Pat Starnes Snippets: It's Foreclosure Friday Time - March 20, 2009

It's Foreclosure Friday Time - March 20, 2009

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.)

 HUD screenshot

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! 

Written and Published by Pat Starnes REALTOR

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Pat specializes in Residential and New Home Sales 

Primary Service Area:

Brandon, Pearl, Ridgeland, Flowood, Madison and the Ross Barnett Reservoir area

 Pat Starnes, Broker Associate

Front Gate Real Estate, 6700 Old Canton Rd., Suite C

Ridgeland, MS 39157

601-991-2900 - Office

601-278-4513 - Cell

 

Recent Blog Posts by Pat Starnes:

 

Greenfield Station in Brandon MS Continues to Grow

Six Easy Tips to Save Money on Your Home Inspection

Should You Consult a Realtor When Buying New Construction?

Homes for Sale in Scottish Hills ~ Brandon MS 39047

Homes for Sale in Hidden Hills Subdivision, Brandon, MS 39047

Homes for Sale in Castlewoods Subdivision, Brandon, MS 39047

Gardens of Manship Neighborhood Information - Brandon, MS 39047

 

Are you looking to buy or sell a home in the Brandon MS market? Call me!

Comment balloon 3 commentsPat Starnes-Front Gate Realty • March 20 2009 10:00AM

Comments

Hi Pat, Good post! The first home my husband and I bought was a HUD house.  We got a great deal because we went in and worked on it for 2 months before we moved into it.

Posted by Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast (M & M Realty of Brevard Inc.) over 10 years ago

Hey Sandy. Glad you edited your comment, since your first note said before you BOUGHT IT, which of course, is a big no-no! There are some great values in foreclosures if people are willing and able to do the work.

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) over 10 years ago

FHA 203 (k) financing is a great product for the purchase of foreclosures that need fix-up. First time buyers can get the funds to fix the homes and also receive the $8,000 tax credit for settlements before the end of November.

Follow me on Twitter:  http://twitter.com/roykelley REO agent in Maryland

Posted by Roy Kelley (Realty Group Referrals) over 10 years ago

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