Expect prices below market value on HUD home sale listings in Mississippi
The U.S. Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA), which guarantees many home loans. When FHA-backed homes are foreclosed, HUD is responsible for re-selling the home. HUD home sale listings in Mississippi can be great deals since they are typically below market value.
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All buyers are eligible to purchase a HUD home either for cash or with lender financing. HUD maintains a website of available Mississippi real estate home HUD listings. While these real estate professionals do not work for HUD, they have been authorized to show HUD home listings in Mississippi and to negotiate between HUD and potential buyers.
Once you have identified a HUD home that appeals to you, your next step is to have an agent submit a bid. HUD generally accepts the highest bid. If the bid is successful, you will have a period of time to settle the transaction. This is usually around 30 days from the date that HUD agrees to your offer.
While most HUD home sale listings in Mississippi are priced at or below market price with allowances made for homes that need repair, there are also a special HUD programs that can help certain homebuyers get even better prices. The Good Neighbor Next Door program, programs for people displaced by hurricanes and HUD’s Dollar Homes Initiatives are a few of those programs.
You can only submit a bid or offer during the initial open bidding period if you plan to live in the house. If no suitable bidders make offers during that around, then investors can bid. Reply! can help you find properties in your area. Again, you will need to go through a HUD-authorized listing agent if you want to bid on HUD home sale listings in Mississippi as an investor.