

The 449 active listings represent a 6.8 month supply of inventory which is down exactly 1 month. The percentage of active listings that are foreclosures is 8.7%.

Click here to find Olive Branch homes for sale>>>>

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Olive Branch MS Real Estate Market Report - October 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Hernando MS Real Estate Market Report - October 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sun, 08 Nov 2009 21:04:08 -0600

Hernando MS Real Estate Market Report - October 2009
by Pam Simpson
Desoto-Tate County Real Estate

Hernando MS had 28 residential sales in the month of October with an average sales price of $180,745. The average days on the market was 156.

The percentage of sales that were foreclosures was 7% which is down significantly from the previous month.

Note: The average sales price in September was skewed by an unusually large sale.

Here are the comparisons for last month and last year:

September 2009
Sales 31 Avg $206,600 Avg days on market 126

October 2008
Sales 30 Avg $201,147 Avg days on market 133

Currently, there are 257 active listings in Hernando MS with the prices ranging from a low of $49,900 and a high of $950,000. The median list price is $215,000.

The number of current active listings represent a 9 month supply of inventory in Hernando MS. That is up slightly from last month.

The percentage of active listings in Hernando MS that are foreclosures is 4.3%.

Click to find Hernando MS homes for sale>>>

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Hernando MS Real Estate Market Report - August 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Every Seller Needs To Know, What Sells a house?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Thu, 22 Oct 2009 14:14:08 -0500

Here is a fantastic article written by Carra Riley, a Real Estate Consultant in Arizona.

It pretty much sums up what you need to know if you are considering selling your home. One of the articles last statements is, "Sellers should take all the emotion out of the business of selling a home and treat the transaction as an investment decision. " That seems to be a big stumbling block for home sellers.

By the way, Carra has another website with a great name: Cosmic Cow Pie

Via Carra Riley CRB, CRS, GRI (Carra Riley Inc.- Real Estate Consultant, Author, Speaker ):

Every Seller Needs To Know, What Sells a house?

There are four variables that sell a house.

1. Price

2. Terms

3. Condition

4. Location

All four of the variables go together to create the "perfect sale." Each aspect must be taken into consideration if you want a property to sell.

1. Price fixes everything! Don't let anyone tell you different. When the buyer perceives there is a value because of the price, they will buy the home.

The other three variables always can effect the price.

There are circumstances where a buyer has lost the ability to qualify for a traditional loan because of a foreclosure or bankruptcy and the buyer needs owner financing. With Owner carry Terms that particular buyer may be willing to pay more because they have ownership with possibly a small down payment.

Conversely, if the Condition is bad the price will have to be reduced to reflect a value in the home where a buyer will have to come in and do repairs or cosmetic updates.

Location is the toughest variable in the sale to compensate for. Most people have heard about in Real Estate the terms Location, Location, Location. If the location is bad.. ONLY price will sell the property possibly combined with terms so exciting that a buyer will not be able to pass up the deal.

2. Terms. If the Terms are attractive, sometimes a seller can get more money for the home. For example: a home with a value of $325,000 listed with owner carry terms of $25,000 down and no bank qualifying might be able to sell at $350,000 because of the terms.

Under any owner carry situation, it is important the seller speak with their accountant and attorney before accepting any contract and agreement to finance. The seller should be completely aware of the liability and consequences in owner financing. This is just an example how price can increase with the right terms.

3. Condition is a key factor in selling a home. When the property is in top condition, looking like a show home the seller may get top market value for the property. In times where homes are selling at a slow pace, in order to procure a sale, the home should be the BEST property at the Lowest price to get to the closing table.

Taking a seller on a preview tour of the homes in the area similar to their property can save months of discouragement with a home not selling. When a seller can see the competition and accepts the fact their home needs to be the Best house at the lowest price to sell, the home will sell and the seller will see what they are up against in comparison.

Carpet or paint allowance does NOT work in selling a home. If the home needs carpet, put it in. If the home needs painting, get it painted. Many times this can cost a seller $5,000 to $8,000 to do those upgrades. Investing, yes, investing is the correct term, for getting the house sold. The money invested will come back in the form or a quick sale at full market value.

A picture is worth a thousand words so think about how the property looks and even take some pictures to see what a buyer is looking at. Sellers should look at the pictures like they were a buyer and ask, "would I buy this house in this condition for this price?" Are the kitchen counters cluttered? Are the closets a mess? What does the front door look like and the yard when people drive up to the house?

A seller has 8 seconds for a buyer looking at a home to decide if they really like the house and if it will go on the A list. The buyer starts the decision making process when driving up to the home while looking at the surrounding properties and the entrance to the home.

There are many agents are trained in "staging" a home and there are "staging services" which help a seller to understand what needs to be done to create a "marketable product." Listen to these people if you want to get the house sold.

The seller needs to separate from the house and see it as an investment or product that needs to be sold. The seller needs to take all the emotions out of the happy memories in the home if they are serious about selling.

4. Location is the only variable which cannot be changed. A bad location, is a bad location so only price and terms are going to help this situation.

It does not matter that the same model home across the street sold for thousands more, because it was ACROSS THE STREET and did not back to the highway. A seller needs to get a reality check on location and think about when they purchased. If the seller got a good deal when they bought because it had a bad location then they have to give the new buyer the same good deal to sell.

Sellers should take all the emotion out of the business of selling a home and treat the transaction as an investment decision.

If the goal is to get the home sold then listen to the professionals and let them do their job.

As Donald Trump would say, "It's only business."

