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finding gov repossessed homes |
How do you find government-repossessed homes in the Ocean Springs, Mississippi area?
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors.
You can only purchase HUD-owned properties. HUD will pay the broker's commission up to 6 percent of the sales price.
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Last Updated ( Thursday, 04 September 2008 )
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what happens at trustee sales |
What happens at a trustee sale?
Trustee sales are advertised in advance and require an all-cash bid. The sale is usually conducted by a sheriff, a constable or lawyer acting as trustee. This kind of sale, which usually attracts savvy investors, is not for the novice.
In a trustee sale, the lender who holds the first loan on the Ocean Springs, Mississippi property starts the bidding at the amount of the loan being foreclosed. Successful bidders receive a trustee's deed.
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Last Updated ( Tuesday, 29 July 2008 )
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What types of foreclosure are there in theOcean Springs, Mississippi area?
Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lienholder on Ocean Springs, Mississippi property requests a court-supervised sale of the property to cover the unpaid balance of a delinquent debt.
Nonjudicial foreclosure is the process of selling real property under a power of sale in a mortgage or deed of trust that is in default. In such a foreclosure, however, the lender is unable to obtain a deficiency judgment, which makes some title insurance companies reluctant to issue a policy.
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Last Updated ( Thursday, 04 September 2008 )
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Are foreclosures an option? |
Are Ocean Springs, Mississippi area foreclosures an option?
A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.
It is wise to be cautious when considering a foreclosure.
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Last Updated ( Thursday, 04 September 2008 )
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are fixers a good idea in bad areas |
Are Ocean Springs, Mississippi fixer uppers a good idea in bad areas?
It depends. Distressed properties or fixer-uppers can be found anywhere, even in wealthier neighborhoods. Such properties are poorly maintained and have a lower market value than other houses in the neighborhood.
Many Ocean Springs, Mississippi marketvexperts recommend that before you make such an investment, first find the least desirable house in the best neighborhood. Then do the math to see if what it would cost to bring up the value of that property to its full potential market value is within your budget. If you are a novice buyer, it may be wiser to look for properties that only need cosmetic fixes rather than run-down houses that need major structural repairs.
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Last Updated ( Thursday, 04 September 2008 )
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tax breaks for historic rehab |
Are there any special tax breaks for historic rehab?
Qualified rehabilitated buildings and certified historic structures in the Ocean Springs, Mississippi area currently enjoy a 20 percent investment tax credit for qualified rehabilitation expenses. A historic structure is one listed in the National Register of Historic Places or so designated by an appropriate state or local historic district also certified by the government.
The tax code does not allow deductions for the demolition or significant alternation of a historic structure.
Resources:
* National Trust for Historic Preservation, Washington, D.C.; (202) 588-6000.
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Last Updated ( Thursday, 04 September 2008 )
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How do building codes work in the Ocean Springs, Mississippi area?
Building codes are established by municipal authorities in theOcean Springs, Mississippi area to set out minimum public-safety standards for building design, construction, quality, use and occupancy, location and maintenance. There are specialized codes for plumbing, electrical and fire, which usually involve separate inspections and inspectors.
All buildings must be issued a building permit and a certificate of occupancy before it can be used. During construction, housing inspectors must make checks at key points.
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Last Updated ( Thursday, 04 September 2008 )
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returns on remodeling jobs |
What kind of return is there on remodeling jobs?
Remodeling magazine produces an annual "Cost vs. Value Report'' that answers just that question. The most important point to remember is that remodeling a home not only improves its livability for you but its curb appeal with a potential buyer down the road.
Most recently, the highest remodeling paybacks have come from updating kitchens and baths, home-office additions and extra amenities in older homes. While home offices are a relatively new remodeling trend, for example, you could expect to recoup 58 percent of the cost of adding a home office, according to the survey.
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Last Updated ( Thursday, 04 September 2008 )
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Where are fixer-uppers found in the Ocean Springs, Mississippi ?We can find distressed Ocean Springs, Mississippi area properties or fixer-uppers for you in most communities, even wealthier neighborhoods. A distressed property is one that has been poorly maintained and has a lower market value than other houses in the immediate area.
Ascertaining whether the Ocean Springs, Mississippi property you're interested in is a wise investment takes some work. We'll need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost. Contact us today and we'll get started!
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Last Updated ( Thursday, 04 September 2008 )
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What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms on a Ocean Springs, Mississippi area Real Estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
* assum. fin. -- assumable financing
* dk -- deck
* gar -- garage (garden is usually abbreviated "gard")
* expansion pot'l -- may be extra space on the lot, or possibly vertical potential for a top floor or room addition. Verify actual potential by checking local zoning restrictions prior to purchase.
* fab pentrm -- fabulous pentroom, a room on top, underneath the roof, that sometimes has views
* FDR -- formal dining room (not the former president)
* frplc, fplc, FP -- fireplace
* grmet kit -- gourmet kitchen
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Last Updated ( Thursday, 04 September 2008 )
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How do you choose between buying and renting?
Home ownership offers tax benefits as well as the freedom to make decisions about your Ocean Springs, Mississippi home. An advantage of renting is not worrying about maintenance and other financial obligations associated with owning property.
There also are a number of economic considerations. Unlike renters, home owners who secure a fixed-rate loan can lock in their monthly housing costs and make prudent investment plans knowing these expenses will not increase substantially.
Home ownership is a highly leveraged investment that can yield substantial profit on a nominal front-end investment.
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Last Updated ( Tuesday, 29 July 2008 )
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who pays the closing costs? |
Who pays the closing costs?
Closing costs are either paid by the home seller or home buyer. It often depends on local custom and what the buyer or seller negotiates.
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Last Updated ( Tuesday, 29 July 2008 )
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Why do I need a title report?
As much as you as a buyer may want to believe that the Ocean Springs, Mississippi home you have found is perfect, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.
A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.
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Last Updated ( Tuesday, 29 July 2008 )
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What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes.
Unless, these charges are rolled into the loan, they must be paid when the home is closed.
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Last Updated ( Tuesday, 29 July 2008 )
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How can I save on Ocean Springs, Mississippi closing costs?
Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save:
* Negotiate with the seller to pay all or part of the closing costs. The lender must agree to this as well as the seller.
* Get a no-point loan. The trade-off is a higher interest rate on the loan and many of these loans have prepayment penalties. But buyers who are short on cash and can qualify for a higher interest rate may find a no-point loan will significantly cut their closing costs.
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Last Updated ( Thursday, 04 September 2008 )
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Can a co-owner force someone off a shared deed?
In some circumstances, a co-owner often can force the sale of a shared Ocean Springs, Mississippi property by filing a so-called partition action. In such a situation, if the severance is granted, the property would be sold and the owners would split the proceeds proportionate to their interest in the property.
You should check your title for any references to such a severance action. You may need to consult a real estate attorney.
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Last Updated ( Thursday, 04 September 2008 )
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where to get info on lease options |
Where do I get information on lease options?
Contact your Ocean Springs, Mississippi real estate agent (some even specialize in such transactions) or read up on lease options at the public library. If you have a real estate attorney, ask if he or she has any prepared information you can review. Most bookstores have a fairly hefty real estate book section these days. Many current real estate books have at least a section on lease options.
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Last Updated ( Tuesday, 29 July 2008 )
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