Mississippi ForeclosureTips for Buying a Mississippi Foreclosure Home
As the tide of foreclosures sweeps across the country, many displaced former homeowners are looking for comfortable homes to rent until the economy improves. Smart buyers in the meantime are snapping up Mississippi foreclosure homes. Some buyers are finding this otherwise gloomy real estate market an opportunity to do one of three things:
- Become a first-time homeowner in a market that used to be higher priced
- Become a landlord by purchasing a property for rental income
- Even snagging a retirement or vacation home they can finally afford
Today, investors are looking for ways to safely invest their money where it will grow. With the stock market on shaky ground, droves of investors are turning away from buying stocks and heading straight for the foreclosure market.
There are three methods of buying a foreclosed home:
- From a real estate company—this can be called an REO, (real estate owned property), or a foreclosure.
- At a foreclosed home auction where you will likely be bidding in competition with other buyers.
- In pre-foreclosure where you buy directly from a homeowner in trouble before the bank forecloses.
Contact Coldwell Banker (Graham & Associates) to learn more about available Mississippi foreclosure properties.Or call us at 601-607-4777 / 866-301-2242.
If you are looking for a foreclosure property in Mississippi, you’ll want to follow these tips before making your purchase:
- Check with the local real estate professionals who can help you make a sound and reasonable purchase. The real estate pros know which properties are not likely to make money.
- Visit the house you are thinking of purchasing for yourself. You want to be sure you aren’t buying a vacant lot instead of a home. (Sounds ridiculous, but it has happened!)
- Don’t let the tiny price tag lure you into a quick deal. Understand what repairs need to be made and what those repairs will cost.
- If you’re planning to rent the home, be sure you can get a tenant into the home once repairs are made so you are successfully recovering your costs.
The least risky venture into buying a Mississippi foreclosure home (or anywhere else) is through a real estate agent because you have sufficient time to fully inspect the property, review a clear title, and the sale can be subject to getting a mortgage. Contact us to begin your Mississippi foreclosure real estate search today. Or call 601-607-4777 / 866-301-2242.