Cosmic Cow Pie

Carra Riley

Tate County MS Real Estate Market Report - September 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Tue, 06 Oct 2009 10:20:44 -0500

Tate County MS Real Estate Market Report - September 2009
by Pam Simpson
Desoto-Tate County Real Estate

Tate County MS had 15 residential sales in the month of September with an average sales price of $104,304 and an average days on the market of 129. Foreclosure sales jumped again to 73% of sales.

Here are the comparisons for last month and last year:

August 2009
sales: 18 Avg. Price: $91,325 Avg. DOM: 140

September 2008
sales: 15 Avg. Price: $142,162 Avg. DOM: 188

Here is a graph that shows which areas in Tate County MS had the most sales:

There are currently 183 active residential listings in Tate County MS which represent a 10.8 month supply of inventory. The prices range from $32,000 to $1,300,000 with the median price of $169,900.

The percentage of available homes that are foreclosures is 4.9%.

<<<< Tate County MS homes for sale
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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Tate County MS Real Estate Market Report - September 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Olive Branch MS Real Estate Market Report - September 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Tue, 06 Oct 2009 09:58:56 -0500

Olive Branch MS Real Estate Market Report - September 2009
by Pam Simpson
Desoto-Tate County Real Estate

The number of residential sales in Olive Branch MS in September jumped to 68. The average sales price increased slightly to $184,670 and the average days on the market was 126.

Here are the comparisons for last year and last month:

August 2009
sales: 59 Avg. Price: $178,631 Avg. DOM: 145

September 2008
sales: 81 Avg. Price: $194,437 Avg. DOM: 120

Out of the 68 homes that sold in September in Olive Branch MS, 25% were foreclosure sales.

Currently, there are 486 active residential listings in Olive Branch MS. This represents a 7.8 month supply of inventory which is down slightly. The sales prices range from $54,900 to $1,270,000 with the median being $209,900.

Foreclosures make up 8.8% of the available homes for sale in Olive Branch MS.

<<<<<<<< Olive Branch MS homes for sale
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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Olive Branch MS Real Estate Market Report September 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Hernando MS Real Estate Market Report - September 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Tue, 06 Oct 2009 09:33:32 -0500

Hernando MS Real Estate Market Report - September 2009
by Pam Simpson
Desoto-Tate County Real Estate

There were 31 residential sales in Hernando MS for the month of September which is a slight increase over the previous month. The average sales price was $206,600 and the average days on the market was 126.

The average sales price jumped due to one particular sales that was in excess of $600,000.

Foreclosure sales made up 10% of all homes sold in Hernando MS during the month of September.

Here are comparisions for last month and last year:

August 2009
sales: 27 Avg. Price: $154,535 Avg. DOM: 181

September 2008
sales: 25 Avg. Price: $199,548 Avg. DOM: 134

Hernando MS currently has 257 active residential listings. The prices range from $55,000 to $1,100,000. The median price is $225,000.

Ther current supply of available homes for sale in Hernando MS has shrunk to an 8.2 months supply of inventory. The number of active listings which are foreclosures represent about 5.4% of available homes.

<<<<<Hernando MS Homes For Sale
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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Hernando MS Real Estate Market Report - September 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

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A complete step-by step guide for purchasing HUD Homes in Georgia. Part Seven of Seven: Closing on a HUD home.

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sun, 04 Oct 2009 08:17:41 -0500

Here is the final part in the Buying a HUD home series written by Richard Weisser. This series has been a wonderful guide to break down the HUD homebuying process.

The closing of a HUD home is pretty similar to the closing of any home. One important thing to note is that you MUST HAVE THE LOCKS CHANGED. All HUD homes are keyed the same and you will not be given any keys at closing.

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In Part Six of this series Taking the HUD contract through to closing. we learned about what happens between the time a HUD contract is executed and the time of settlement.

In this chapter, we will discuss the closing or settlement process.

Once the title work has been completed and the buyer's loan is approved, it's time to close on the property. All HUD properties are assigned to a law firm or title agent that is responsible for closing the government owned property.

Buyers need to be aware that the attorney or agent is representing HUD and not the purchaser. If a purchaser desires legal representation, they should engage an attorney to represent them at settlement.

At closing, buyers will acknowledge that the HUD-1 settlement statement is correct. This statement outlines all of the costs involved with the purchase of the property, and indicates which items are paid by the buyer and which are paid by the seller.

The statement also itemizes credits and debits from one party to another, such as a credit for prorated property taxes or bonuses from HUD.

The final reconciliation involves either an amount of "cash from" the buyer or in some cases in which deposits are greater than the down payment "cash to" the buyer.

In the event that a mortgage is obtained, the remainder of the closing involves signing the myriad of documents contained in the "package" from the lender. These documents are not exclusive to a HUD purchase, but are required from the lender on every kind of real estate purchase.

Some examples of documents that a buyer will sign in the state of Georgia are the promissory note, a security deed, tax documents and a waiver of judicial foreclosure. The typical package will require between 50 and 100 signatures or initials!

Please be aware that when a HUD home is purchased, no keys will be passed across the table. It is the responsibility of the purchaser to immediately have the locks changed at their expense after closing. Typically, your real estate agent will open the door in order to facilitate the changing of the hardware.

The closing agent will then ensure that the buyer is provided with a copy of every document, including the warranty deed which the attorney or closing agent will record at the county courthouse before mailing an original to the buyer.

At that time, congratulations are in order. You will have successfully purchased a HUD home, and now it is time to bathe in the "quiet enjoyment" of your very own home!

This installment concludes the series. Previous: How to bid on a HUD home.
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Six of Seven: Taking the HUD contract through to closing.

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Wed, 30 Sep 2009 10:11:13 -0500

Richard Weisser wrote such a great series on purchasing a HUD home, that I decided to reblog the entire series. Here is his next-to-the-last (part 6) in the series.

