Pat Starnes' Snippets

It can't be good when your city is mentioned on the Weather Channel or the national news. A winter blast is predicted across the Deep South, especially along the I-20 corridor. The experts are predicting 1-3 inches of snow for Atlanta, Birmingham, Meridian and Jackson.

The south typically isn't prepared for snow, since we don't usually see accumulation. We don't know how to drive in the white stuff, and schools are usually closed if there is the slightest mention of snow in the forecast.

Snow has been the primary topic of conversation today, and it hasn't started to fall yet! But bring it on. I am ready. My pantry is stocked with the essentials...coffee, cream, sugar, Dr. Pepper, and chocolate. I bought a new magazine on the way home this afternoon. I have clean clothes, the plants are covered and the pipes are wrapped (I think). As long as it isn't too cold and we lose power, we'll be fine. But have your emergency plan ready, just in case.

Hot off the press! The weekly HUD list has been published and there are some great foreclosures available in central Mississippi.

Many of these listings are new to the market, and won't be around for very long. Whether you are looking as an investor or as someone wanting a primary residence, check out HUD Foreclosures in metro Jackson MS. The list is published each Friday.

From Madison, Pearl, and Ridgeland, to Brandon, Byram, and Jackson, the savvy homebuyer can find investing in the Mississippi real estate market rewarding.

To learn more about the foreclosure process, please refer to previous Foreclosure Friday articles.

I represent a seller who's home recently went under contract. The sales agreement is contingent upon a satisfactory home inspection, a common stipulation.

The report was sent to me via e-mail. Usually the repair list is summarized within the report and I can print a one or two page summary that addresses the primary issues/repairs. Unfortunately, the report was lengthy and I couldn't find the summary. To save myself time and eyestrain, I hit the print button on my computer so I could carry the report with me for later review.

Since the house was 35 years old, the seller and I expected there would be repair issues, along with some minor wear and tear. Imagine my surprise when I discovered the home inspection report was 69 pages long! Really! SIXTY NINE pages!

The report contained 147 photos. While reviewing the report, I did notice a summary, which included duplicates of the aforementioned photographs.

My home inspector friends might object to my critique, but this post is not meant as a personal attack. Home inspectors offer a valuable service. And if I represented the buyer side of this transaction, I might feel differently. But a sixty-nine page report seems excessive, in my humble opinion.

The real problem with the report, despite it's length, was that it was difficult to extract the issues! Many of the photos were taken, I believe, to CYA or to justify the cost of the inspection. There were numerous plumbing and electrical issues addressed (multiple times throughout), duplicate photographs, duplicate commentary, etc.

Fortunately, the buyer and seller are behaving professionally and each want a mutually acceptable resolution to the home inspection, so this house WILL close. However, if the buyer wanted to be a snoot about it, there could be a different outcome.

What do you think? Could a sixty-nine page report kill the deal? Hopefully, it won't kill THIS one!

This is the third weekly installment of my series, Foreclosure Friday. Each issue contains foreclosure tidbits and gives access to foreclosures throughout Mississippi via HUD, VA, Fannie Mae and Freddie Mac.

As I mentioned in my previous posts, when buying a HUD foreclosure, only owner-occupants can bid during the first 10-day bid period. The longer a HUD home remains on the market, the more likely for either a price reduction or for HUD to accept a lesser sales price.

Several of the properties are now listed for ALL BIDDERS, and will be sold to the bidder who submits an acceptable offer that nets HUD the highest dollar figure.

One property, for instance, at 3352 Patterson in Pearl MS, was reduced $7,000, but the bid priority has changed from ALL BIDDERS to Owner-Occupant. If by chance you are an investor wanting to place a bid on this property (or one in a similar scenario), you'll now be restricted until the 10 days have passed.

Some of the properties for sale are shown below. (Screenshot taken 12:01 Friday a.m.)

Remember that foreclosures are sold "as-is" with no repairs and you must be pre-approved before submitted a bid.

Buying a foreclosure can offer a considerable savings, but you must be willing to accept the house with whatever flaws it may have.

See all current HUD listings by visiting this site.

See all current VA listings by visiting this site.

Search Fannie Mae Foreclosures here.

Search Freddie Mac Foreclosures here.

If you have questions about any home you find for sale through these sites, or want to know what might be available through the Jackson MLS, let me know how I can assist you.

View the first article here.

Read the second week's article here.

Singing off until next time, unless you call me! 

Today, I know more about Building a Greener Home than I did yesterday. The Home Builders Association of Jackson (HBAJ) sponsored a two-hour learning seminar to explain the National Green Building Standard and how the point system works in attaining certain levels of Green Building.

Our first speaker, Gary Smith, is a NAHB Green Building Verifier and local home inspector. Gary also serves as co-chair of the Building Green Works Committee at the HBAJ. The duties of an accredited Verifier is to ensure the home or building meets the GREEN qualifications set by the NAHB GREEN.

Gary led us through a power point presentation depicting how we have evolved from the first Earth Day in 1970 to the steps we are taking today to be more environmentally friendly with the changes and procedures in our Building Standards. 

Building Green takes into consideration the site placement, design and construction of the building, efficient use of natural and renewable resources, and maintenance.

Our second speaker, David Smith, is a Certified Green Professional (CGP). David received An Award of Excellence for Innovation in Building Practices during last year's Fall Parade of Homes and has built four GREEN homes in the Metro Jackson area. David reviewed the steps that must be taken to certify a GREEN home. He discussed in detail building materials, higher R-values in insulation, U-values for window efficiency, and energy star appliances and products.

David also mentioned briefly the cost to the builder to construct a GREEN home, including the fees to register the home and the increased cost of material and labor charges. On average, it cost the builder $2,000 to $3,000 more to build a more energy-efficient GREEN home, but there are tax advantages (credits) that can offset most of the costs.

Chuck Morris with MS Home Corp stopped by and announced the Growing a Greener Mississippi contest. The contest will award 1st, 2nd, and 3rd place prizes of up to $50,000 to the designated winners in the competition. Homes entered in the contest must be constructed according to the NAHB Model Green Home Building Guidelines. The home must be inspected during the framing stage and again at completion, and the maximum sales price cannot exceed $175,000.

Rules and requirements for the contest are available through Mississippi Home Corp.

The seminar was very informative and a fantastic opportunity to learn about Building Green. Further information can be found from HBAJ and NAHB GREEN.

 _________________________________________________________________________

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. 

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

Written and Published by Pat Starnes REALTOR

By TwitterButtons.com