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
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.
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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
McIntosh and Assoc., LLC434 Katherine DriveFlowood, MS 39232601-278-4513 - cell601-936-2007 - office
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
McIntosh and Assoc., LLC434 Katherine DriveFlowood, MS 39232601-278-4513 - cell601-936-2007 - office
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.
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.
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!
Thanks Jeffrey. Buyers don't understand that it's a requirement by the lender. Don't shoot the messenger!
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.
Great tips on buying foreclosures Pat!! The more people follow your advice the easier time they will have!
Best, Dan
Please inform me of any foreclosed properties in the area of the west coast of Forida;