As he states in this part 6, you can have a home inspection performed; however, you must have the utilities turned on in your name. In some cases, HUD may not allow some of the utilities to be turned on.

According to HUD, cancellation of the contract due to inspection issues are limited to roof, foundation, defective components within the mechanical systems (electrical, plumbing and heating).

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In Part Five of this series What happens after you place a bid on a HUD home? we learned the three possible outcomes of placing a bid on a HUD home.

In this chapter, we will assume that your bid was accepted, and that a contract was executed by all parties, and that the sale is moving forward.

The first thing that is substantially different about buying a HUD home than other kinds of foreclosures is that the utilities are not turned on. If you plan on doing an inspection on the property that you placed under contract, you need to get permission from HUD to have the utilities turned on in your name.

In doing so, you will assume all of the risks of anything that could happen as the result of having the utilities turned on, such as an overflowing sink or frozen pipes in the winter time.

You will also agree to turn the utilities off when you are through with your inspection. This becomes the sole responsibility of the buyer to take care of turning the utilities off and on.

If the inspection uncovers defects on the property, they will not be repaired. You have purchased the property as-is where-is and in the condition that it was in when you entered your bid.

In the rare event that a latent defect is discovered of a magnitude that a reasonable person would not expect, there is always the possibility that a termination and release can be negotiated.

In the meantime, you will work with your loan officer if you are getting a mortgage, who, with your agent, will work closely with the closing attorney. HUD assigns a closing agent for each transaction, and if you desire the representation of an attorney you will need hire one other than the closing agent.

When the HUD attorney has completed the title work and your mortgage company issues a "cleared to close," it it time to head to closing for settlement!

Next: Part 7, Closing on a HUD home. Previous: How to bid on a HUD home.
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Five of Seven: What happens after you place a bid on a HUD home?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Mon, 28 Sep 2009 10:40:51 -0500

Here is part 5 in the series written by Richard Weisser on purchasing HUD HOMES.

When he mentions that you must wait until the offer deadline expires to know if your bid is accepted, he is referring to the owner-occupancy priority period. In Mississippi, HUD has a 10-day period where those who are owner-occupants (no investors) can bid on the property first. All bids entered during those 10 days will be considered to be received at the same time.

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In Part 4 of this series How to bid on a HUD home we learned how to enter a bid on a HUD property in Georgia. Now we will examine what happens after the bid is submitted:

Once you have entered a bid on a HUD home, you must wait until the offer deadline expires before you will know whether or not you have been successful and your bid has been accepted.

Usually, within a few hours of the deadline, one of three possibilities occurs:

No bid is accepted by HUD, and the property goes to a day-by-day bid process. When this occurs, bids may be submitted daily to HUD until such a time as one bid is accepted. This process can go on for several weeks and the property remains available to sale.

Another offer is accepted, and you lose the bid. This is probably, though not necessarily the end of your opportunity to purchase the property. If, as part of your bid, you elected the option of being in a back-up position, you may have a second chance if the winning bidders fail to execute their contract or close the property.

Your bid is "acknowledged." If your offer is accepted as the winning bid, the clock starts ticking. You agent will have two business days to deliver the original contracts signed in blue ink to the HUD contractor. Along with the contract, a copy of the earnest money check and a lender pre-approval letter must be submitted to create a valid contract.

The contract does not become official until it is signed by a representative for HUD. At the time that it is signed, it is email to your agent and the property status is changed to "under contract."

It's official, and it's time to move to the next phase of the process.

Next: Part 6, Taking the HUD contract through to closing? Previous: How to bid on a HUD home.
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Four of Seven: How to bid on a HUD home?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Wed, 23 Sep 2009 13:15:59 -0500

Here is Richard Weisser's part 4 of the HUD Home Buying Guide.

There are a couple of additional items I am going to point out about placing a bid on a HUD home.

In Mississippi, only HUD registered brokers can place a bid for you (even if you are an investor). Also, if you are thinking about bidding way lower than HUDs asking price and the home has not been on the market for even 30 days, plan for an automatic reject. I generally use a mathematical formula to advise HUD buyers about bids.

Before I can place a bid for you, I will need:

a pre-approval letter from a lender that has specific language
Earnest Money deposit in certified funds
a fully filled out HUD offer on paper so that I can explain all the addendums that HUD requires

It may seem like a lot just to place a bid, but if your bid is accepted all of these items are required in 48 hours. I like to have them from the start so we are not trying to scramble around to get them at the last minute.

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In Part 3 of this series How do you find a HUD home in your area that is for sale? we discovered that the best way to find a suitable HUD homes is to engage a real estate buyer's agent that is proficient in the HUD buying process.

Once you have found a HUD home that is suitable for your needs, it's time to consider making an offer. In the state of Georgia, HUD uses a blind bidding process that allows each potential buyer to enter a bid prior to a clearly defined bid deadline.

Before having your buyer's agent enter your bid, you need to do several things. First and foremost, you need to read and understand the property inspection report prepared by the HUD inspector. The inspector evaluates the condition of the property in order to establish an appraised value.

Finally, before you decide on a final bid price to offer, it is imperative that you ask yourself this question:

Is it more important to you to get the house or to get a good deal?

That's a fair question, and it is an important one. Some buyers fall in love with a house, and want to ensure a good chance of entering a successful bid. Other buyers are more intent on getting a deal on a house, and that overrides their desire for any particular property.

As long as a buyer is willing to lose the house, a low bid can be proffered. But if a buyer really wants the property, one must seriously consider the HUD appraisal price as at or near the market value.

