How to Buy Louisiana Foreclosures

Louisiana uses the judicial process to deal with properties with loans in default. When a home owner fails to keep up on the mortgage, the lender can sue. The judge can then order foreclosure and public sale of the property. The parish sheriff’s office has the responsibility of conducing foreclosure auctions on Louisiana foreclosures. Each sheriff must give public notice of the sale and then auction off the foreclosed properties to the highest bidder. Those interested in buying foreclosed homes in Louisiana need to first obtain the auction listings. They can then prepare funds and buy property at Louisiana foreclosure auctions by placing the highest bid.

Step 1:

Find the local sheriff’s website. This may be on the parish’s website in some cases. Some sheriff’s offices may have their own website. A good example of this is the Jefferson Parish Sheriff’s Office at JPSO.com. Look around the website for the Louisiana foreclosure listings. These may be listed as judicial sales or auctions, as well. For example, if you look for the Jefferson Parish foreclosure notices, you will find a “Judicial Auctions and Sales” page at Jpso.com/Judicial.aspx. On that page, you will then find a link to the copy of the newspaper advertisement showing the foreclosed homes for sale in Jefferson Parish, Louisiana.

If possible, you want to use the parish sheriff’s website to find foreclosure listings unless you are a local and subscribe to the newspaper used by the sheriff to run the foreclosure notices. This is especially true if you want to look for out-of-town foreclosures in Louisiana.

Step 2:

Use the foreclosure sale listings to determine the time, date and place of particular foreclosure auctions. The sheriff’s office can usually also just tell you the normal time and place, which is typically the same time and place and held on a weekly basis.

Step 3:

You should also use the listings to determine the location of each Louisiana foreclosure and the method of payment when bidding on properties. Preferably, you should attend at least one auction locally to get a feel for the process. However, the sheriff can give you the exact procedure. Normally, the method of payment is listed as “cash.” However, if you look more closely, you will find that some sheriff’s offices may accept certified checks or even personal checks if proof of funds is provided.

Step 4:

Find out about Lousiana foreclosed properties you may wish to buy. Running by the neighborhood and asking around can often give you some idea about the estimated fair market value of the property being foreclosed. Of course, you need this kind of information to formulate a maximum bid for the property.

Step 5:

Show up at the auction with the proper funds for bidding. Buy Louisiana foreclosures by placing the highest bid at the auction. Complete the payment, which is typically required at the time of the sale.

Step 6:

Get a deed from the sheriff upon completion of the sale. A deed shows that you bought the house. File this deed in the parish recording office in the same parish where you bought the foreclosed home. This will protect your ownership interest in the Louisiana foreclosure so long as you file it as quickly as possible.

Sources:

Jefferson Parish, Louisiana Sheriff Judicial Sales (Including Foreclosures)