what is the process to buy a forclosure property in Lake Charles?

Asked by Rockyf, Lake Charles, LA Sat Jan 2, 2010

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Tammy Ardoin, , Lake Charles, LA
Mon Jan 4, 2010
Hi, my name is Tammy Ardoin, and I am a Realtor with Prudential Real Estate here in Lake Charles. The process for purchasing foreclosures or REPO's as we call them is actually very easy. Once a mortgage company obtains the property back into their name thru the sheriff's sale, it is then placed in the hand of an asset management company to handle the re-sale of it. The asset management company will obtain two or three BPO's (which are kind of like an appraisal) from different Realtors and choose one to list the property. It will then be on the market along with all other listings for buyers to choose from. The only difference is that the asset management companies sometimes take longer to reply to offers or counter an offer. I have been a Realtor covering the entire southwest Louisiana area for about 7 years now, and two years ago obtained my ABR (Acredited Buyers Representation) degree. If I can be of any assistance in your home search, please feel free to contact me at (337) 884-5214.
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Anna M Brocco, Agent, Williston Park, NY
Sat Jan 2, 2010
Do you have representation--if not now is the time to contact a few Realty offices, interview a couple of agents and choose the one you like best--he/she will best guide on the process. Keep in mind foreclosures are by no means fast sales, the bank decides to accept, reject or counter offer. In order to determine an offer, make sure you know comps--recently sold similar properties in the immediate area, than factor in repairs--extensive or cosmetic--again a good agent will be your best guide. If you haven't visited with a qualified loan officer(s) now is a good time to do so--know exactly what your budget can handle.

Anna
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