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New Orleans condo foreclosures! There are not many but they can be a great buy! Be ready!

    We are not seeing a lot of bank repo’s in the New Orleans Condo Market but the ones that I have seen have been some very good buys.  The banks have no desire to keep the properties and it cost them daily to hold the properties.  The taxes, condo fees and no return on their investment is what they are looking at for monthly cost.  There are far more foreclosures in New Orleans Real Estate housing market.

     Many of the units are in very good shape with a few that have been abused.  Most are very livable.  They key point is that the prices are generally below market value as the bank wants a sale sooner than later.  They have done the numbers so they know the value.  Many times they are selling for an investor so the prices have to be reasonable or they will not sell.

       Most banks have gotten several appraisals  and price below this number.  They will look at offers that make sense.  They will reduce on a regular basis so watching the prices drop until they get a sale is a good way to follow.  Its like a reduction in 30, 60 and 90 days.  Timing is the key.

      The banks know little about the local market so you can uncover some gems as  much of their foreclosure experience comes from places like Las Vegas, Phoenix and Miami.  The listing agents often know little about the repo properties so this “could be” in the buyers favor.  Its in the best interest to find the info out on your own rather than rely on the sellers for info.

Uptown New Orleans Real Estate

     A buyer’s agent should be able to help you with all the ends and outs of the process of buying a foreclosure. Sometimes you can make the deal quickly and other times they tend to linger.  The agent should know about what the bank would take and can run the numbers for you.  The banks are seldom local so filling out forms and dealing with some delays are the norm.  Knowing the current value is the key.  An agent that works this segment will quickly know if the price is right.

       I would avoid short sales at this time as the answers never come.  There are endless delays before you even know that you have a deal.  Months could go by and the deal may not be great now that the foreclosures are starting to show up.  I have begun to think the banks would rather have the foreclosures than trying to make a short sale work.  Once foreclosed it has a cost.

       The best deals should be right before the market turns.  Most people will not want to take the risk so the best deals may be had at this point. Each market is very different as real estate is very local.

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA