Searching for a foreclosure in New Orleans?
Here are some things to consider when purchasing a foreclosure:
Banks are no longer pricing their properties to beat all of the competition. They are, instead, pricing to reflect the appraised value of the house just like any other seller would.
Utilities may not always be on and some banks will not provide them for inspections. Have your agent check to find out if the bank will allow you to pay to have the power, water and gas turned on for the day of inspections. Note that this will be at your own cost.
If you are financing your purchase, some banks will require you to be pre-qualified with their lending department. You are not obligated to use them for your mortgage, but they want to know up front that you meet their lending criteria in the event that your mortgage lender doesn’t perform.
Have other questions about foreclosures? Call us at 504-327-5303 and we’ll be happy to get you the answers.