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Remember HUD Homes when buying in the Mississippi Gulf Coast

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Services for Real Estate Pros with NOW Sharing the life and spice of the GC one day at a time

Are you thinking about buying a home in the Mississippi Gulf Coast? (Info follows non promotional video)

The video below has nothing to do with buying a home, but everything to do with an honest portrayal of our environment and lifestyle along the coast. Sure, lifestyle is different for everyone. It is what you make of it. This is the environment I love and the way I choose to spend free time, exercise time, and photo/video time. 

 

It probably comes as no surprise that there are more great real estate deals than we can count or report. For one thing, for-sale-by-owner (FSBO) properties are not advertised on the MLS unless they have a REALTORS assistance. Some new homes may not be advertised on the MLS. However, the MLS is still the best resource for getting a general handle on the market. 

Some people believe that with the market at the lowest rates in a long time, that one really can't benefit by dealing with HUD listed homes. Well, I think you simply need a LOT of information to make that decision for yourself. 

For instance, if we look at MLS listings from the three counties of Hancock, Harrison, and Jackson (including the towns therein), we come up with 4213 listings from $3500 to $3, 200,000. Both the high and low are located in Pass Christian.

  • The $3500 listing is for a house that must be demolished and the lots cleaned up. You get two lots which is still a good price--likely even after adding in the cost of demolition and clean-up. The agent originally listed this property 12-18-2009 at $38, 500.
  • The $3, 200,000. property--well, it is certainly a breathtaking Gulf view-"WoW!" 4bd, 3.5 bath 3727 SF on 3.9 acres, Scenic Drive, Pass Christian. Need I say it is loaded with amenities? It appears to have been listed 07/14/10.

HUD properties are also listed on the MLS. If you are specifically looking for Mississippi HUD properties, it is best to access the HUD Homestore. Information is broad and specific. 

You will need to use the services of a HUD registered/certified Real Estate Broker, or the associate of one. You can easily find registered/certified brokers/agents by clicking on the find a broker tab. You do NOT have to choose a broker/agent from the same town the property is located in.

Real Estate Commission: HUD pays real estate commissions regardless of whether you choose to work through the Listing Broker (LB) or whether you choose to work with a Selling Agent/Broker (also thought of as Buyer's Agent by some).

Please keep in mind that the HUD brokers are listed either by where the office or home of the broker is located. Brokers work areas considerably outside the listed town. Just because we are listed with a town does not mean we are confined to a town.

Hopefully if you are serious about buying a home you have already accessed your credit reports and have been working on problem areas. Even if you don't think you have issues, you should check.

In getting your buying team ready for action--your agent may help you with referrals to lenders (he or she should always give you three if they suggest any). But, if you are thinking a HUD home could be in your future, you might as well locate and interview with FHA qualified lenders. Here is a convenient link.

Your agent will need to be able to connect with your lender. When turning in an electronic bid on your behalf, the agent has to certify that the pre-authorization is with a lender that has checked your credit rating. Further, the agent must have your earnest money in either a money order, cashier's check, or bank certified check.

  • $500 if the bid is $50,000 or less
  • $1000 if the bid is $50,001 or more
  • 1/2 the bid of a vacant lot
Following are some tips for buying HUD homes that will also be helpful in buying any home:
  1. Make sure you have reviewed your credit rating and made efforts to correct as needed.
  2. Interview REALTORS 
  3. Interview Lenders
  4. If you are going the direction of HUD homes, make sure that each qualifies as HUD requires.
  5. Be prepared to have the earnest money ready as a certified check or other certified funds. You will not bid by giving your agent a personal check.
  6. Be easily accessible to your agent
  7. There is a wealth of information at HUD.Gov, FHA.Gov. Again, most relevant links can be found through HUDhomestore.com.
                     Sample of Recent HU D Accepted Offers South Mississippi                    


Location

Bid List

Offer Accept

Date

As Is

Value

Price

Net

Price

Purchase

price

Description

Escrow

Diamond

head

10/15/10

10/20/10

$175,000

$157,500

$130,025

$139, 500

3/2/2049/sf/2003

Pier, very upscale

 

Not listed

Gautier

10/19/10

10/26/10

$037,000

$033,300

$030,636

$033,300

3/2/1008sf/1976

$0,330

Gulfport

10/19/10

10/20/10

$095,000

$076,000

$064,400

$070,000

4/2/1529sf/1980

$3,740

Picayune

10/13/10

10/18/10

$070,000

$045,500

$041,860

$045,500

2/2/1139sf/2006

$4,125

I hope you enjoyed my video and have found the information useful. I am one of many HUD Certified Real Estate Brokers in the Mississippi Gulf Coast. 

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