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Posted on 10/9/14 at 9:22 pm to Lakeboy7
Got to be uptown, close to parade route with a pool. Mama ain't moving all the way down here without those three checked off the list 
Posted on 10/9/14 at 9:22 pm to sheek
quote:
.. To me there has to be some decent buys in Jefferson parish
Some, but people want to live in Orleans. Crazy talk.
Posted on 10/9/14 at 9:23 pm to sheek
quote:
To me there has to be some decent buys in Jefferson parish
I can MAYBE get OP a list of repos that are presale meaning they haven't even gone through the foreclosure process yet but are vacant just sitting while they make their way through the legal system. If lucky, maybe he can locate the owner and bank and work out a short sale.
Posted on 10/9/14 at 9:24 pm to glassman
I would want to live in uptown or the WHD.. What about Treme or bywater for investments?
Posted on 10/9/14 at 9:24 pm to glassman
Yeah the sentiment is that jefferson is trashy, outside of old metry
Posted on 10/9/14 at 9:24 pm to sheek
Treme is good if you want to be a section 8 slumlord
Posted on 10/9/14 at 9:25 pm to stout
It is a seller's market and insane is correct. My guess is that Nola is now seen as being 'back' since the storm and enjoying a renaissance as the best its been in forever. That, coupled with a reversal in the trend of White Flight for young professionals and the with the billion dollar hospitals coming online in the next year or so, the premiums are already built in to the selling price. Its not quite irrational exuberance, but its getting close to it.
But as someone already mentioned, if another storm hits to where the inhabitants of the city still have the Katrina memories forefront in their minds, it all goes away like the housing crash if 06 that we missed. But this time, probably for good.
But as someone already mentioned, if another storm hits to where the inhabitants of the city still have the Katrina memories forefront in their minds, it all goes away like the housing crash if 06 that we missed. But this time, probably for good.
Posted on 10/9/14 at 9:26 pm to Cosmo
frick that
Posted on 10/9/14 at 9:26 pm to stout
quote:
I can MAYBE get OP a list of repos that are presale meaning they haven't even gone through the foreclosure process yet but are vacant just sitting while they make their way through the legal system. If lucky, maybe he can locate the owner and bank and work out a short sale.
i have always wondered about this, what is the main risk in doing this? and why dont more people do it?
forgive my ignorance
Posted on 10/9/14 at 9:30 pm to RollTheRock
We just went through it and it is CRAZY.
Total sellers market. Places are going the day they go up.
Total sellers market. Places are going the day they go up.
Posted on 10/9/14 at 9:31 pm to sheek
quote:
Don't know if condos are hot in Nola ..
It seems that for three years now as fast as they can build condos they can fill them. Even the trendy mixed use shite where they mix the low income former project folks with the market priced people are selling like crazy.
It's been this way for a while and getting worse.
N.O. is just one of those crazy markets that is so damn hot, but there is no land to expand. Most of the suburb areas suck arse.
This post was edited on 10/9/14 at 9:35 pm
Posted on 10/9/14 at 9:32 pm to Wooly
Often buying a run down property without much info on what repairs and renovations are necessary. Usually need cash or a line of credit in place to purchase at foreclosure.
Posted on 10/9/14 at 9:32 pm to Cosmo
There is no turnover in Treme
Posted on 10/9/14 at 9:32 pm to Wooly
quote:
and why dont more people do it?
Because it's not always easy to find an agreeable seller about to lose his house. It's not like you can just go knock on doors and ask if they are about to lose their house.
Usually the houses go vacant and no one ever knows they are vacant outside of a few neighbors because the home is maintained by contractors for the banks so they don't get ran down and vacant looking.
By the time you see it in the legal news that means it is scheduled for sheriff sale and is too late to find the owner and get a short sale done. You would either have to have access to the list like I do, or drive around all day looking for vacant looking houses.
quote:
what is the main risk in doing this?
No risk really except that a short sale can take a long time to process and close. The bank could also change their mind at the last minute and deny it. They will usually put that clause in the paperwork too so you are just SoL.
Posted on 10/9/14 at 9:34 pm to WDE24
quote:
Usually need cash or a line of credit in place to purchase at foreclosure.
FHA actually offers a rehab loan if the house qualifies for an FHA loan.
Posted on 10/9/14 at 9:35 pm to notiger1997
Exactly. NO ONE wants to live in the east! And for good reason.
Posted on 10/9/14 at 9:35 pm to stout
Most banks want funds within 24 hours though.
Posted on 10/9/14 at 9:37 pm to WDE24
If the foreclosure is on the market, or if you go through a short sale, there is a normal closing period so you would have time to obtain a mortgage.
You are correct if you buy it at sheriff sale that you have to pay at the end of auction. I saw a guy that didn't know that cost himself a lot of money and heartache once. Long story, and as bad as I felt for him, I still laugh about it.
You are correct if you buy it at sheriff sale that you have to pay at the end of auction. I saw a guy that didn't know that cost himself a lot of money and heartache once. Long story, and as bad as I felt for him, I still laugh about it.
Posted on 10/9/14 at 9:39 pm to stout
quote:Right. I was referring to sales on the courthouse steps. Usually have to pay immediately, but I've seen banks give 24 hours
If the foreclosure is on the market, or if you go through a short sale, there is a normal closing period so you would have time to obtain a mortgage.
This post was edited on 10/9/14 at 9:40 pm
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