Foreclosed properties in Central Louisiana
While foreclosures haven't been as big an issue in Central Louisiana as what I hear on the national news, nevertheless there are quite a few properties available at present. Several came on market just this week. With due diligence on the part of the buyer, they can be obtained for less than market value.
This beautiful house in West Pointe on the Bayou sold last year as a Fannie Mae foreclosure.
The number one thing to arrange before shopping for any home, but particularly a foreclosure, is financing. Traditional financing will often not work for foreclosures due to the condition of the houses. Sometimes there is deferred maintenance that can be problemmatic. In other cases, homeowners become upset over losing their homes, and tear them up upon exit. Some even take fixtures. I've seen houses with missing toilets, water heaters, copper tubing from air conditioning units, entire exterior air conditioning units, door knobs, cabinet pulls, faucets, etc. In addition to this, you may find holes in walls and ruined carpet. The "cash for keys" program offered by some lenders gives the owners money to move provided the house is left intact and reasonably clean.
This HUD house in the Garden District is currently for sale. Just across the street in the next block is a Fannie Mae foreclosure that just went on market.
Discuss your plans with your lender before starting on this adventure and getting your hopes and dreams dashed. if your current lender doesn't handle Home Path loans for Fannie Mae foreclosures or 203k loans for FHA foreclosures, he/she might be able to point you in the direction of someone who does.
Several months ago, I was looking for a Home Path lender locally. I called a mortgage company and spoke with an originator who had never heard of the program. I had the Home Path web site open to a list of lenders, so I asked which lenders they represented. Low and behold, one of their lenders was a Home Path lender!
I sold this house two years ago. We managed to get it approved for Rural Development, 100% financing. The buyers had the ability to install new floor coverings, paint, and do the cosmetic work needed to have a nice house.
From Alexandria's Garden District to the more affluent subdivisions in Alexandria/Pineville and surrounding area of Central Louisiana, if you think a foreclosed property would be a good buy for you, give me a call. I'll furnish a list of several foreclosures in your price range and guide you through the process.