Seized houses and repo properties in Shreveport, LA offer buyers/investors opportunities to purchase cheap homes in all neighborhoods at all price ranges. More and more buyers and investors are recognizing why Shreveport is a great place to buy foreclosed houses. Overall quality of life is excellent. The area offers a low cost of living, a great climate, affordable housing and low taxes. There are also excellent business opportunities and terrific educational opportunities as well.
REO’s, Government Foreclosures, Foreclosure Auctions
Opportunities to purchase seized houses and repossessed bank foreclosure listings can be found by either working with a local Realtor who can search the local MLS for you, on the Internet, newspaper or government websites. Before you purchase foreclosure listings, you should understand the differences between REO’s, foreclosures sold at property auctions and government foreclosures. The one thing they all have in common is they are sold at very inexpensive prices and in an “as is” condition. Meaning the buyer is responsible for conducting their own inspections, and there are no statutory property transfer disclosures required to be given to the buyer.
REO’s are bank owned properties that are listed with local Shreveport Realtors that specialize in foreclosure properties. These Realtors represent lenders who have foreclosed on the properties when their former owners defaulted on their mortgages. The properties may have been put up for sale at bank foreclosure auctions and did not sell. In that instance, the lender takes the property back, pays off the liens and makes sure the title is marketable and then lists it for resale. The listing Realtor advertises the property in the local MLS and markets it to other Realtors to bring their buyers who are looking for foreclosure properties in the area. The good thing about purchasing REO’s is you can get title insurance and you have a property inspection. You can also obtain your own financing.
FHA insures FHA loans. When a borrower with an FHA loan defaults, the lender is paid off by FHA and the title transfers to HUD. To find a list of HUD homes in the Shreveport area, you can visit HUD’s website or ask your Realtor. You must make an offer through a Realtor. HUD requires that buyers purchase the HUD foreclosed houses as their primary residence. If there are no offers from such buyers, then the homes are offered to investors for purchase. HUD will let your Realtor know in a day or two after you submit your offer if they have accepted it. You can obtain an FHA loan with a low down payment if you qualify.
Properties offered for sale at public foreclosure auctions are awarded to the highest bidder for cash. Foreclosure auction properties come with more risks than buying a HUD home or an REO.
You do not get to purchase title insurance, and you may not be able to inspect the property. You are responsible for paying off liens and evicting former owners or tenants that may still be residing at the property. The properties are sold in an “as is“ condition so you need to make sure you have done your homework and know the prices of other homes in the area before you make a bid on a foreclosure auction property.
Since there are many opportunities right now in Shreveport to find seized and repossessed properties, you should take advantage while there is plenty of inventory and prices are affordable. It’s definitely a buyer’s market.