West Bank Living

I often hear that since there is a state required builder’s warranty for new construction in Louisiana, that it is not necessary to have a home inspection done when purchasing one of these properties.

WRONG!  No home is perfect, even a newly built one, and it is still important to have a thorough home inspection done.

I recently had the chance to work with a terrific military couple relocating to the West Bank of New Orleans.  After a whirlwind search, we found the perfect house for them.  Brand new construction that was just the right size, in just the right neighborhood, with the perfect finishes and upgrades they were hoping for.   I recommended that although the builder would be willing to work from a punch list it was in their best interests to hire a professional home inspector to be sure that everything was done correctly.  Boy, am I glad they followed my advice.

Most home buyers and their agents don’t have the expertise or the knowledge of structure, mechanical items and building codes to determine whether or not a home was built properly and it’s easy to overlook things that are not obvious defects. 

Just a few of the items that the home inspector uncovered:

• Toilets that were loose and not properly secured to the floor
• A leak in the new HVAC unit that caused sheetrock damage and mildew to begin forming
• Loose shower heads
• Bathroom fans that were improperly vented into the attic instead of the exterior
• Improperly installed insulation in the attic
• Scratches on the granite counter top

Armed with the inspection report, we were able to have all of the issues resolved before closing, giving my buyers peace of mind that they were moving into the best possible home in the best possible condition. 

This is not meant to be negative about any builder.  The particular one we were dealing with is a reputable businessman and has built and sold many homes on the West Bank.  But, he cannot possibly personally inspect every detail in every home as they are constructed and subcontractors (and their subcontractors) often don’t take the same personal pride in their work that the actual builder does.  Given how responsive he was to the buyers requests, I’m sure that he has a long history of satisfied customers and I wouldn’t hesitate to write an offer on another home he built.

The bottom line is that spending just a few hundred dollars up front for a professional home inspection can save you plenty of aggravation, time spent waiting for warranty service and even possibly money, after you have settled in and the builder has moved on to other properties.

Are you in the market for a newly constructed West Bank home?  Be sure to use a professional, local REALTORR to represent YOUR interests.  For more information about buying a new West Bank home or for a list of available properties, contact Lisa Heindel.

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

Copyright 2008.  Lisa Heindel, All rights reserved.

Because I write about West Bank real estate, I get a lot of calls from people out of state who think they want to purchase investment properties in the New Orleans area.  While I applaud their entrepreneurship, these conversations usually don’t result in many sales due to a number of reasons.  Before you decide that you want to invest in New Orleans (or any other area of the country for that matter) here are a few tips:

Visit the city that you are thinking about investing in

Take a train, plane or automobile.  Spend a little time checking out the city.  Get a feel for the place.  You cannot decide if an investment is a wise one if you have never even visited the location you are considering putting your money in.

Determine what areas or neighborhoods you are interested in

Calling agents to ask "what’s a good area to invest in" sends up a red flag that you are either an amateur investor or not a serious prospect.  Every REALTOR® has their area of specialty.  Mine is single family homes on the West Bank of New Orleans and many callers are surprised to find out that they did not suffer from 12 feet of water in them.  Were there flooded homes on the West Bank?  Yes, but not due to the levee breaks and certainly not on the scale seen on the news reports from the East Bank.  If you are looking for mass destruction, skip right over the West Bank - we don’t have it.

Determine what your ROI should be

If you have to ask, you don’t need to be in the business of investing in property in a city far from where you actually live.  Sorry, but I believe in tough love.

Do you have local contractors?

Properties that appeal to investors typically require a large amount of renovation work.  Unless you plan to move to the city temporarily to perform the work yourself, you need to have local contacts in the form of general contractors, electricians, plumbers, HVAC technicians and possibly even mold remediation and foundation leveling.  Remember that many of these professions are required to be licensed by the state of Louisiana before they do work that will pass a city inspection.

Are there potentially good investments on the West Bank?  Certainly.  There are also lots of local investors who are scooping up these properties, sometimes before they even make it into the MLS.  A local agent who knows the market is your best ally…provided you have done your homework ahead of time.

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed.

Copyright 2008.  Lisa Heindel, All rights reserved.

