In case you haven’t heard (repeatedly, from everyone), the New Orleans area housing market is hot right now. Buying a home can be a confusing endeavor even without the competition of a strong seller’s market, so the Preservation Resource Center is sharing information on both traditional and lesser-known paths to homeownership.
The workshop, “Eight Ways to Buy a House and the Art of Negotiation,” is part of the PRC’s Great Neighborhood Sellabration, a daylong resource fair on Sept. 14 with presentations for prospective homebuyers.
Here’s are a look at the eight ways:
Buying a house at auction: Whether at a sheriff’s auction, which typically consists of foreclosed homes, or at a private auction, be prepared to put five or 10 percent down (for Orleans Parish Civil Sheriff’s auctions, 10 percent is required) and pay in full within 30 days. As homebuyer Michele Eliezer advises, “Buying at auction is not for the faint of heart. I think it really helps to have some knowledge of building or a knowledgeable contractor.” Orleans Civil Sheriff’s auctions are held every Thursday at noon. For information, visit www.civilsheriff.com/realestate.htm.
Buying a Foreclosure: Once a foreclosed home has been bought back by a mortgage company at auction, it is typically put on the market as an REO (Real Estate Owned) home. Unlike at auction, REOs allow buyers to access everything the traditional market offers — inspections, an appraisal, clear title to the property and financing. According to Katie Witry of Gardner Realtors, “buying at auction is for seasoned investors.” For those less experienced, REOs are a safer bet.
READ MORE: http://www.nola.com/homegarden/index.ssf/2013/09/buying_a_house.html
Published by