In Georgia, a licensed real estate agent must be used to enter a bid for an owner-occupant HUD property. And remember that experience is counts.

The most valuable asset that a HUD buyer can have in the bidding process is the assistance of an experienced real estate professional that has successfully entered winning bids on behalf of their clients!

Next: Part 5, What happens after your HUD bid is accepted? Previous: How do you find a HUD home in your area that is for sale?
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Three of Seven: How do you find a HUD home in your area that is for sale?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sun, 20 Sep 2009 14:09:37 -0500

Here is Richard Weisser's 3rd part in his series on purchasing a HUD home. I had been thinking about writing a series of articles on this topic but Richard did such a great job, why re-invent the wheel?

The process for buying a HUD home in Mississippi appears to be very similar to the process in Georgia. The main difference that I see in this 3rd part is that in Mississippi, the new HUD home listings are added every Friday-not every day as they are in Georgia.

I update a HUD home and bank foreclosure list every week for Northwest Mississippi and send it out by email. Let me know if you would like a copy!

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In Part 2 of this series Why should you purchase a HUD home? Many of the reasons for purchasing a HUD home were identified and listed.

Now we'll discuss how to go about finding a HUD property for sale. First and foremost, you should engage a good buyer's agent that is experienced and knowledgeable about HUD properties in your area. These agents understand the idiosyncrasies of HUD sales, and can help you find a suitable HUD property that is available in your area that is suited to your needs.

After entering into a brokerage agreement, your agent can assist you with setting up an account on a HUD contractor website. The website will allow you to search available HUD properties online, and will also permit you to download the inspection reports performed by HUD inspectors. Additionally provided is information about needed repairs, and a escrow amount that will be allowed to be rolled into your loan to complete the noted repairs.

The website will also clearly indicate the bid deadline period. Please be aware of this deadline when you are contacting your agent regarding a showing of a HUD home.

In Georgia, all HUD trained agents have a key that will open any HUD house offered for sale by HUD.

New HUD homes for sale are added daily, so it's important to stay informed on a daily basis. Once again, an experienced agent will make certain that you are aware of all HUD properties matching your criteria!

And once you find the property that is just right for you, it will be time for your agent to enter a bid on your behalf. The process will be discussed in the next installment of this series.

Next: Part 4, Bidding on a HUD home for sale. Previous: Why should you purchase a HUD home?
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Two of Seven: Why should you purchase a HUD home?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Sat, 19 Sep 2009 11:51:41 -0500

Here is part 2 in the series of the HUD Home Buying Guide from Richard Weisser.

Please note that in Mississippi, the $1,000 buyer bonus and the Georgia state income tax credit does not apply; however, the $100 downpayment for owner-occupant purchasers using an FHA loan also works in MS.

For a free list of HUD homes that are available in Desoto, Tate, Marshall, and Panola counites in Mississippi, send me an email. I update the list weekly.

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In part one of this series: What is a HUD Home? we discovered that a HUD home is a foreclosed property that had an FHA loan associated with it that was guaranteed by the United States government. The Department of Housing and Urban Development (HUD) actually takes title to the property.

Now in part 2 of the series we'll discuss the reasons as to why a HUD home may be a good purchase opportunity for a buyer:

First and foremost, HUD homes are priced in such a way as to encourage competitive bidding on the property. So many are priced below the average market price in a given neighborhood and can be genuine bargains for a potential buyer.

And even if the HUD home needs minor repairs, they can be are identified as "escrow" repairs by the HUD inspector, which means that money will be put into escrow to accommodate the repairs. In some cases, a home that needs extensive repairs may fall into a different category, but that's for another article!

Now here are some more great reasons to buy a HUD home in Georgia: All homes that qualify for FHA 203B financing can be purchased for only $100.00 down! That's right, only one hundred dollars down. Also, many of the homes qualify for a $1000.00 buyer's bonus. And since HUD pays up to 3% of closing costs, you can literally walk out of closing with a new home and a check!

And did I mention that first-time homebuyers could qualify for up to an $8000.00 refundable federal tax credit and up to an $1800 Georgia Income tax credit? That's more compelling reasons to purchase a HUD home now!

So if you can buy a HUD home at a below market price, and pay little or no money down, what are you waiting for? Call a HUD sales experienced real estate agent today!

Part 1: What is a HUD Home? Part 3 soon: How do you find a HUD home that is for sale?

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

A complete step-by step guide for purchasing HUD Homes in Georgia. Part One of Seven: What is a HUD Home?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Thu, 17 Sep 2009 09:47:22 -0500

This great series was written and originally posted by Richard Weisser, a Realtor in Newnam, GA who takes beautiful pictures of the Smoky Mountains.

The process is pretty much the same in Mississippi. I do HUD bids in Northwest MS.

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

In these days of foreclosures, REO and short sales, we often gear the expression "HUD Homes." And while most buyers know that these homes are foreclosed properties, most do not understand the difference between a HUD home and other distressed properties.

Very simply put, a HUD home is a one to four unit foreclosed home that had an FHA guaranteed loan in place. When the borrower defaulted, the lender took possession of the property which was then turned over to the Department of Housing and Urban Development in exchange for a cash reimbursement.

This means that the government of the United States actually owns these homes outright, and can offer them for sale or dispose of them by any legal method under law.

There are other kinds of foreclosures that are not HUD properties and that may be owned by a bank or other investor. These houses are generally being held as REO (Real Estate Owned) properties by their respective owners. Each bank may decide on what to do with their properties, and how to dispose of them.

But HUD properties are sold by a singular and uniform method In the state of Georgia, a contractor has been hired by HUD to assist with accepting bids and assigning contracts to prospective buyers!