A recent article in City Business magazine states that foreclosures in the Louisiana real estate market rose 70% from the 4th quarter of 2007 to the 1st quarter of 2008.

One in every 944 households in Louisiana received a foreclosure filing in the first three months of this year. That’s well below the U.S. rate of one in every 194 households, according to an online foreclosure database.

Irvine, Calif.-based RealtyTrac’s first-quarter 2008 U.S. Foreclosure Market Report lists 1,938 Louisiana properties with foreclosure filings, an increase of 70 percent from the fourth quarter of 2007 and 31 percent from the first quarter of 2007. 

 

Read the rest of the article here.

Although this is a drastic increase, Louisiana is still ranked #37 in the nation for foreclosures.  (Finally, a low ranking that we want).  The article made me realize that I haven’t taken a look at the foreclosures on the West Bank for quite awhile and that it’s time to see how this shift is affecting our neighborhoods.

Back in February 2008, there were a total of 77 bank owned or foreclosed properties on the West Bank listed for sale in the New Orleans Multiple Listing System (MLS).  As of today, there are 69 active bank owned or foreclosed properties for sale on the West Bank. 

While this may sound like it contradicts the City Business article, it is important to realize that when a bank starts the foreclosure process on a property, it does not list it for sale right away.  It takes time to go through the legal process of foreclosure…time during which the property is typically not well maintained is often without utilities.  With our long, hot, humid summers, a lack of air conditioning can cause a home to deteriorate very quickly, making repairs to it even more extensive AND more expensive.  Additionally, some disgruntled and frustrated owners are stripping their homes of everything they can, leaving behind a shell of a house when forced to move out by the bank.

I’ve received lots of inquiries recently from people who are convinced that the best deals to be had on the West Bank are in foreclosures.  And that may be true for some.  But many of these homes need more tender loving care than a first time home buyer or amateur investor is prepared to put into them in terms of time, money and effort. 

There are more homes for sale on the West Bank than we have seen in years in many areas.  Buyers should not let the media focus on foreclosures give you tunnel vision when shopping for your next home, causing you to pass up some of the great deals that can be had on properties that don’t require the repairs that a bank owned property may need. 

In the meantime, sellers need to keep a close eye on the number of foreclosed properties for sale.  When the number of bank owned homes in an area increases, it can have a negative affect on the prices of ALL of the homes in a neighborhood as buyers seek out the best perceived value for their mortgage dollars.  Staying up to date with your neighborhood competition just became more important than ever.

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When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. List Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Here’s the disclaimer part:  The opinions expressed here are strictly those of the author, but you are free to share yours in the comments.  All information is deemed reliable but not guaranteed,

Copyright 2008.  Lisa Heindel, All rights reserved.

Today required a trip to the urgent care center for my 12 year old son.  He has a small abscess on the corner of his mouth that started out looking like a pimple.  Nothing worth an emergency room visit, but he was uncomfortable enough to need to see a doctor.  When you are 12 and you can’t eat pizza, it’s time to go to the doctor.

As we were waiting in the exam room to see the physician, I noticed a Patient Bill of Rights posted on the wall, outlining the center’s goals for how all patients are to be treated.  I have to say that I was impressed by it, and started thinking…do my clients realize that they have something similar when they work with me? 

Since I’ve never put it in writing, they probably don’t! 

So, with credit to the Gulf Coast Urgent Care Center (thanks Dr. Thompson) for inspiration and the headlines, here is my

West Bank Real Estate Client Bill of Rights.

Information Disclosure

You have the right to receive accurate and easily understood information about buying or selling a home.  If you do not understand something, assistance will be provided to you so you can make an informed decision.  Communication is critical in real estate transactions.  Your REALTOR® must be able to explain the terms of contracts to you, whether it is a listing agreement or a purchase agreement.

Choice of Providers and Plans 

You have the right to receive your own professional real estate representation - you don’t have to call the name on the sign.  You also have the right to negotiate any commission paid to your chosen professional. 

Access to Emergency Timely Services

Most real estate "emergencies" can be easily remedied and are not cause for panic.  But, everyone wants to know (and quickly) that there is a cure for what ails them.  When you are working with a REALTOR®, you have the right to expect a timely response to all of your real estate needs, including returned phone calls, emails and other communications. 

