Goats
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Im trying to find a weekly listing of foreclosure sales in St Tammany and Jefferson. Anyone know if this info is on the web?
foreclosure listings? (1 Viewer)
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Goats,
There is a website called Realty Trac that you have to pay for. Unfortunately 95% of what goes up there never makes it to foreclosure as they include owned real estate by individuals filing bankruptcy and other liens placed on those properties.
Anyway, what you will need to do is call the Sherrif's offices of both parishes and ask them what day they advertise on and in what publication. I know that Jefferson advertises in the City Business (which is a weekly publication) and also in the TP. St. Tammany probably does in the St. Tammany Times Picayune. Louisiana law requires that a property be advertised for 4 consecutive weeks beginning x days before the scheduled foreclosure (think it's 35+/-).
Ascension and Orleans have their listings on their respective Sheriff's websites. Unfortunately no one else is doing that.
Be careful with this stuff though. There is the possibility of making money, but there are also numerous pitfalls. #1, you're trusting creditor's counsel to have properly noticed all other creditors and parties of interest (including special noticing requirements for the IRS). Also if you find something you're interested in bidding on (10% down, balance in x days where x usually = 30), spend the $20 to get a mortgage/conveyance/tax search because properties sold for taxes may be owned by other individuals than the ones being foreclosed out.
Also, just because a lender lent money on that property doesn't mean that it's got good title. I can't tell you the times where one heir didn't renounce their interest 40 years ago with illigitimate kids and all that.
If you have any questions let me know in a thread or PM. I'm not a lawyer, but I see this stuff all the time.
TPS
There is a website called Realty Trac that you have to pay for. Unfortunately 95% of what goes up there never makes it to foreclosure as they include owned real estate by individuals filing bankruptcy and other liens placed on those properties.
Anyway, what you will need to do is call the Sherrif's offices of both parishes and ask them what day they advertise on and in what publication. I know that Jefferson advertises in the City Business (which is a weekly publication) and also in the TP. St. Tammany probably does in the St. Tammany Times Picayune. Louisiana law requires that a property be advertised for 4 consecutive weeks beginning x days before the scheduled foreclosure (think it's 35+/-).
Ascension and Orleans have their listings on their respective Sheriff's websites. Unfortunately no one else is doing that.
Be careful with this stuff though. There is the possibility of making money, but there are also numerous pitfalls. #1, you're trusting creditor's counsel to have properly noticed all other creditors and parties of interest (including special noticing requirements for the IRS). Also if you find something you're interested in bidding on (10% down, balance in x days where x usually = 30), spend the $20 to get a mortgage/conveyance/tax search because properties sold for taxes may be owned by other individuals than the ones being foreclosed out.
Also, just because a lender lent money on that property doesn't mean that it's got good title. I can't tell you the times where one heir didn't renounce their interest 40 years ago with illigitimate kids and all that.
If you have any questions let me know in a thread or PM. I'm not a lawyer, but I see this stuff all the time.
TPS
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Goats
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Thanks Steve!
I have about 2 years before Im ready to sell the Metairie home I fixed up. The wife wants to move to the NS, I would rather stay in metry.
I figured if I keep an eye out over the next 1-2 yrs and not be rushed into anything I might be able to pick something up without running into all those pit falls you mentioned.
If its going to be a NS move, I will probably be looking for just raw land, which I would assume doesnt get foreclosed on very often.
I have about 2 years before Im ready to sell the Metairie home I fixed up. The wife wants to move to the NS, I would rather stay in metry.
I figured if I keep an eye out over the next 1-2 yrs and not be rushed into anything I might be able to pick something up without running into all those pit falls you mentioned.
If its going to be a NS move, I will probably be looking for just raw land, which I would assume doesnt get foreclosed on very often.
>>If its going to be a NS move, I will probably be looking for just raw land, which I would assume doesnt get foreclosed on very often.
Probably developer's tracts do when they run out of money or whatever, but not usually lots post-Katrina. But you never know. Sometimes you have a deceased owner without heirs to step up and save the property and they go that way. You might also look up the difference between a foreclosure first sale and foreclosure second sale (writ of fiera fascia {sp?} or FiFa). The second sale is often done by a foreclosing creditor where there is a lot of equity in the property. Louisiana law stipulates that the Sheriff will procure a value for the property and opens the bids at 66.67% (2/3rds) of the appraised value. The way he accomplishes this is to get an appraisal (usually a broker's opinion) on behalf of the debtor or creditor. Assuming there isn't a > 10% difference, he averages the values to get an aggregate appraised value. Then the bidding starts at 2/3rds of that value. Each party can optionally submit their own appraisal for the proceedings.
Depending on the creditor's position, he may elect to protect his principal, the entire debt, the debt plus fees and costs or whatever. You just have to guess that based on the writ amount (which is the principal that is owed). Back to the second sale - when no one bids at the first sale, a creditor may opt for a second sale (as may a judgment creditor to begin with). The way this works is that the bidding starts off at $1.00. Say for instance, that the debtor owes $25,000 on a $250,000 piece of property. The creditor may only wish to bid up to their contractual debt (plus fees and costs). National Banks can't speculate; not sure about state banks. Debtor is entitled to a $25k homestead exemption in these proceedings, and any overage from the first (and possibly second, third, fourth, etc. positions' payouts) would go to the debtor after the proceedings.
Just some random info...
TPS
Probably developer's tracts do when they run out of money or whatever, but not usually lots post-Katrina. But you never know. Sometimes you have a deceased owner without heirs to step up and save the property and they go that way. You might also look up the difference between a foreclosure first sale and foreclosure second sale (writ of fiera fascia {sp?} or FiFa). The second sale is often done by a foreclosing creditor where there is a lot of equity in the property. Louisiana law stipulates that the Sheriff will procure a value for the property and opens the bids at 66.67% (2/3rds) of the appraised value. The way he accomplishes this is to get an appraisal (usually a broker's opinion) on behalf of the debtor or creditor. Assuming there isn't a > 10% difference, he averages the values to get an aggregate appraised value. Then the bidding starts at 2/3rds of that value. Each party can optionally submit their own appraisal for the proceedings.
Depending on the creditor's position, he may elect to protect his principal, the entire debt, the debt plus fees and costs or whatever. You just have to guess that based on the writ amount (which is the principal that is owed). Back to the second sale - when no one bids at the first sale, a creditor may opt for a second sale (as may a judgment creditor to begin with). The way this works is that the bidding starts off at $1.00. Say for instance, that the debtor owes $25,000 on a $250,000 piece of property. The creditor may only wish to bid up to their contractual debt (plus fees and costs). National Banks can't speculate; not sure about state banks. Debtor is entitled to a $25k homestead exemption in these proceedings, and any overage from the first (and possibly second, third, fourth, etc. positions' payouts) would go to the debtor after the proceedings.
Just some random info...
TPS
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