Foreclosure Friday - Premiere Edition - Tips to Buying a MS Foreclosure

By
Real Estate Agent with Front Gate Real Estate Broker 11085

This post marks the inaugural issue of a series featuring Mississippi Foreclosures. Since HUD announces their new listings, price revisions, etc., on Fridays, my weekly post will aptly be named Foreclosure Friday.

First, a brief introduction into buying a foreclosed property:

Anyone can buy a foreclosure, if you have the cash OR can obtain a loan (mortgage). In the past, prospects have called to ask whether foreclosed homes are available to rent (the answer is NO) or if financing is available to people with credit issues, bankruptcies, etc.

Although anyone CAN buy a foreclosure, you still must QUALIFY for the mortgage. It is strongly advised if you are looking at a foreclosed property that you are pre-approved through a reputable lender. By being pre-approved, when you find a home you want to purchase (bid on), there will be no delays; your contract will be reviewed (by the lender or governmental agency) and possibly receive more favorable consideration because of your pre-approval.

In fact, a pre-approval letter is often a prerequisite of submitting an offer, so make this your first priority.Image compliments of Free Foto

Your second step is to find a qualified real estate agent that can assist you in locating suitable properties and constructing your offer to purchase. As a Realtor experienced in selling MS foreclosures, I would be happy to assist you if you are looking in my market area, which includes Hinds, Rankin, and Madison counties in MS. If you are interested in an area where it is not geographically feasible for me to show you homes, I can refer you to a foreclosure specialist in that particular region.

The third point to consider: Foreclosures are sold "as is - where is".The bank or government entity will be unwilling to make repairs to the property. Have you heard the phrase, "what you see is what you get"? Another popular phrase is "Buyer Beware". An inspection clause may be inserted into the contract that allows you to have a home inspection on the property, but you would still be purchasing the home "as is". If you want to buy a foreclosure, be prepared after closing to make any needed repairs.

Now, for the current list of foreclosed properties in Mississippi.

HUD Foreclosures in Mississippi 

VA Foreclosures in Mississippi

Fannie Mae Foreclosures in MS

Freddie Mac Foreclosures in Mississippi

My job as your Real Estate agent is to guide you through the homebuying process and to answer your questions with patience and understanding.

Buying or selling a home is a big deal; I appreciate that. But it does not need to be stressful. I will strive to make it as painless as possible. It would be my pleasure to meet with you and explain the process in further detail.

To continue receiving this weekly update, consider subscribing to my blog.

Image compliments of FreeFoto.com 

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Pat Starnes, a Realtor since 1988, specializes in Mississippi Residential Real Estate and can assist you with buying or selling in the Jackson MS Metro area. photo of Pat Starnes

Search all homes for sale in Brandon, Pearl, Flowood, Madison, Ridgeland, Florence, Bryam, or Jackson, MS.

Written and Published by Pat Starnes REALTOR

McIntosh and Assoc., LLC
434 Katherine Drive
Flowood, MS 39232
601-278-4513 - cell
601-936-2007 - office


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Comments (7)

Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Pat - Great points made.  It's important to inspect a home thoroughly before you decide to make a purchase.  Once you have the "ball" rolling you don't have an opportunity to bail out later without penalty.  Interestingly enough, however, I did have a client recently who made an offer on a Fannie Mae home and didn't get it.  Someone else put in a higher offer.  After the offer was accepted the buyer found some problems with the roof and driveway and requested a price adjustment.  Fannie Mae accepted the adjustment and it happened to be at the same price my buyer had offered.  Sometimes, things just don't work out but we have to move on.  Purchasing foreclosed homes can be and adventure.

Mar 06, 2009 01:40 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Jon, so true! But you have to follow the rules as they give them to us. Buying a foreclosure isn't always a piece of cake, but it's an important niche to work. I'd like to see added incentives to help deplete the inventory supply.

Mar 06, 2009 01:46 AM
Jeffrey Dillon
The Dillon Team, Front Gate Realty - Madison, MS
Front Gate Realty

Pat Great Post! I almost sold a foreclosure but it sold before I could get the buyer preapproved.  So, yes it's very important to have the pre-approval letter first!

 

Mar 06, 2009 06:34 AM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Thanks Jeffrey. Buyers don't understand that it's a requirement by the lender. Don't shoot the messenger!

Mar 06, 2009 06:42 AM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Pat,

That's some great information you have shared here.  I'm typically on the listing side of foreclosures and short sales but both buyers and sellers can use this information.

Mar 09, 2009 10:31 AM
Dan Magstadt
Paramount Residential Mortgage Group, Inc - Lake City, FL

Great tips on buying foreclosures Pat!! The more people follow your advice the easier time they will have!

Best, Dan

Mar 25, 2009 05:38 AM
Anonymous
Patricia Starcher

Please inform me of any foreclosed properties in the area of the west coast of Forida;

Apr 06, 2009 11:31 AM
#7