Lenders in Mississippi can foreclose when their home owners/borrowers fail to keep up with the agreed-to mortgage payments. The sheriff then sells the property at public auction so the bank can either buy the property for resale or recoup the cost when a member of the public purchases the property. Individuals can purchase Mississippi foreclosures by placing the highest bid at Mississippi sheriff sales. They should first learn how to find foreclosed homes in Mississippi. The buyers can then determine the bidding rules and participate to buy foreclosed properties in Mississippi.
Look in newspapers or ask county sheriffs for Mississippi foreclosure listings. The lender must advertise all foreclosure auctions for three weeks in the same county as the property. So you would need to look on a regular basis at least one week out of every three weeks to make sure that you find all foreclosed properties for a particular county. This can also be difficult due to the fact that some counties have more than one newspaper. One way to conduct your search is to use online versions of newspapers. Go to the USNPL page at Usnpl.com/msnews.php. You can then click on each newspaper link to search through the individual newspapers for Mississippi foreclosure notices.
Another way to look for listings is through the county sheriff. Because foreclosures are sold at Mississippi sheriff sales, the local sheriff’s office typically maintains a list of upcoming foreclosures. You should first look online at the county website or the sheriff’s website if the sheriff has a site. From there, you can search around for the foreclosure listings. At any rate, you can also call and ask the sheriff’s office for more information on local foreclosure sales.
Look at the foreclosure listings to get specific foreclosure details, such as time, date, place and manner of payment. Make sure you are ready to follow the correct local procedure for paying for a Mississippi foreclosure in the event that you win at auction. The sale can be reversed if you do not abide by the rules. Rules can vary by county, so always make sure you contact the sheriff or observe an auction before participating.
Do your best to come up with a fair market value for any homes you would like to buy. You need this figure to formulate a maximum bid. Whether you are trying to buy your first home or buy foreclosed homes in Mississippi as an investor, you need some idea of what homes usually sell for in that neighborhood. Neighbors of the foreclosed property or real estate agents may help you in this regard.
Go to the auction, taking care to follow all local policies for participating. In some cases, you may need to deposit funds before bidding. This is why you need to know all relevant bidding procedures well before the foreclosure auction day.
Complete the sale by paying the sheriff the amount of your bid. When you buy a foreclosure in Mississippi (or anywhere else, for that matter), make sure you get a property deed. This document provides proof of your ownership of the foreclosed property. Take this deed and file it in the recording office in the Mississippi county where the foreclosed home is located. This is very important to protect your ownership from others who might make a claim. File as quickly as possible.
Foreclosure.com: Mississippi Foreclosure Laws