Lafayette, LA offers a multitude of repossessed property opportunities for serious buyers right now. From pre-foreclosure short sales, auction properties and bank owned REO’s. There are also good bargains on non-foreclosure resale properties because motivated sellers are offering concessions and incentives. In fact, buyers are finding bargains in almost all Lafayette neighborhoods and prices ranges. According to RealtyTrac, there are currently 208 default properties available, 191 offered for sale at foreclosure auctions, and 216 bank-owned REO properties listed for sale with local Realtors. Trulia reported 618 resale properties and new homes for sale in the area. The average listing price for Lafayette homes for the week ending August 3, 3201was $223,764, representing an increase of 0.5%, or $1,075, compared to the previous week. Most popular zip codes include 70508, with an average listing price of $278,949, 70506, with an average list price of $168,431, 70503, with an average list price of $314,507, 70501 with an average list price of $133,552 and 70507 with an average list of price $168,746. With an abundance of affordable home prices, buyers have no excuses not invest in repossessed properties.
To find out about Lafayette foreclosure auctions, you can check the county records, the local newspaper or online websites. Foreclosure auctions are popular right now, and there is a lot of competition. Be prepared by doing your due diligence and property inspections as well as checking recent sales prices. You may be able to find repossessed properties offered for sale at online foreclosure auctions as well. Some auction companies will cooperate with your Realtor and will be pay them a 1% brokerage fee. If you are working with someone in particular, the Realtor/Broker can register online a day or two before the auction so if your bid is chosen, they get paid their commission.
Foreclosure auctions move quickly. There can be 20-25 properties auctioned in an hour. The good thing about foreclosure auctions is that the properties are sold at deep discounts. Louisiana does not allow the former owner to redeem the property after the sale so you will receive a property deed if your bid is selected. You should set a price you are willing to pay and stick to it because sometimes people get caught up in the excitement of bidding, and end up paying more than they wanted to. Many repossessed homes are in need of major repairs because their former owners did not maintain them so you have to budget that into your purchase price. If you are going to rehab the home and rent it out, you should be aware that good quality rentals are always in demand in Lafayette. When you purchase foreclosure auction properties, you are responsible for paying off any liens and evicting the former owner or tenant if they are still living at the property.
Right now, Lafayette is offering buyers many opportunities to purchase repossessed homes and pre-foreclosure properties so you should take advantage of the favorable buyer’s market conditions and invest in repossessed homes. You get to purchase a home with built in equity. If you are handy, you can do the repairs yourself, saving a bundle of cash.