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If you’re looking for foreclosures in New Orleans, Louisiana, you can find them if you know where to look.
The good thing about foreclosures is that you typically pay less for them than you would a home on the open market.
Perhaps you’re an investor or just someone looking to score a deal on a home sale. If so foreclosures are a great place to look.
In this article, we’ll go over everything you need to know about foreclosures, including where to find them.
A foreclosure is a process in which the deed holder of a property seeks to take ownership of it, usually due to unpaid debt.
Because the debtor loses possession — and rights — to the home, the lender will look to sell the home under its value.
This makes the home especially attractive to investors. Meanwhile it is an understandably emotional transaction for the previous owner.
Buying a foreclosed home is a great way to get a property for less money than it’s worth. Buying a home in pre-foreclosure — meaning, before it enters the foreclosure phase — may be when the owner is at their most motivated state.
That being said, the wisdom in buying a foreclosure rests entirely with your plans to profit from it. If you don’t have a plan, then buying a foreclosure may be a terrible idea.
Now let’s go over some steps you need to buy a foreclosure. There are three ways you can buy one:
But first, you need to know where the foreclosures are U.S. foreclosure filings are down across most of the U.S., but they’re up double digits in these cities:
Now, if you live in one of these cities, all you need to do is get a foreclosure filings list to see the properties. Let’s go over the three ways you can buy a foreclosure:
If you learn that a home is in pre-foreclosure, that means that the bank or lender has notified the homeowner that they plan to foreclose on the property.
This creates a motivated seller. If you happen to approach the homeowner about selling the property, you can get it for a good price.
The key to buying a pre-foreclosure home is to get while the owner still has control. Once the property goes into foreclosure, the owner loses all rights and you have to deal with the bank.
What’s different about buying a home in pre-foreclosure is that, you typically have to pay the following:
After that, you take over possession of the home from the seller. Again, remember to handle the transaction with all due care, dignity and respect.
A lot of people confuse a foreclosure with a short sale. Although they can be similar, they are starkly different.
In a foreclosure, the bank repossesses the property and any sale would have to take place with the buyer and the bank. In the case of a short sale, the owner still holds possession of the property.
Here’s what to know about a short sale.
You can find real estate listings that will show you plenty of pre-foreclosure homes.
You may also try to get the a distressed property at foreclosure. Let’s talk about it:
A foreclosure auction often takes place on the courthouse steps. The Sheriff conducts the auction and ensures that order takes place.
A bailiff or another official may preside over proceedings, reading out properties from a foreclosure list. All you have to do is be present and bid on the properties to participate.
Be wary of some foreclosures if you haven’t done your research or driven by the properties. Many of them are uninhabitable and may required extensive repairs.
If you end up buying a money pit, you’d better have a plan. That’s because once you buy a foreclosure, you’re liable for all expenses related to the home.
You may choose to buy a property straight from the lender. This is typically considered a bank-owned property.
The bank has a right to hold onto a property as long as possible, so be aware that sales often take months and maybe even years.
With any real estate transaction, make sure you get in touch with a real estate attorney so that you’re protected legally.
Foreclosed homes are those that you typically buy at auction from a bank or creditor. Because banks don’t want to stockpile these properties, they are usually sold below market value.
When you buy a foreclosure, you have to purchase it with cash, so you should make sure that you have the funds.
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