[Foreclosures]
Now that I am an agent, I can help homeowners get the value out of their homes before they lose it via sheriff sale. I try to find homes in hot neighborhoods that don't know they are sitting on a gold mine and can sell it very quickly. Rather than losing their home and ruining their credit, they can make several thousands of dollars and start over. Home is where the heart is people, not in wood, drywall and flooring.
On the investor side, sometimes I cannot get to these home owners fast enough. There are foreclosure auctions every week on Thursdays in Orleans Parish. If there is no appraisal entered by the bank or the defendant the bidding can start at the cost of sale which can be as low as $2,500. If there is an appraisal entered, the bidding starts at 2/3 the appraisal. If both the bank and the owner submit an appraisal they usually take the average and then start the bid at 2/3 of the average.
Here are the top five things to do before you bid:
1. Research the location of the home and the avg sales price in the neighborhood.
2. Know your max bid. How much can you pay before you improve. Assume the very worse. Get an idea of how much improvements will cost.
3. Know whether the liens will be wiped. Usually they are, but in some cases they cannot be.
4. You need to bring at least 10% of the bid with you. You must pay on the spot you cannot leave and come back. You can get change. The balance must be paid in 30 days.
5. It takes about 3-4 wks for the deed to record. Most banks need that proof before your renovation loan will get approved.
When you are ready to sell contact 504-517-MAYA. You can always email me if you have questions.