Despite the winter’s chilling effect on all sorts of
sales, February saw single family homes,
condominiums and townhomes selling nationwide at a full 7% increase over a year
earlier. The opposite is true of foreclosures—no surprise, since the health of
the market means fewer serious borrower delinquencies, hence fewer foreclosures.
Even so, Metairie foreclosures
are still available, possibly because some of the fiercest competition may be
tailing off. Real estate watcher RealtyTrac finds that the institutional
investor buying spree appears to be losing steam—which could be very good news
for individuals interested in purchasing foreclosures.
Typically, Metairie foreclosures are listed on an as-is basis -- and that means exactly
what it says. Whatever is wrong with the property will remain unfixed. Unlike a
traditional home sale where you can negotiate with the seller to fix problems
or provide credits to counterbalance the expense to have them fixed, when you
buy a foreclosed home as-is, that option isn’t available.
When you are up against time pressure to submit an offer,
you do have other strategies. One is to hire a qualified home inspector to go
over the property, then make your offer contingent on the results of the
report. That allows you to know what you are getting into before you commit. If
it turns out that the repairs needed are minor, you can choose to go forward
with your purchase. If there are too many costly problems, or if there are an
overabundance of unknowns, it might be in your best interest to pass. A
contingency like this gives you the freedom to weigh your options carefully
before you make your decision.
One other issue to keep in mind is the insurability
factor. If you believe your offer represents good value
even though the property
has significant maintenance issues, remember that in most cases you will need
to have a home insurance policy in place before you can close. Ask your
insurance agent to check the property to determine whether it can be insured.
If the first answer is no, you can still check with other companies—but keep in
mind that in the world of foreclosures, this can become an insurmountable
obstacle.
Buying foreclosures in Metairie needn’t be overly risky
when your approach includes careful evaluation of the target property. Metairie foreclosures are still out there, and with care
and patience, you should be able to find one that is right for you. Interested in
discussing further? Contact me today!
Terez Harris NOLA Real Estate Group
(504)297-2619
Harris.Terez@gmail.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers licensed in the state of Louisiana.
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