Foreclosures are a par of any real estate market and offer a great chance for investors, but also opportunity for buyers to find more home for the money, many times with equity in place.
Gulfport MS does not have the high foreclosure rate of some of the larger cities in the US that were hit harder by the economic downturn, but they are still out there. The important thing to remember when looking for foreclosures in the Gulfport market, or anywhere on the MS Coast for that matter, is that while deals are out there, you should not expect outrageous deals. The average foreclosure in our market sells for 15-20% below market value. While this may include some minor work to the property, and possibly some updating, it still represents a significant discount.
Another factor in buying foreclosures is to use a buyer’s representative that is familiar with the process, contingency periods (or lack thereof), and other factors that are much different than buying a home listed with an individual owner. Not using a broker who is familiar with this could put your time and your money at risk.
Contact me today for assistance buying or selling any property on the MS Coast.