St Tammany Parish Louisiana REO / Bank Owned Homes For Sale
Servicing; Mandeville, Covington, Madisonville, Slidell, Pearl River, Lacombe, Abita Springs, and Folsom, LA.
Due to the current mortgage crisis there is a dramatic increase in the number of properties going to foreclosure, hence there has now been a dramatic increase in the number of REO / Bank Owned properties on the market. As these homes go through the foreclosure process, the banks are buying them back, for several reasons… In partly, due to their loss of value in the decreasing market, and in my opinion due to the bailouts; many banks are not feeling the pressure. Regardless, these REO homes, historically, are excellent investments. Banks need to sell these properties and are willing to negotiate. All of these homes will need “some work” though, and you will want, in many cases, to work with a licensed home inspector and a licensed contractor through the purchase and renovation process. These experts will let you know, what is wrong with the home and how deep the damage goes.
Check out these REOs. Banks must sell them, and If you want a deal on a home, now is an excellent time to buy.
I made this short video on; what is an REO?
If you have any questions, please feel free to call or email me, and I will contact you back as soon as possible.
Marc Pellettiere Realtor®
Mauti Meredith Scoggin Real Estate
1131 North Causeway Boulevard
Mandeville, LA 70471