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Condo Foreclosures and Short Sales ! You have to have Patience…and then some…

    Foreclosures can be great deals of buyers if they have patience and can put up with delays.  Banks are improving but its a challenge.  Many will not even talk to the buyers agent.  All will have limited knowledge of the local market.  There are plenty of hurdles to over come in both cases so do not make the loan an issue.  Get this worked out before the process starts.

     The foreclosures actually tend to go faster.  There is lots of paperwork and forms involved in the process.  The banks  act like they could care less about your needs or issues.  Many times its hard to know when the offer is actually accepted so you have to hang tight until it happens.  Just because your offer gets there first has little meaning.  Time lines have even less meaning if its in your favor.

     Short Sales, the key is to have a modivated seller that is willing help in the process.  The more time its been on the market the closer the bank is to foreclosure.  The selling agent is the key person in a short sale.  Its the everyday caller that gets the notice and the deal done.  If you have neither the motivated seller and agent then the process breaks down.   

     The best ones to buy are the deals that have already fallen through for one reason or another.  People just get tired of waiting and give up. The buyers agent may not have told the buyer how many headaches and maybe’s there are going to be.  Buying one that is not really nice can be rewarding as well.  They tend to drop faster than the nice ones.  Many times you buy what you see.     

New Orleans condo foreclosure and short sales

      However when you jump all the hurdles and get a place 20k to 30k below the market price it makes it worth while.  This seems to be my average for properties in very good shape.  The incentive is there if the patience is there.  My batting average is improving as I now understand more of the pitfalls.

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