Bank owned properties in Algiers, Gretna, Belle Chasse, Harvey, Marrero, Westwego and Avondale, LA can be a good value when purchasing a home and will sometimes providing equity at closing depending on the purchase price. Foreclosed and bank owned homes in excellent and 
very good condition are usually ready to move into, while homes in lesser condition may need some repair or updating. The cost of making updates and repairs is generally reflected in the list price of the property.
Foreclosures are sold in "as is" condition, meaning the selling institution will not make repairs to the property. Before shopping for a foreclosure or bank owned property that may need a little TLC on the West Bank of New Orleans, I suggest that you take the time to meet with your mortgage lender to determine the types of construction or renovation financing available to you in the event that anything more than cosmetic repairs are needed. Unless you are making a cash offer (with proof of your funds), most selling institutions will not even consider your offer without a preapproval letter from your mortgage lender or bank.
Despite the overwhelmingly negative news about the national real estate market and the increasing number of foreclosures, on the West Bank of New Orleans, there are currently only 81 foreclosed or bank owned properties for sale.
Excellent Condition (No functional inadequacies and all major components in like new condition)
- 5 homes available in Algiers, Gretna, Harvey and Marrero, LA
- Living area range: 1,174 sq ft to 3,892 sq ft
- 3 and 4 bedroom homes with list prices ranging from $150,000 to $487,000
Very Good Condition (No obvious maintenance required but neither is everything new)
- 8 homes available in Algiers, Harvey and Marrero, LA
- Living area range: 974 sq ft to 3,172 sq ft
- 2, 3 and 4 bedroom homes with list prices ranging from $114,900 to $419,000
Average Condition (Major components still functional. Evidence of deferred maintenance, few minor repairs needed)
- 37 homes available in Algiers, Avondale, Belle Chasse, Bridge City, Gretna, Harvey and Marrero, LA
- Living area range: 877 sq ft to 3,390 sq ft
- 2, 3, 4 and 5 bedroom homes with list prices ranging from $59,900 to $389,900
Fair Condition (Badly worn, much repair needed, inadequate building utility and services. Could also be gutted post Katrina)
- 27 homes available in Algiers, Avondale, Bridge City, Gretna, Harvey, Marrero and Waggaman, LA
- Living area range: 800 sq ft to 2,490 sq ft
- 2, 3 and 4 bedroom homes with list prices ranging from $22,500 to $165,900
Poor Condition (Excessive deferred maintenance and abuse, approaching abandonment or major reconstruction)
- 4 homes available in Gretna, Marrero, Westwego and Avondale, LA
- Living area range: 975 sq ft to 1,400 sq ft
- 3 and 4 bedroom homes with list prices ranging from $58,700 to $89,000
For details on bank owned or foreclosed properties on the West Bank of New Orleans or to make an appointment to view other West Bank homes for sale, please contact Lisa Heindel, REALTOR®.
When buying or selling a home on the West Bank of New Orleans, you deserve professional, local expertise and advice. Lisa Heindel provides full time, professional real estate services to buyers and sellers in Algiers, Algiers Point, Belle Chasse, Gretna, Terrytown, Harvey, Marrero, Westwego and more.
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