New Orleans Foreclosures
Skimming through the most recent West Bank real estate market reports, it becomes obvious that a large percentage of today’s home buyers are on the hunt for bargain priced foreclosed and bank owned homes.
After all, who doesn’t want a deal, right?
But, in their quest to find that hidden gem, many buyers are spending money signing up with pre-foreclosure sites in the hopes of getting the scoop on a property before anyone else. Here’s the thing…lots of other buyers are signing up to get that same information and (most importantly) you’ll not only waste money but time that could have been better spent. What the sellers of pre-foreclosure lists don’t really make clear is that their lists are of properties that have had foreclosure proceedings started against them and the majority of these homes are not for sale.
Now, I guess you could walk up and knock on someone’s door and say “hey, I heard you are gonna lose your house – want to sell it to me?” but I’m thinking that might not have the most positive outcome.
What we recommend is that you find a buyer agent to represent you and provide you with the most current information on foreclosures that are actually on the market.
A good buyer agent will not only know the ins and outs of purchasing foreclosures, but will also be able to provide you with enough market information to know if that bargain price is really a bargain. Sometimes the savings you think you are getting on price is more than offset by the cost of repairs and improvements. If you love to do-it-yourself, then there are definitely some candidates for makeovers out there. If you want move in condition, then the field narrows quite a bit.