Foreclosures in New Orleans
“I want to buy a foreclosure in New Orleans”
That’s the opening line from many of the people that we talk with. When we ask why they are focused on foreclosures, most buyers will say that’s where the deals are.
What they don’t know is that banks are getting smarter about pricing and are not so willing to take any old offer that comes in. Foreclosed properties are more and more commonly being priced to compete with other listings in the neighborhood. Adjustments are made for condition, of course, but banks are no longer willing to take a big hit when selling their inventory. Nowadays, you may find yourself in a bidding war for a property that has been priced to generate as much interest as possible as soon as it hits the market.
Let your budget be your guide. Don’t limit yourself to just bank owned properties, especially since they don’t make up as much of the New Orleans real estate market as they did just a couple of years ago.
You’ll have a much bigger selection of homes to choose from if you search based on your needs in a property rather than who might be selling it.