So while all HUD homes are foreclosures, not all foreclosures are HUD homes! Only those houses that had FHA guaranteed loans and now belong to the government are being offered as HUD homes!

Next installment: How do I find a HUD property in Georgia?

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225

Hernando MS Real Estate Market Report - August 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Fri, 11 Sep 2009 12:34:39 -0500

Hernando MS Real Estate Market Report - August 2009
by Pam Simpson
Desoto-Tate County Real Estate

Hernando MS saw a decrease in the number of homes sold for the month of August at 27 residential sales. The average sales price was $154,535 and the average days on the market was 181.

Of the 27 sales in Hernando MS in August, 30% were foreclosures.

Here are comparisons for last month and last year:

July 2009
sales: 36 Avg. Price: $174,108 Avg. DOM: 128

August 2008:
sales: 31 Avg. Price: $191,852 Avg. DOM: 129

There are currently 250 active residential listings in Hernando MS with prices ranging from $37,500 to $1,100,000. The median price is $224,500.

There is a 9.3 month supply of housing inventory in Hernando. The number of active listings which are foreclosures represent 5.2% of the housing inventory.

<<<<< Hernando MS homes for sale

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Olive Branch MS Real Estate Market Report - August 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Fri, 11 Sep 2009 12:31:39 -0500

Olive Branch MS Real Estate Market Report - August 2009
by Pam Simpson
Desoto-Tate County Real Estate

Olive Branch MS is still holding steady with 59 recorded sales of residential properties for the month of August. The average sales price was $178,631 and the average days on the market was 145.

Of the homes that sold in August, 37.3% were foreclosures. That number jumped about 10% from the previous month.

Here are comparisons to last month and last year:

July 2009
sales: 59 Avg. Price: $174,097 Avg. DOM: 127

August 2008
sales: 71 Avg. Price: $196,212 Avg. DOM: 126

Currently, there are 478 active residential listings in Olive Branch MS. This number represents an inventory supply of 8.1 months. The prices range from $54,900 to $1,270,000 with the median price being $199,900.

Foreclosure make up 7% of the available residential properties in Olive Branch MS.

<<< Olive Branch MS homes for sale

________________________________________________________________________________________________
About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Olive Branch MS Real Estate Market Report - August 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Tate County MS Real Estate Market Report - August 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Thu, 10 Sep 2009 20:57:12 -0500

Tate County MS Real Estate Market Report - August 2009
by Pam Simpson
Desoto-Tate County Real Estate

The month of August closed out with 18 residential sales in Tate County MS with an average sales price of $91,325. The average days on the market for those sales was 140.

Foreclosure sales jumped to a whopping 67% of the total August sales. That would seem to account for the drop in sales price.

Here are comparisions for last month and last year:

July 2009
sales: 18 Avg. Price: $117,967 Avg. DOM: 263

August 2008
sales: 14 Avg. Price: $117,215 Avg. DOM: 128

Here is a graph that shows which areas in Tate County MS had the most sales:

Currently, there are 183 Active residential listings in Tate County MS. The prices range from a low of $41,650 to a high of $1,300,000. The median list price is $168,500.

These 183 current listings represent a 12 month supply of inventory and 6% of the current listing inventory are foreclosures.

For last months complete market report, see: Tate County MS July 2009 Real Estate Market Report.

<<<Tate County MS Homes for Sale

************************************************************************************
About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Tate County MS Real Estate Market Report - August 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

YOU ABSOLUTELY MUST SELL - NOW WHAT?

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Mon, 07 Sep 2009 09:18:11 -0500

Here is an article written by Joni Gordon, a Realtor in Cape Coral, Florida. It is great advice if you are a home seller that finds yourself in this situation in our present market.

If you own a home in Northwest MS and you absolutely must sell, contact me for information on your options.

Via Joni Gordon (PRUDENTIAL FLORIDA REALTY):

YOU ABSOLUTELY MUST SELL YOUR HOME - NOW WHAT?

It's only natural for you to think that your home is the best in your neighborhood and of course, worth more than the one down the street that's for sale.

You think back on the hours you spent lovingly daubing paint into the stencil for your child's bedroom just to achieve the "look" that fits their personality perfectly.

The days or weeks that you spent pouring over pool and landscape designs to achieve that elegant look for your backyard but also maintaining a design that was functional for your family's lifestyle.

All the personal touches that you incorporated into your home to make it your own personal paradise.

Surely you'll find a buyer who'll walk into your home and "feel the love".   So, you search for a Realtor who is willing to list your home for the price you feel reflects its "true value".

Don't worry about that house down the street listed for $50,000 less than your price. Sure it's the same size and also has a pool, but it can't hold a candle to yours.

Weeks go by; the house down the street sells. Those buyer's saw your house but chose the other. They must have no taste at all!! More time goes by; no showings.

Your friends down the street are also in a position where they must sell. They list their home for $75,000 less than yours. You know that Bill and Mary have a pool AND a spa and their house has a 4^th bedroom.   A week later Bill and Mary are under contract. Well, if they want to "give their house away" that's their choice. You "stand pat" on your price.

Your listing expires and the current economy has taken a toll on the real estate market and your home is now worth less than your mortgage. Six months ago you could have listed your home for "fair market value" and although you wouldn't have gained a lot, you would have sold and been able to move on.     Your "willing" realtor didn't do his job.

Your situation has not changed, you still MUST SELL. What do you do now?

THIS IS AN ALL TOO FAMILIAR SCENARIO!

DON'T PUT AN EMOTIONAL PRICE TAG ON YOUR HOME!

