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.
Read the second week's article here.
Singing off until next time, unless you call me!
Written and Published by Pat Starnes REALTOR
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.
Areas of service: Brandon, Pearl, Ridgeland, and the Ross Barnett Reservoir area
Search all available homes in the Jackson MS MLS
Pat Starnes, Broker; Pat Starnes Real Estate, 300 Castlewoods Blvd., Brandon, MS 39047; 601-278-4513 - Cell
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.
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.
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.
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