You may be able to save thousands of dollars off the market price by buying a bank owned home sale listing in Mississippi.
Buying a new home is a major expenditure and is probably the largest single purchase that you will ever make in your lifetime. Bank-owned home sale listings in Mississippi can be the source of great bargains for the you. You can shave thousands of dollars off the market price of your home just by buying it from a bank after it has foreclosed on the home.
Bank owned homes, also called real estate owned (REO) properties, are typically homes that have been foreclosed and did not sell at an auction. Since the bank sets a reserve price for the auction, sometimes bids are not high enough for the home to sell. These bank-owned home sales listings in Mississippi are usually handed by a real estate agency, although some banks have internal departments that handle foreclosed properties.
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Mississippi REOs are also owned by mortgage lenders, credit unions and government agencies that insure mortgages, like the U.S. Department of Housing and Urban Development (HUD). Bank owned home sale listings in Mississippi are often sold at a discount and can be ideal for a first home or an investment property.
When you look at bank owned home sale listings in Mississippi, you may want to go through a reputable buyer's agent who specializes in foreclosures. These agents are adept at negotiating with lenders to get you the best price. Generally speaking, most banks will only entertain offers on these properties that close to market value. An agent will know how to write an offer for a price that you like and the lender will accept. Reply! can help you find buyer's agents in your area.
You can start looking at bank owned home sale listings in Mississippi online without a real estate agent. Many banks, real estate companies that represent Mississippi REOs and even HUD have detailed home listings with photos online. For links to major banks and government agency foreclosures, go to this article.
Once you find homes of interest, contact the listing agent or your buyer's agent to arrange a walk-through. If the home still seems like one you want to buy after you visit, you'll want to have it inspected to disclose any major problems or needed repairs. You also want to ask to see a title search. The lender usually clears the property title of any liens, yet your due diligence will make sure the title is clear.
If the Mississippi REO you want to buy is a HUD home, you will need a HUD-approved real estate agent to place a bid for you. Otherwise, your buyer's agent can help you draft a realistic offer based on your home inspection findings.