Originally Posted by IceCream
Report says real estate is going to make a comeback in NOLA:
I was talking to someone i know yesterday who's very involved in real estate locally who told me the exact opposite. He said most of the banks have been hoarding their foreclosures so as to not flood the market all at once, but that they plan on dropping a bunch of them on the market as summer approaches since it's usually the good sales season. He expects that to force prices back down.
As someone that hopes to buy something over the next year or two..I'm all for it .
I'd like to learn more about buying a foreclosed home or from the Sherriff's auction. Any good resources to learn more?
(on the sheriff's sale) It's tougher than you might think. The one time I went, almost all of them went to the seizing creditor. They will bid up to the amount of indebtedness, so the only way to really get lucky is to find a property that a. there isn't that much owed on and b. nobody else is interested in.
I bought my condo at foreclosure last year. It was a FannieMae property, the website for those is homepath.com. You can also specify "reo" on latter-blum.com and it will give you a list of bank-owned properties.
As far as the actual purchasing goes, it's still the same, you have to have a closing, sign a mortgage or transfer funds, etc.
One thing I learned the hard way is that OP assessor will not automatically assess the property at what you paid for it. They just keep the assessment the same, which means they left my assessment in Mid-City at about $150/ sf