If you must sell to avoid foreclosure, heed the advice of a professional Real Estate Agent who lives and works in the area and knows how to get your home SOLD. If you can "walk away" without leaving money on the closing table, that's terrific. If you can't, then you must consider a Short Sale. A short sale is when you list your home for less than the amount you owe on your mortgage. Of course you must get approval from your lender to do this. A good Real Estate Agent can walk you through this process.

Call today and let me help you through this difficult time.

Mississippi Down Payment Assistance for Foreclosures

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Fri, 04 Sep 2009 11:11:06 -0500

Mississippi Down Payment Assistance for Foreclosures
by Pam Simpson
Desoto-Tate Countyn Real Estate

Mississippi Home Corporation (the same non-profit that handles the MS bond money program) has rolled out a program to assist homebuyers in purchasing a foreclosure.

This program is called Home Buyer Advantage.

Elgible homebuyers must plan to use the property as their primary residence and must complete an 8-hour homebuyer education class. The household income cannot exceed 120% AMI (Area Median Income).

Here is how the income limits break down for Northwest MS counties:

                         1-person          2-person          3-person          4-person          5-person
Desoto:              $48,550           $55,500           $62,400           $69,350           $74,900
Marshall:           $38,900           $44,450           $50,000            $55,550          $60,000
Panola:              $35,200           $40,200           $45,250            $50,300          $54,300
Tate:                 $43,500            $49,750           $55,950            $62,150          $67,150

This grant may be used in connection with an FHA, VA, Rural Development, Fannie Mae or Freddie Mac loan type. It may also be used with an FHA 203(K) rehab loan, but no escrow or advance of Home Buyer Advantage funds is allowed.

This grant carries a 0% interest and will be forgiven over 5 or 10 years (depending on the grant amount). The property must be purchased at least 1% below current appriased market value and the purchase price limit is $238,000.

The maximum grant amount is determined by adding (1) the Eligible Community Share; and (2) the amount the homebuyer is eligible for based on their credit score. The total amount can't exceed $39,999 and can't exceed 50% of the home's sales price.

The maximum assistance on the Eligible Community Share is $14,999.

The maximum assistance on the credit score is:

600 or less: $2,500
600-625:      $5,750
625-650:      $9,000
650-675:      $12,250
675-700:      $15,500
700-725:      $18,750
725-750:      $22,000
750+:          $25,000

UPDATE: New information that just came in -

The grant reservation date starts on Sept. 11, 2009 and the first funding date is Oct. 14, 2009.

This grant can only be used for 1/2 of the required downpayment, so the buyer will have to come up with the other 1/2. If you are using a $0 downpayment loan (USDA, VA), this limitation does not apply. THe rest of the grant funds not used towards downpayment will go towards closing costs and reduction of the loan amount.

Finally, you must be able to qualify for the loan without the grant. In other words, if you would not normally qualify for the amount of the loan without the grant, you will not qualify for the grant.

Now...is that clear as mud???^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Mississippi Down Payment Assistance for Foreclosures***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

First Time Homebuyer Guide - Part 6

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Wed, 02 Sep 2009 12:58:27 -0500

First Time Homebuyer Guide - Part 6
by Pam Simpson
Desoto-Tate County Real Estate

Part 6: Signing...Signing...more Signing (we must be at the closing table).

This is the last article in the First Time Homebuyer Guide Series. To bring you up to speed, we covered:

Part 1 Finding the Agent

Part 2 Finding the Lender

Part 3 Finding the House

Part 4 Making the Offer

Part 5 Inspections

Yipee! We found the Realtor, lender, and home. We had it inspected, the loan has been processed and we are at the closing table.

The process of "closing" is handled very differently in different parts of the country. In Northwest Mississippi, we usually all sit down at the same table (buyers, buyers agent, sellers, sellers agent, closing attorney, and sometimes the lender). It can make for a very crowded room! Sometimes the buyer and seller close at different times or with a different attorney.

Hopefully, the day before closing, a settlement statement (HUD-1) was shown to you or discussed with you. This form is the "money form" and will show where all the money is coming from to purchase the home and where it is all going. It will also show the exact amount you are expected to bring to closing in order to complete the purchase. If you are required to bring funds to closing, it will usually be in the form of certified funds like a cashier's check.

There will be a stack of papers for you to sign at closing. These are your final loan documents and you will get tired of signing. Whether or not you get keys at the closing depends on the possession date on your contract. If your possession takes place simultaneously with closing, you should get keys.

The one thing I would stress about the closing is to ask questions if you feel you need further clarification about the paperwork you are signing. Sometimes the real estate professionals forget that you are new to this. The attorney (or other closer) may just rattle off a bunch of words like they have done over the past 10 years and they don't seem to stop to take a breath. Don't be afraid to ask questions.

Once all the papers have been signed....Congratulations, New Homeowner!

This guide is designed to help first-time homebuyers better understand the overall process and steps in purchasing a home. There will be 6 parts in this series ranging from finding an agent and lender and the correct loan program for you to what to expect at closing. It is meant to be VERY elementary in order to help those buyers who are seeking guidance on where to start their quest for home ownership.

***If you live an area other than Northwest Mississippi, the process could be a little different.***

The best guide is your LOCAL REALTOR®.

********************************************************************************
About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***First Time Homebuyer Guide - Part 6***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

First Time Homebuyer Guide - Part 5

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Thu, 27 Aug 2009 14:15:55 -0500

First Time Homebuyer Guide - Part 5
by Pam Simpson
Desoto-Tate County Real Estate

Part 5: Am I buying a Money Pit? Inspections

So far, this series has covered:

Part 1 Finding the Agent

Part 2 Finding the Lender

Part 3 Finding the House

Part 4 Making the Offer

Once you have a signed contract, the transaction moves into the "due diligence" phase. The title to the property will be examined and this is the time when inspections should be done. Some inspections are common across the country (like a general home inspection) and some are regional. For example, in Mississippi, most lenders will require a termite inspection but you will have a hard time even finding someone to do a radon inspection because that is so uncommon in this area.

