buying a foreclosure: Don't Pay for Foreclosure Lists in Northwest MS! - 02/26/10 11:53 AM
Don't Pay for Foreclosure Lists in Northwest MS!
Recently, I have had people tell me they found a house on a "foreclosure list" that they paid for.  Nine times out of ten, the house they are interested in has already been sold.  Sometimes, the sale occurred months earlier.  Please...do not pay for a list of foreclosures in Northwest Mississippi.
 
I maintain an updated list of HUD Homes and Foreclosures in Desoto County MS, Tate County MS, Marshall County MS, and Panola County MS.  I update this list every Friday and send it out to subscribers.  It is absolutely free.
 
From time to time, I have … (2 comments)

buying a foreclosure: A complete step-by step guide for purchasing HUD Homes in Georgia. Part Seven of Seven: Closing on a HUD home. - 10/04/09 01:17 AM
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.

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 … (0 comments)

buying a foreclosure: A complete step-by step guide for purchasing HUD Homes in Georgia. Part Six of Seven: Taking the HUD contract through to closing. - 09/30/09 03:11 AM
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). 

In Part Five of this … (0 comments)

buying a foreclosure: 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? - 09/28/09 03:40 AM
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.

In Part 4 of this series How to bid on a HUD home we learned how to enter a bid on a … (1 comments)

buying a foreclosure: A complete step-by step guide for purchasing HUD Homes in Georgia. Part Four of Seven: How to bid on a HUD home? - 09/23/09 06:15 AM
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 … (0 comments)

buying a foreclosure: 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? - 09/20/09 07:09 AM
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 … (0 comments)

buying a foreclosure: A complete step-by step guide for purchasing HUD Homes in Georgia. Part Two of Seven: Why should you purchase a HUD home? - 09/19/09 04:51 AM
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.

In part one of this series: What is a HUD Home?  we discovered that a HUD home is a foreclosed property that had … (0 comments)

buying a foreclosure: A complete step-by step guide for purchasing HUD Homes in Georgia. Part One of Seven: What is a HUD Home? - 09/17/09 02:47 AM
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.

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 … (3 comments)

buying a foreclosure: Mississippi Down Payment Assistance for Foreclosures - 09/04/09 04:11 AM
Mississippi Down Payment Assistance for Foreclosuresby Pam SimpsonThe Kudzu Vine
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-personDesoto:              $48,550           $55,500           $62,400           $69,350           $74,900Marshall:           $38,900           $44,450           $50,000            $55,550          $60,000Panola:              $35,200           $40,200           $45,250            $50,300          … (0 comments)

buying a foreclosure: 5 Steps to Buying a HUD Home - 03/27/09 09:20 AM
5 Steps to Buying a HUD Homeby Pam SimpsonThe Kudzu Vine
Since I get a lot of calls and emails from buyers who are thinking about buying a HUD home, I thought I would try to list the steps required to complete this unique type of purchase.  Please note that this information is applicable to HUD home purchases in Northwest MS and may be different in you area.
 
1.  Get pre-approved for loanAfter deciding that home ownersip is right for you and your family, this should be the first step you take in ANY home purchase, but is an absolute necessity … (3 comments)

buying a foreclosure: Before You Buy That Foreclosure... - 11/20/08 06:06 AM
Before You Buy That Foreclosure...by Pam SimpsonThe Kudzu Vine
I came across an article the other day - Top 6 Mistakes of Foreclosure Home Buying - by Luke Mullins of U.S. News the other day.  I thought it made some excellent points, especially about factoring in the costs of repairs to the purchase price.
When I am representing a buyer who is considering a foreclosure, I like to take the price plus estimated repairs and compare to the recent solds in the area.  Sometimes what seemed like a steal at first turns out to be not such a great deal.  You have to go into the process being INFORMED.  That … (1 comments)

buying a foreclosure: 5 Surefire Ways To Let That Foreclosure Slip Through Your Hands - 10/30/08 08:05 AM
5 Surefire Ways To Let That Foreclosure Slip Through Your Handsby Pam SimpsonThe Kudzu Vine
This blog article is prompted by something I saw at Trulia Voices the otherday.  A buyer was lamenting the fact that he had lost out on a foreclosure bidding war and of course, blamed his agent.  Not knowing the specifics of the situation, it could be that his agent was inexperienced in REO bidding.  But I find, more times that not, the buyer has unrealistic preconceived notions about purchasing a foreclosure that proves to be the real problem - too many late night "get rich quick" … (17 comments)

buying a foreclosure: So You've Found A Fixer-Upper - 10/28/08 07:22 AM
So You've Found A Fixer-Upperby Pam SimpsonThe Kudzu Vine
You're so excited to get a GREAT deal in a GREAT neighborhood but there's a catch.  It's a "handyman special"...a "fixer-upper"...it needs "TLC".  And everyone is telling you there is no way you will be able to get a loan on it.
Well, hold on there.  There is a loan made specifically for this situation - the FHA streamline 203(k).  The Streamline 203(k) permits the buyer/borrower to finance up to an additional $35,000 into the mortgage loan to improve or upgrade the home. 
Do the shingles look suspect?  Does it have green shag … (0 comments)

buying a foreclosure: MISSISSIPPI HUD HOMES FAQ - 08/20/08 06:23 AM
Mississippi HUD Homes FAQby Pam Simpson, Broker-Assoc.The Kudzu Vine
I advertise a lot of HUD homes in my area of Northwest Mississippi (Desoto County, Tate County, Panola County, Marshall County) and I maintain a HUD/VA/Bank Foreclosure list every week.  Here are some of the Frequently Asked Questions I receive from prospective buyers (and other real estate agents).
1.  What is a HUD home?
A HUD home is a residential property acquired by HUD (Dept. of Housing and Urban Development) due to a past foreclosure action when the home had an FHA mortgage. 
2.  How can I find HUD homes for sale in my … (4 comments)

 
Pam Simpson, GRI, Broker-Assoc. (Bob Leigh & Assoc., LLC) Rainmaker large

Pam Simpson

GRI, Broker-Assoc.

Senatobia, MS

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Bob Leigh & Assoc., LLC

Office: (662) 449-3530

Fax: (662) 449-3531

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Senatobia real estate, Tate County real estate, Hernando real estate, Desoto county real estate, HUD Homes, REO


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