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

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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