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.