re: Foreclosures

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rmc

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Thanks for the links.

Made two trips to check on the property this weekend. One Friday night to see if there were any lights on. None, not even the doorbell light were seen, so i came back Saturday to see what was inside.

EDIT: Also of note, I can do most of the Plumbing/HVAC/Electrical fixes myself or through close contacts

Could see through the back door that the appliances were removed (Range/stove, dishwasher, kitchen sink), but ceiling fan was still in the living room. Master bath was still intack plumping wise.

I called both the Clerk of Court (which told me the owner paid $166,900 for the property in 2004) and then I called the Sheriff's office.

From what I read in the articles you linked, i have two options.

#1 - outbid the bank at auction time
#2 - let the bank win the bid then try to contact them afterwards and make an offer before it goes to a real estate agent.

So tell me if I have it right then. Two other houses in same Neighborhood (same street, one next door) listing $199,800 and $204,500.

Writ is listed as $159K and some change. I take it the bank will bid the $159K value to get the house. With the work needed inside, i don't want to offer that much. So i assume i should make them an offer after the bid for $135K-$145K. Do you think they will go for the offer?

BR Foreclosures article

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Foreclosure activity up 47% in B.R. in 2010 Five Louisiana metropolitan areas, including Baton Rouge, posted year-to-year increases in foreclosure activity during the first half of 2010, according to a national study released today. In the Capital Region, 1,817 properties were targeted by a foreclosure-related notice during the first half of 2010, says RealtyTrac. That's up 46.9% from a year ago. During the first half of 2010, one out of every 180 homes received a notice. Metro Baton Rouge ranked 150th out of 206 metro areas for foreclosures.

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There are alot of houses on the sale market, alot over 120 days.

I looks to be a buyers market, but have you had any experiences with banks offering after auction?