New Orleans, LA: Foreclosures and Bank Owned Properties for Sale on the West Bank

Foreclosures and bank owned properties are now for sale on the West Bank of New Orleans in Algiers, Gretna, Terrytown, Belle Chasse, Harvey, Marrero and Westwego.  While these properties often need a little tender loving care to make them sparkle, they can be an excellent opportunity to purchase a home in an area that might otherwise be outside of a buyer’s price range.

 

Typically, bank owned homes and foreclosed properties are sold in “As Is” condition, with no repairs being done by the seller and oftentimes, no utilities being provided for inspections.  Fortunately, there are lending programs available to buyers that will allow them to finance not only the purchase of a home, but the cost of necessary repairs as well.  A meeting with your mortgage professional to determine your price range and what loan programs you qualify for should be your first step in the home buying process, whether you are interested in buying a new or resale home or a bank owned or foreclosed property.

The following charts show currently available foreclosures and bank owned properties on the West Bank.

Algiers, LA  (70114 and 70131)

• 13 available properties in Algiers
• This is a reduction from the 18 that were available in January 2008

 

Gretna, LA   (70053)

• 2 available properties in the City of Gretna
• The same properties were available in January, 2008, but the price on the Creagan St. home has been reduced from an initial asking price of $129,000.

 

Gretna and Terrytown, LA   (70056)

• 8 bank owned/foreclosed properties unincorporated Gretna and Terrytown
• This is a reduction from the 13 available in January, 2008

 

Belle Chasse, LA  (70037)

Only 1 available bank owned/foreclosed property is available in Belle Chasse.  This same property has been available since December, 2007 with no change in price.

 

Harvey, LA   (70058)

• 19 available properties
• Increase from the 16 available in January, 2008

Marrero, LA   (70072)

• 19 available foreclosed/bank owned properties
• The number of available properties did not change from January to February, 2008

Westwego, Avondale, Waggaman and Bridge City  (70094)

• 11 available bank owned/foreclosed properties
• This is an increase from the 8 available in January, 2008

All data was compiled from the Gulf South Real Estate Information Network.  Information is deemed reliable, but not guaranteed.

While the purchase one of these properties is not for everyone, buying a foreclosed property offers the opportunity to gain instant equity dependant upon the purchase price and cost of repairs.

For more information on buying a bank owned or foreclosed property on the West Bank of New Orleans, or to schedule a private showing of available properties, please contact Lisa Heindel, REALTOR® by phone at (504) 616-6262 or by email at lisa@lisaheindelsells.com.

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Copyright 2008. Lisa Heindel, All rights reserved.