It Is A Buyer's Market For New Orleans Foreclosures
If you are looking for New Orleans foreclosures would it be prudent to purchase one now
? To answer this question there are several other questions that need answers like is your credit score rock solid and how is your income stream? Another question would be are you willing to meet all the conditions set out by your would-be mortgage provider?
While there may be great bargains on New Orleans foreclosures it is not at all free of risks. Your diligence and patience may just land you the best deal yet.
The Hoops to Jump
There are some foreclosures where it will be hard to tell upfront who the mortgage holder is. Many documents get mixed up when loans get sold to other investors. An interested buyer may find themselves wading through volumes of legal documents to determine whether the title of the property is free of any liens or encumbrances.
Buyers should also be aware that most foreclosures come with home maintenance problems. If the previous owners could not keep up with their mortgage then it is expected that they also have not been managing the home properly. Pay attention to home essentials such as plumbing, power lines and heating. Most of the repair costs will be related to these home fixtures. Only target fixer uppers if you have a strong network of home inspectors and building contractors that you can rely on.
There are distressed homes under the category or rehab specials. These homes usually come with government assistance but you have to qualify for them first. Government agencies like the Federal Housing Administration offer assistance for the rehabilitation of single-family dwellings. As in most government grant schemes there will be conditions to meet and paperwork to be accomplished to obtain added financing. Appraisals and inspections will be borne by you and you might be asked to adhere to cost-efficient energy conservation guidelines.
But a lot of people still get a lot of satisfaction from their New Orleans foreclosures and there is absolutely no reason why you should not if you are keen on your research and act on solid information.