Pineville Foreclosures

We get calls every week here at Century 21 from folks wanting foreclosures. Experience has taught me to spend a few minutes upfront explaining the process of purchasing such homes. Once folks understand how the game is played, most opt to purse more traditional homes. That being said, foreclosure/distressed do represent a bargain for the informed buyer.

As the image implies, when dealing with foreclosures one must have their proverbial ducks in a row. Briefly, here are some of the ways foreclosure deals differ from more traditional homes.

1. Deposit- While customary, in Louisiana deposits are NOT required to place an offer on a home. Expect to put down 1,000 bucks (or more) when dealing with distressed homes
2. Pre-approval- With traditional homes buyers often have up to ten days to secure a loan. Most banks will not consider offers without a pre-approval letter.
3. Negotiation- Traditional homes typically can be negotiated in a couple of days at most. Such back and forth can happen evenings and weekends as well. Guess how many banks are open past 6pm or on weekends? Case in point...I placed an offer on a foreclosure back in DECEMBER. As of February 8 we are still waiting on a counter. While this is the worst I have seen, expect to take negotiations to take at least two weeks.
4. Time- With traditional deals both agents work hard to get the home closed. After all, we don't get paid until closing! With foreclosures you will often have multiple parties that all have to approve a deal. Guess what happens if one of the folks is on vacation? That's right, the process grinds to a halt. Expect 2-3 months to close such a property.
5. Freedom- In typical deals the buyer gets to pick the closing agent. Foreclosure deals typically close with the bank's agent.

While not an exhaustive list, this does provide some framework. Also, with the government playing a more active role rules can change VERY quickly. But...folks with patience can still find great values in the foreclosure market. Please feel free to call me directly At 318-613-1994 to discuss the Pineville foreclosure market.

Pineville, Louisiana Open House

I think Sunday would be a SUPER time for an open house. Sorry, I couldn't resist! I will host an open house here Sunday February 7 from 2pm-4pm. Come check out this home and sample some of my special Super Bowl treats! The home is located at 205 NICKOLAS PATH, which is just off Stilley Road in Pineville.

This 4 bedroom 2 bath home is located in a nice subdivision near everything! The kitchen has nice hardwood floors and a wonderful open floor plan. Like to cook? This kitchen is designed with the chef in mind! Cabinets feature pullouts for extra storage. Mingle with guests in your spacious dining room while putting the finishing touches on the night's meal.

Will 2011 be your turn to host the Super Bowl party? This living room will hold all your friends in comfort! A quiet evening at home more your pace? The master suite must be seen to be believed.

Did I mention this neighborhood has a lake????

Lucky enough to have tickets for the big game? If so, feel free to call me anytime at 318-613-1994 for a private showing. GO SAINTS!!!

First Sale in Pineville 2010

Just sold this home in Deville (outside of Pineville). My seller built this home a few years back for his daughter. After a year or so, she moved out of state, leaving this nearly new home.

The young couple who purchased this home were first time home buyers. The look of excitement (and a little fear) in their eyes at closing was well worth all the hard work. I am sure they will take excellent care of their new home. Congratulations guys!

Pineville Real Estate Stats

2009 was a rocky year on the national real estate scene. Homes that had been flying off the shelf were now lingering for months (and commanding thousands in price reductions).

Thankfully, real estate is a local business. Changes in one area do not necessarily mean adjustments in another. As the year ends, let's see how the Pineville,La market faired in 2009.

Based on MLS (Multiple Listing Service) data, 317 homes sold in the 75k-250k price range. On average homes commanded 96% of there list price. In other words, home sellers were getting close to their asking price. Also, homes in this range averaged 91 days on the market.

So...what does this tell us about the health of the market. Generally speaking, a buyer's market is one that has six months of inventory or more. In our market, we have only 91 days worth of supply. Defiantly a good indicator! Also, homes are going for 96% of there list price. Thus, if sellers price according to market value, they should be fine. Sellers that overprice though, will often be forced into price reductions before getting an offer.

This data, coupled with the extension of the 8,000 dollar tax credit, point to good things in 2010! As always, feel free to contact me directly at (318) 613-1994 to discuss your Cenla housing needs!

Thank You!

2009 has been an amazing year real estate wise. This summer I took the leap of faith and started doing real estate full time. I want to take a moment and thank some of the folks who helped along the way.

First and foremost the family...What can I say? without the wife's support (emotional and financial) none of this would have been possible. And to the kids who missed daddy all those weekends. You will understand one day. Nothing like having four children to feed to make one hustle!

Behind every successful agent there is one tired broker! Paige Walker has been a great mentor over the past two years. MANY times this year she has saved my bacon! Her faith and guidance have been and will continue to be one of my best assets.

And without my Administrative Assistant nothing would ever get done. Her organizational skills and good sense of humor keep this office buzzing.

Last but not least, my clients. Without clients, I am just a dude with cool yard signs! To quote Willie Nelson "You were always on my mind". From our first meeting all the way to the settlement table, I think about you constantly. Your family's needs are my top priority. Your cards and kind words make my day.

To each and all best wishes for the new year.
Doug Rogers, Realtor

The Money Pit

The inspection period is now behind you. Hopefully all was in order. If not, there are local procedures in place for addressing any defects. Once the inspection is clean, it's time to spend money!

Your loan officer will now order the appraisal. This process helps ensure that the bank is not lending you more money than the house is worth. Relax mr./mrs home buyer, there is nothing for you to do here. In fact if all is well you will not hear anything about the appraisal until the settlement table.

The wood destroying insect report is also required in Louisiana. As of January 2009, this costs is now on the buyer. Expect to pay 60-75 bucks for this report. Please remember THIS DOES NOT GUARANTEE THE HOUSE IS FREE OF TERMITES!!!!!!! All this means is there is not CURRENT VISABLE SIGN OF INFESTATION. Also, this report is only good for thirty days, so if closing is delayed, you might have to purchase another report, so this is one area where procrastination pays!

1-2 days prior to closing, the title company will provide a HUD statement. This will let the buyer now exactly how much to bring to closing. Be careful, if this is over 500 bucks, you typically need certified funds.

The closing will bring the buyer and seller together at the "settlement table". Essentially, the seller will sign away the home, and the buyer will sign away themselves to the home!

Hopefully this has provided some insight into the home buying process. As all markets are different, consult a local realtor for your needs. And while deemed accurate, nothing in this post or blog is legal advice!!

Future blogs will focus more on local attractions in Pineville and Alexandria. As always, feel free to call me at (318) 613-1994 for your Cenla real estate needs!

Home inspections are for suckers!

I get this response from folks when I suggest a home inspection. From deposits, appraisals, and loan origination fees, it seems like everyone has their hand in the buyer's pocket. And then I go and suggest they spend ANOTHER 300-400 bucks? When first time buyers discover inspections are optional the gut reaction is to try and save some cash. Let's look at some of the ways home inspections help.

About a year back one of my buyers placed an offer on a home in a nice subdivision. By all accounts, this home had been well maintained. The house was so nice, the buyer did not want an inspection. Thankfully, his spouse overruled him. the inspector uncovered evidence of a massive fire in the home's past. It seems the owner had "forgot about that". Without the inspection odds are the couple would not have known about this until after closing.

Thankfully such "forgetfulness" is rare. More often though, an inspection provides documentation of a fault. This spring a buyer put an offer on a small starter home. During the inspection come to find out the foundation was sagging. The buyer was able to get the foundation repaired (6 thousand bucks) and get a lifetime warranty!

But what if I pay the 300 bucks and nothing is wrong with the house?? Congratulations! You are on the road to purchasing a wonderful home.