Participation in Treatment Real Estate Decisions 

You have the right to know all of your real estate options and to participate in decisions about your choices.  Your REALTOR® is your partner in the home buying or selling process, but you are in the driver’s seat. 

As a seller, you have the ultimate say so in choosing to accept, counter or decline any offers received on your property - your REALTOR® is there to educate you about the market and assist you in making the right decision that meets your needs. 

As a buyer, it is your call as to which neighborhoods you want to view homes in and what property you would like to purchase.  It is your REALTORS® job to educate you about the market and how the buying process works.  Additionally, buyers have the right to choose their own providers for financing, home inspections and closings.

Respect and Nondiscrimination

You have the right to considerate, respectful and nondiscriminatory care from your real estate professional.  Fair Housing Laws apply to all real estate practitioners, whether they are a member of the National Association of REALTORS® or not.  Fair Housing is an important issue, but, in my opinion, if your REALTOR® does not treat you with consideration and respect it’s time to find a new one!

Confidentiality of Health Financial Information

You have the right to talk in confidence with your real estate professional and to have your information protected.  One of the most important duties that a REALTOR® has to a client is a fiduciary duty - this includes loyalty, obedience to lawful instructions, disclosure, confidentiality, reasonable care and diligence and accounting of all funds entrusted to them.

You have a right to copies of all information in your real estate file.  Your REALTOR® is required to provide you with copies of all documents you have signed.

Complaints and Appeals

You have the right to a fair and objective review of any complaints you may have against your real estate professional.  If you are unable to work your issues out with your REALTOR®, these complaints can be addressed to the managing broker or to the Louisiana Real Estate Commission.

Related Reading:

5 Steps to Choosing Your New Orleans West Bank Real Estate Agent

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.

With several listings on the West Bank of New Orleans, I get a lot of phone calls from potential buyers looking for information.  They are driving around a neighborhood, see a sign, grab the cell phone and call from right in front of the house.

What’s wrong with this?  Too many times, when I ask if they are working with an agent, the response is "No, I’m just calling the names on the signs of houses I like".

Let me get this right…what you are doing is driving aimlessly (wow - have you seen gas prices lately?) and contacting a bunch of different agents who are all working for the seller?  OK, let me explain to you why this plan is not in your best interest and show you a better way to find your new home.

When an owner decides to sell their home, they generally interview different agents and choose the one that they feel will work the hardest for them to get their house sold.  They sign a contract with the agent that outlines what the marketing plan will be and what the commission fee will be.  The agent is contracted to represent the seller in the sale of their home.  The home owner is paying for the services of that agent, who has a legal and ethical responsibility to get them the highest and best price for their home.  I know - this is exactly what I do for MY clients when I list their home for sale.

Now, you are cruising down the street and see that bright and shiny FOR SALE sign in front of a home that you just know would be the perfect one for you.  It’s fabulous, it’s terrific, it’s the one - you’ve just got to get in and see it right away.  Who do you call?  The name on the sign or a REALTOR® who is working for YOU, looking out for YOUR best interests?

In Louisiana, the cost of a buyer’s agent is paid entirely by the seller - it doesn’t cost you a single penny to use a professional to help you buy a home.  It is legal for an agent to represent both the buyer and seller in the same transaction.  BUT, in my opinion, this is a fine line to walk.  Giving both the buyer and seller confidentiality and superior service is very difficult (if not impossible) for most people to do and relationships are bound to be affected, even if it’s not intentional.

Why not take advantage of the services of a professional West Bank REALTOR® to provide your own representation?  Many home buyers don’t realize that they can interview and choose a REALTOR® just like home sellers do.  Read: 5 Steps to Choosing Your New Orleans West Bank Real Estate Agent. 

When you are ready to stop surfing the internet for homes and want to sit down and discuss finding your dream home, give me a call and we can talk about how I can make buying the right West Bank home easier for you.

Related Reading:

5 Steps to Buying Your New Orleans West Bank Home

When buying or selling a home on the West Bank of New Orleans or relocating to the New Orleans West Bank, you deserve local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers, sellers and military transferees in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.

Copyright 2008.  Lisa Heindel, All rights reserved.