If you’re looking to buy a home in Magnolia, Mississippi, there’s an exciting opportunity coming up. The property at 1136 Pounds Road will be auctioned soon, with an opening bid of $110,000. This three-bedroom, two-and-a-half-bathroom home sits on a nearly 14-acre lot and will be available for auction from February 4, 2025, to February 6, 2025. Here’s everything you need to know about the auction and how you can participate.
Property Overview
The property at 1136 Pounds Road is a single-family home with 3 bedrooms and 2.5 bathrooms. It has 1,812 square feet of living space and sits on a 13.97-acre lot. Built in 1971, this house offers plenty of space for a family or those looking for a peaceful rural retreat. It is located in Pike County, Mississippi, which is a great area for those who want to live outside the hustle and bustle of the city.
Here’s a quick breakdown of the property:
- Property Type: Residential
- Sub-Type: Single-Family Home
- Beds: 3
- Baths: 2.5
- Size: 1,812 square feet
- Lot Size: 13.97 acres
- Year Built: 1971
- Auction Start Date: February 4, 2025
- Auction End Date: February 6, 2025
- Starting Bid: $110,000
Auction Details
The auction for 1136 Pounds Road will be held online, starting at 9:00 AM CT on February 4, 2025, and ending at 11:30 AM CT on February 6, 2025. The starting bid for the property is $110,000, but the seller is open to receiving pre-auction offers. If you wish to make an offer, you will need to sign a contract and provide an earnest money deposit.
If you plan to bid on this property, here are a few key points to consider:
- Cash-Only Transaction: The auction is for cash buyers only. If you plan to bid, you will need to have enough funds available or be pre-approved for financing before the auction begins.
- Proof of Funds: You must provide proof of funds or a pre-qualification letter within 24 hours of the auction closing. If paying by cash, you will need to show a bank letter or other financial statement showing sufficient funds.
- No Buyer’s Premium: There will be no buyer’s premium or auction service fee, but buyers are responsible for paying closing costs, which can range from $750-$3000.
- As-Is Condition: The property is being sold as-is, meaning it is offered in its current condition. Buyers should be prepared to handle any repairs or issues that may arise.
- Occupied Property: The property is currently occupied, and buyers will not have access to the home before the auction. If necessary, buyers will be responsible for eviction, lease negotiations, or other actions related to the property’s current occupants.
Key Auction Requirements
- Owner-Occupant Only: The auction is open only to owner-occupants, government entities, or HUD-approved nonprofits. Bidders will need to sign a statement that they intend to use the property as their primary residence.
- Winterized Utilities: The utilities to the property are currently turned off and the property has been winterized. Buyers will need to manage the utility transfer after closing.
- Closing and Title Transfer: The closing must happen within 30 days of the seller accepting an offer. The property will be transferred to the buyer via Special Warranty Deed, assuming the buyer secures title insurance. If the buyer doesn’t purchase title insurance, the property will be transferred via quit claim deed.
Important Considerations
- Redemption Period: The property may be subject to a redemption period, meaning the previous owner could potentially reclaim the property up to one year after the foreclosure auction. However, this redemption period does not prevent the buyer from taking ownership of the property.
- Closing Costs: Buyers should expect to pay for all closing costs, and it’s important to contact a local title agency or real estate attorney to estimate these costs before bidding.
- Occupied Property and Utility Usage: Since the property is occupied, buyers will need to handle any issues regarding the tenants and utility usage.
The auction for 1136 Pounds Road in Magnolia, MS presents a unique opportunity for cash buyers looking to purchase a property in a rural area. The auction starts on February 4, 2025, with an opening bid of $110,000. Buyers should be aware of the cash-only terms, the as-is condition of the property, and the occupied status of the home. Be sure to complete your research, understand the auction rules, and consult professionals before bidding to make sure you are prepared for this opportunity.
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