Matt Noel
Your Real Estate Resource
PHONE:  (225) 925-2500 DIRECT:  (225) 931-9723
5025 Bluebonnet Blvd, Baton Rouge , LA 70809

Foreclosures

Please submit the request form below and I will be happy to email you a list of foreclosed properties that are currently on the market.

Scroll down to find information on the foreclosure process.

First Name:: *
Last Name:: *
Email:: *
Price Range: *
Area:

If any of the properties that I send catch your eye, simply let me know. If you would like to tour them, I can make the necessary arrangements. I can also research a specific property and give you an estimate of what the potential profit will be based on resale value.
Upon request, I can recommend building inspectors, contractors, painters, etc., that can aid in making your real estate investments successful.

 

 

The Foreclosure Process

Foreclosure Defined

A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.

Stages of Foreclosure

The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.

After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.

If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.

Foreclosure Auction

At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.

If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.

This explanation was found on biggerpockets.com.

Matt Noel
Coldwell Banker ONE
Ph: (225) 925-2500Fax:(225) 925-1119
5025 Bluebonnet Blvd
Baton Rouge , LA 70809 US
www.mattnoel.com
Home Search Properties (GBR) Rental List Contact Local Weather About Matt Noel Calculators Home Value Request Featured Listings Local Area Local Area Sell Your House Link Directory Awards & Accomplishments Documents & Files Our Office Listings Real Estate Glossary Sold Inventory VIP Home Finder Relocation LSU Living- Buy vs. Rent Mortgage Glossary Buyer Reports Seller Reports Mortgage Reports F.A.Qs Commercial Listings
LinkUAgent Partner
Powered by LinkURealty - Real Estate Web Design & Websites
MATT NOEL, ABR, e-Pro REALTORĀ®|Agent Coldwell Banker ONE 225 215.3610 direct 225 931.9723 cell 225 925.2500 office 225 925.1119 fax www.MattNoel.com 2011 Coldwell Banker ONE Consultant of the Year Baton Rouge, LA. Each office independently owned and operated. Licensed by the Louisiana Real Estate Commission.