The one thing that most first-time homebuyers fear is that they are buying a "Money Pit". Kind of like the 1986 movie with Tom Hanks and Shelley Long where the young couple buys a fixer-upper and everything they touch falls apart.

If you had your own Buyer's Agent to assist you with the offer, I am sure they suggested getting a professional home inspection. I can't stress enough how important this is. Not only to make sure that you are not purchasing a money pit, but also to give you some piece of mind. If you opt not to have a home inspection, you may have nagging doubts all the way to the closing table.

In Mississippi, home inspectors are licensed by the state. In order to avail yourself of the home inspection contingency clause, you must use a state-licensed inspector.

It is not uncommon for a first-time homebuyer to be anxious about the condition of the plumbing, electrical, HVAC, etc and want to have Uncle Bubba come and take a look at it.

If you wish to have a friend or family member take a look at the home and they are not a licensed home inspector, I suggest you bring them with you to look at the home before you make an offer. Keep in mind that Uncle Bubba or Pop may still view you as that little freckle-faced 10-year old instead of the capable adult that you are now.

I usually find that the inspections are best left to the real experts.

It has been my experience that the home inspector will require payment at the time of inspection, so plan accordingly. It is ALWAYS preferable for you as the homebuyer to be at the inspection.

I have never attended an inspection where absolutely nothing was found to be amiss. The home inspector will usually find something, even if it is minor. The home inspection process is meant to uncover MAJOR defects that would prevent you from purchasing the home (unless repaired by seller). It should not be used as a hammer to try and get the seller to come down in price or to nickpick about minor issues. There is no such thing as a perfect house (even a brand new one).

So, what happens if the home inspection uncovers a major issue? This is where you will refer back to your contract. It should state what your options are. Our standard state contracts in MS say that (a) the buyer can terminate and get their earnest money back, or (b) the buyer can waive the items and continue with the purchase or (c) the buyer can ask the seller to repair these items at the seller's costs and continue with the purchase. Option C can lead to further negotiation as to what the seller will do.

One of the really useful things I have seen in inspection reports is future maintenance guidelines. Don't overlook this portion of the inspection. It will come in handy years down the road.

The last part in the series, "The Closing", is next.

***If you live an area other than Northwest Mississippi, the process could be a little different.***

The best guide is your LOCAL REALTOR®.

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

First Time Homebuyer Guide - Part 4

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Wed, 26 Aug 2009 07:16:54 -0500

First Time Homebuyer Guide - Part 4
by Pam Simpson
Desoto-Tate County Real Estate

Part 4: I've found THE home - now what? (Making an offer)

Okay...here is what we have covered so far:

Part 1 - Finding a Buyer's Agent
Part 2 - Finding the Right Lender
Part 3 - Finding the Home

Maybe you looked at several homes or you knew the first one you toured was the home for you. What's next? Well, its what we call "the offer". It should be IN WRITING on a form where you and your agent will fill in the blanks. Generally, there are several forms to sign ranging from the actual Purchase and Sale Agreement (contract) to certain disclosures.

At this time, be prepared to write a check for the Earnest Money deposit. This is a good faith deposit that tells the seller you are serious about buying their home. I have found that the expected amount of deposit varies by location. Ask your REALTOR® what is customary. One exception is foreclosures. If you are purchasing a foreclosure, the minimum amount of the Earnest Money deposit that the seller will accept is usually stated in the MLS. Many foreclosure sellers will not accept personal checks and require certified funds for the Earnest Money deposit. When you close on the purchase, you will get credit for your Earnest Money deposit (it will be subtracted from the purchase price).

Drafting the offer is where representation by your Buyer's Agent becomes invaluable. There is a lot more to an offer than the purchase price. Your REALTOR®r will know if there are any special items that need to be addressed in the offer. Perhaps the home is served by a private well and not hooked up to city services. You may wish to place a contingency in your offer requiring testing by the health department.

There are several matters to consider when making an offer. Among these are: price, seller concessions (closing costs you are asking the seller to pay for you), date of closing, date of possession, home inspections, financing terms, and earnest money deposit. Generally, the seller is most concerned with their bottom-line net. That is why they will look at the offer as a whole. If you are going to ask for a large seller concession to pay your closing costs, you may want to re-think making a super low offer price. Your REALTOR® should be able to offer advice based on market research and local customs.

Your signed offer will be communicated to the seller either by their listing agent or your agent. The method varies by locale. In Northwest MS, the offer is generally given to the listing agent who presents it to their seller.

The seller has three options when it comes to your offer. They can (1) jump for joy and sign the offer as-is; (2) be insulted and flat-out reject the offer; or (3) decide to counter your offer. Option 1 means you are officially under contract to purchase the house. Option 2 usually means you should continue your house hunting. You could come back with a more seller-friendly offer, but the seller may be so upset at an extremely low-ball offer that they will not want you to have their house under any circumstances. Option 3 is what usually happens.

A counter-offer means the seller thinks a deal can be reached, it will just require a little give and take. Before you write an offer, you should consider the possibility of counter-offers and decide before-hand what you are willing to "give" on in order to get this home.

The main thing to keep in the forefront of your mind in contract negotiations is the goal. It is easy to get caught up in the "back and forth" and to even get emotional and upset. As long as both parties are reasonable, there is a good chance you will be able to reach an agreement.

