Foreclosures For Sale In Lafayette Louisiana

Foreclosures For Sale In Lafayette Louisiana

In most markets foreclosure properties are a popular search for both investors and owner occupants. The Lafayette La market is no exception. Though such homes can result in a great deal, Lafayette home buyers need to understand the process prior to committing. Let's take a minute to learn more about foreclosures...

Questions To Ask When Considering A Lafayette La Foreclosure

• What is the purpose of the purchase-- Will you live in the property, or will this become an investment. So much rides on the answer to this question. 
• Will you handle the remodel myself or bid out the work-- In the past ten years, I have sold ONE foreclosure that did not require any work. Most foreclosures will need some level of remediation. Do you have the expertise to go alone? 
• Which is more important, getting a good deal or location-- Lafayette La foreclosures in stable neighborhoods will usually fetch more than homes in declining areas.

Tips To Get The Best Deal On A Lafayette La Foreclosure

1. Get your financial ducks in a row-- Timing is everything when it comes to securing a foreclosure. If you are using cash, make sure the funds are available. Asset managers don't want to hear about possible settlement money, future gifts from family, or anything of the sort. Need a loan? let's start the process now. Need a referral to a great Lafayette La lender? Reach out!
2. Beware of a low asking price-- Banks typically wish to liquidate foreclosures as soon as possible. As such, they are normally priced aggressive from the start. Lafayette La home buyers who try to "low-ball" offer are surprised to see the home closer HIGHER than the asking price.
3. With Louisiana Foreclosures there are rarely complete disclosures-- Keep in mind the owner of the Lafayette La foreclosure is the bank. They have never lived in (nor likely stepped inside) the foreclosure. Take any sort of inspection report with a grain of salt. We recommend that our Lafayette home buyers ALWAYS pay for a professional inspection.

A final thought...Who will represent your interest? In Louisiana, the listing agent is contractually obligated to seek the BEST TERMS FOR THE SELLER. Do you think said agent can get the same thing for the buyer? Would you split an attorney with the person suing you?

 Need help getting the BEST TERMS FOR YOU when searching for Lafayette Louisiana foreclosures? Reach out to Realty Executives Bayou Properties today!