Pat Starnes' Snippets

It's time for the weekly update on HUD foreclosures in the Metro Jackson area. Several newly listed properties are available for bids in Pearl, Jackson, Brandon, and Raymond.

The property I've selected to feature today is in the Live Oaks Subdivision in Pearl off Hwy 468. The home, built in 2006, has 1467 square feet and 3 bedrooms, 2 baths, with a double garage. This property is available for "bids" to individuals who will live in the home as their primary residence, and is listed for $120,000. View current Mississippi foreclosures here.

Another property available through HUD in the city of Jackson, near the Beasley Road exit, is 5704 Fernwood. Priced at $122,400, bids will be considered from investors as well as homeowners. With 3 BRs and 2 baths, is has 1605 square feet and a double garage.

One other property for sale is located at 377 Lakebend in the Crossgates Subdivision of Brandon. This is a 3 BR/ 2.5 Bath townhome listed for $96,000. It is also open to all bidders.

Buying a foreclosure can give a purchaser immediate equity in a home if you are willing to make some improvements after closing. It can be a complicated process and is not suitable for every homebuyer. By studying the market and shopping by comparison, you can recognize a good value when you see one.

Choose a Realtor who will counsel you throughout the process and address your questions and concerns with patience, knowledge and understanding.

You may find it helpful to refer to previous issues regarding the foreclosure process.

Tips to Buying a Foreclosure

Understanding the Bid Procedure

Be ready to pounce - get pre-approved

It's Foreclosure Friday time! Over the last several weeks I've written the Foreclosure Friday series to share a little about the process of finding and buying foreclosures in the Metro Jackson area.

HUD's inventory is down this week, but there are still 35 available properties in the metro area for sale.

One home in Florence, MS is priced $10 a square foot less than its nearest competitor in the same neighborhood. 573 Eaglewood Drive is listed for $108,900 with an "as is" value of $121,000.

Another property, 613 Harvest Drive in Ridgeland, has been reduced from $131,000 to $117,900.

There are a number of foreclosures available through VA, Fannie Mae and Freddie Mac. If you have a particular price range and area that you are interested in, you can search the Jackson MS MLS or subscribe to my blog to receive weekly updates.

Have you received the "green light" to buy a home? Getting pre-approved is an important first step in buying a home, whether you are looking at foreclosures or any other property.

Many people are interested in buying foreclosures because of the value they represent. While it's true that foreclosures can be purchased below market value, giving the buyer instant equity, remember to factor in the cost of repairs. Most foreclosures are sold "as is".

In case you missed any of the previous Foreclosure Friday posts, you can review them here. See you next week!

 Image compliments of FreeFoto.com

 Premiere Edition of Foreclosure Friday - Tips for Buying a Foreclosure

 The procedure for buying a HUD foreclosure

 Search all MS Foreclosures - Links for HUD, VA, Fannie Mae and Freddie Mac

 Foreclosures for Sale in Rankin County MS

 Overview of Foreclosures throughout MS

Be Prepared! Get pre-approved

Foreclosures have been selling in the Jackson Metro area this week. Fourteen HUD homes sold the first week in April, 12 of which were in the initial 10-day bid period.

When talking with buyers who are looking at foreclosures, I stress the importance of being pre-qualified through their lender, so when a property they are interested in comes up for sale, they can MAKE THEIR OFFER IN A TIMELY FASHION.

There are times that I have advance knowledge a home is coming on the market. If a foreclosure notice is posted on the property, and my prospects have given me a complete description of their wants and needs, I can research the foreclosure prior to the property being published for sale. Then when it is listed, my buyer is in the position to POUNCE when the time is right.

Foreclosed homes can be a good value for consumers, but I would not limit my clients to ONLY look at foreclosures. The Jackson Metro MLS offers a good selection of homes and I would counsel my buyers to to consider all available properties for sale in their desired location. Who knows, a more desirable home needing fewer repairs might be a better choice.

It's advisable to ALWAYS do your homework when buying a home. If you are looking for a home in Rankin, Madison, or Hinds county, I can help. With 20 years of experience in residential real estate, I can guide you through the home-buying process with skill and finesse.

Search HUD foreclosures in Hinds, Rankin, and Madison Counties

Search VA foreclosures in Mississippi

Search the Metro Jackson MLS

Last week I wrote the premiere edition of Foreclosure Friday, a series of blog posts designed to discuss buying foreclosures. As a reminder, the tips in last week's issue were:

1. Arrange financing before beginning your search for a home.
2. Find a qualified agent to help you in your search for a foreclosure.
3. Foreclosures are usually sold "as is - where is" without any warranty or repair allowance.

Following is the process for buying a HUD foreclosure:

• When a property is first listed for sale through HUD, only owner-occupants can submit offers to purchase during  the initial "10 day bid period". An owner-occupant, quite simply, is someone buying the home with the INTENTION OF LIVING in the property as their primary residence.
• If no-one purchases the property during the initial 10-day bid process, the status for bids will be changed to "All Bidders". Once the initial bid period has expired, investors are then able to sumit offers to purchase.
• All bids must be in writing and submitted through a real estate brokerage approved to sell HUD homes. Individuals are not allowed to submit a bid on their own behalf.
• Earnest money must be presented at the time of submitting an offer to purchase. In HUD's case, the dollar amount is either $500 or 1% of the purchase price, whichever is greater. If your offer is not accepted, the earnest money IS RETURNED TO YOU.
• Closing typically takes between 30-45 days.

CURRENT MISSISSIPPI FORECLOSURES

Currently, there are 35 HUD homes within the city of Jackson for sale. The city of Brandon has four available HUD homes priced between $66,600 to $96,000, and Pearl has four homes ranging in price from $63,000 to $116,000.

A new listing in Ridgeland, at 613 Harvest Road, is in the 10-day bid period and available to owner-occupants only. It is priced at $131,000.

One home is listed in Florence, MS at 573 Eaglewood Drive. It is priced at $121,000 and is open to ALL bidders.

See all available HUD properties in MS by referring to the weekly Foreclosure Friday report.

Search MS VA Foreclosures

Search all Fannie Mae Foreclosures

Search Freddie Mac Foreclosures

If the prospect of searching through all the foreclosures on a daily or weekly basis seems overwhelming, let me do the searching for you. Send an e-mail or contact me by phone, TELL ME WHAT YOU ARE LOOKING FOR, and I'll do the searching for you. Or subscribe to my blog, Pat Starnes Snippets, where you will receive an e-mail each time a new blog post is written.

Until next time...

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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.

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

Written and Published by Pat Starnes REALTOR

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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.

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.

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

Written and Published by Pat Starnes REALTOR

By TwitterButtons.com