Next in the series is Inspections.

***If you live an area other than Northwest Mississippi, the process could be a little different.***

The best guide is your LOCAL REALTOR®.

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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***First Time Homebuyer Guide - Part 4***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Northwest MS Foreclosure Market Report - August 2009

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Fri, 21 Aug 2009 10:17:27 -0500

Northwest MS Foreclosure Market Report - August 2009
by Pam Simpson
Desoto-Tate County Real Estate

I have been charting the foreclosure market in Northwest MS for a number of years now and keep up with the numbers on a weekly basis. The week ending Friday, August 21, 2009 saw 19 new foreclosures hitting the market. That same week, there were only 6 price reductions of foreclosures already on the market and 11 foreclosures went under contract.

Here is a chart that shows the Northwest MS foreclosure activity since January of 2009. The blue line represents the new foreclosures added each week and the red line represents the foreclosures that went under contract that week:

Currently, the foreclosure market makes up about 7% of ALL active residential listings in Northwest MS. However, the foreclosure market makes up about 24.5% of all SOLD residential properties in the same area.

Here is a chart showing the breakdown of foreclosures by community:

Olive Branch MS has the highest number of foreclosures at 38.

Previous Northwest MS Foreclosure Report

Olive Branch MS Market Report

Hernando MS Market Report

Tate County MS Market Report
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About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***Northwest MS Foreclosure Market Report - August 2009***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

First Time Homebuyer Guide - Part 3

Pam Simpson - GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) — Thu, 20 Aug 2009 11:18:56 -0500

First Time Homebuyer Guide - Part 3
by Pam Simpson
Desoto-Tate County Real Estate

PART 3: Looking....Looking...Looking (Finding The Home)

So, in Part 1 you found a Buyer's Agent. In Part 2, you found your lender. You have your pre-approval from the lender and you know what price range to target. You are ready to find your first home.

Lately, I have seen a recurring problem with some first-time homebuyers. I call it HGTVitis. That is the unrealistic expectation that their first home is going to be their "Dream Home" - like something you would see on HGTV. Don't let this happen to you. Here is a link to a great article on Active Rain about that issue: Your Third House is your Dream House

In a few rare cases, one could live out the rest of their lives in the very first home they purchased. In reality, most people buy and sell a few homes before they settle into their "Dream Home".

With that in mind, it's time to start looking for your first home. It may be helpful to make a list of NEEDS and another list of WANTS and maybe another one of NO WAY. The needs list may include things like: covered parking, a certain number of bedrooms, or a certain school district. Your wants list should include items that would be icing on the cake, but are not necessary. Perhaps you would like a separate dining room but would consider a home with a nice eat-in kitchen instead. The no-way list would be things that would immediately disqualify a home from consideration.

Go over these lists with your REALTOR®. Communication with your REALTOR® is very important in finding the right home for you. When you are out looking at homes, let your REALTOR® know what your thoughts and feelings are about the home. Be specific. This will be a tremendous help and should result in finding the right home fairly quickly.

If you are having trouble finding the right home, it may be that you are not being realistic with respect to your budget and your local real estate market. When in doubt, ask your REALTOR®. I have never held back showing a home to buyers that I thought would meet their needs. I am in the business of finding a home for you.

The next part in the series is Making an Offer.

***If you live an area other than Northwest Mississippi, the process could be a little different.***

The best guide is your LOCAL REALTOR®.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
About the author: Pam Simpson is an Assoc. Broker with Bob Leigh & Associates, LLC in Northwest MS. Copyright© 2009 by Pam Simpson. All rights reserved...***First Time Homebuyer Guide - Part 3***

FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates,
First Time Homebuyer Guide

FOR SELLERS: Pricing, Selling Tips

LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community, Hernando Community

MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report

REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents

OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions

Disclaimer: All information provided by this author may be based on information collected from several sources and is believed accurate but not guaranteed.

Desoto-Tate County Real Estate

Tate County MS Real Estate Market Report - October 2009

Olive Branch MS Real Estate Market Report - October 2009

Hernando MS Real Estate Market Report - October 2009

Every Seller Needs To Know, What Sells a house?

Tate County MS Real Estate Market Report - September 2009

Olive Branch MS Real Estate Market Report - September 2009

Hernando MS Real Estate Market Report - September 2009

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Seven of Seven: Closing on a HUD home.

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Six of Seven: Taking the HUD contract through to closing.

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Five of Seven: What happens after you place a bid on a HUD home?

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Four of Seven: How to bid on a HUD home?

Is it more important to you to get the house or to get a good deal?

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Three of Seven: How do you find a HUD home in your area that is for sale?

In Georgia, all HUD trained agents have a key that will open any HUD house offered for sale by HUD.

A complete step-by step guide for purchasing HUD Homes in Georgia. Part Two of Seven: Why should you purchase a HUD home?

A complete step-by step guide for purchasing HUD Homes in Georgia. Part One of Seven: What is a HUD Home?

Hernando MS Real Estate Market Report - August 2009

Olive Branch MS Real Estate Market Report - August 2009

Tate County MS Real Estate Market Report - August 2009

YOU ABSOLUTELY MUST SELL - NOW WHAT?

Mississippi Down Payment Assistance for Foreclosures

First Time Homebuyer Guide - Part 6

First Time Homebuyer Guide - Part 5

First Time Homebuyer Guide - Part 4

Northwest MS Foreclosure Market Report - August 2009

First Time Homebuyer Guide - Part 3

Top 21 Questions Answered on the $8,000 Tax Credit for 1st Time Home Buyers