Accordingly to RealtyTrac, there are 40 trustee sales, 70 banks owned REO properties and one government foreclosure in the Gulfport, MS area. With so many foreclosure opportunities waiting, investors and buyers are scooping up foreclosed homes left and right in the area. It’s now possible to get homes at such bargain prices that first time home buyers are competing with investors for deals. The average listing price for Gulfport homes for sale during the week ending December 7, 2011 according to Trulia was $177,375.
Auction Sales
If you want to purchase a home at a sheriff’s auction, you will need cash. Check with the local county courthouse for sale dates or the local newspaper. Auctions give you an opportunity to purchase a home at a deep discount. Keep in mind that all auctions of foreclosure property are sold as is so it is up to the buyer to conduct their own due diligence. It is highly recommended to have a title search done by a local title company and to inspect the home since many homes are in bad condition. If the home needs major system repairs, you may want to look for another home because these repairs can be expensive and cut into your profit level. However, there are also a number of foreclosed homes that are in fairly good condition that only need cosmetic repairs. If you can do the work yourself, even better. Also, remember that you cannot obtain title insurance on foreclosure sale auction properties, and you must pay for liens on the property and for any eviction costs to get former owners or tenants out of the property.
REO’s
Bank owned REO’s can be found through local Realtors. The banks list their REO inventory with the local Realtors in the Gulfport area. REO’s offer big discounts as well. They are also sold in as is condition. You can obtain title isnrunme and inspect them. You do not need cash to purchase a REO.
Short Sales
Pre-foreclosure short sales are another way to buy homes at bargain prices. Short sales are homes that have not gone through the foreclosure process yet, and the owner needs to sell because they are upside down on their mortgage. A short sale must be approved by the seller’s lender. There is no guarantee they will approve the offer though. You could wait as long as six months or longer for a response. So if you are not in hurry then a short sale purchase may be the right choice for you.
Foreclosure homes are a terrific way to obtain a property with built in equity. When the market turns around, you will have an advantage. In the meantime, you can hold on to your treasurer and either live in it or rent it out. Some investors buy foreclosures, rehab them and then resell them. With affordable housing and low interest rates, there is no time like the present to purchase a Gulfport foreclosure property.
