The answer is no. You do not have to register for a St Tammany Parish foreclosure sale. If you bid, be prepared to place 10% of the final sales price as security on the property. This 10% must be available immediately after the sale and must be secure or certified funds, IE cash, certified check, or money order. You will then have 30 days to close on the other 90%. It is IMPERATIVE to close within 30 days or the 10% placed as security on the property will be forfeit. What will happen is the bank will now have holding costs, like insurance, and maintenance, that it has now incurred for another possible 2 – 3 months and they will deduct this money from your 10%. Therefor if you are lucky you may get some money back, but I wouldn't plan on it.
Each property is different. There is no norm. Know what you are going to bid in advance through due diligent research, to include title and appraisal. Do not depend on hearsay. Do your own research.
Please email or post with any questions.
Thank You
Marc Pellettiere
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