How to Buy New Orleans Foreclosures

As New Orleans continues its successful recovery from Hurricane Katrina, it is no surprise that the city is a common source of foreclosed properties. Under Louisiana law, lenders can foreclose on a property through a judicial process. The court then orders the parish sheriff to sell the property at a public foreclosure auction. Individuals interested in buying New Orleans foreclosures can find them through the local sheriff. They then show up at the sheriff sale and bid to buy foreclosed homes in New Orleans, Louisiana.

Step 1:

Start your search by looking for the sheriff’s website in each parish within New Orleans. You can refer to readily accessible maps online to see which parishes are located in the New Orleans area. The sheriff conducts the sale of foreclosed homes in New Orleans that are located within that particular sheriff’s parish.

A good example of a sheriff’s website with detailed information and New Orleans foreclosure listings is the Orleans Parish at Opcso.org/index.php?option=com_content&view;=article&id;=247&Itemid;=696. If you visit that site, you can find local foreclosure notices and instructions for participating in local New Orleans foreclosure sales. Each sheriff also advertises in a New Orleans newspaper. You can just use the newspapers to find New Orleans foreclosures, but this is less efficient than finding foreclosure notices online.

Step 2:

Refer to the sheriff’s website or make a phone call to determine the usual schedule for local foreclosure auctions. These offices usually set aside a particular day of the week and run their auctions on that day. Of course, the exact day that a foreclosure goes on sale will depend on the timing of the court order and other factors.

Step 3:

Determine the bidding method for the local parish foreclosure sales. Each parish can have its own slightly different policies. You always want to be familiar with the local sheriff’s rules so that you do not make a mistake in preparing the proper funds (cash, certified checks, etc.). Consider attending a local sale first to get the hang of the local parish sheriff’s procedures.

Step 4:

Check out any and all properties you think you might want to purchase. Drop by the actual address, ask neighbors about home values there and consider working with an agent or appraiser to help determine a fair market value for the New Orleans foreclosures. This will help you establish a maximum bid for each property.

Step 5:

Attend the auction based on the local schedule and schedule for the individual properties you wish to purchase. Bid and complete the bid payments for any properties which you successfully purchase by placing the highest bid.

Step 6:

Get a sheriff’s deed once you have paid for the New Orleans foreclosed property. You should always file this deed with the register of deeds in the parish where the property is located. For example, if the foreclosure is located in Orleans Parish, then go to the Orleans Parish recording office to file the deed.

Sources:

Orleans Parish Sheriff’s Office Foreclosure Sales Information