Bank owned properties are currently available in Algiers, Gretna, Belle Chasse, Harvey, Marrero, Westwego and Avondale, LA. These foreclosed properties can be a good value when purchasing a home and will sometimes provide instant equity at closing depending on the purchase price. Forec
losed and bank owned homes in excellent and very good condition are generally ready to move into, while homes in lesser condition may need some repair or updating. The cost of making updates and repairs is typically 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. Keep in mind that banks will not consider predicated or contingent offers! If you have a home to sell first, buying a foreclosure will not be an option unless you can qualify for both mortgages.
On the West Bank of New Orleans, there are currently 84 foreclosed or bank owned properties for sale.
Key to conditions:
- Excellent ~ No functional inadequacies; all major components like new
- Very Good ~ No obvious maintenance but neither is everything new
- Average ~ Major components functional; evidence of deferred maintenance, minor repairs needed
- Fair ~ Badly worn, much repair needed. Could be gutted post Katrina.
- Poor ~ Excessive deferred maintenance and abuse, approaching abandonment or major reconstruction
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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