If you attend a St Tammany Parish Foreclosure Sale, you may have the question, what is the writ amount? The "Writ Amount" is the amount owed to the Forecloser/Bank, at the the time the writ of seizure and sale is filed. In many cases it can be considered the lowest the Forecloser/Bank is willing to let the property sell for. St Tammany Parish will not sell a property without a representative from the Bank present, and the Bank is always going to bid the property up so that it will lose as little money as possible. However this is a business, and banks have to make hard decisions too, especially in the market of:
- Federal Foreclosure Help Bills.
- Federal help for Fannie Mae, and Freddie Mac.
- Large companies, like Indy Mac, folding.
- Bank of America acquiring Countrywide Mortgage, (which is a nice way of saying; save our investment before it folds.)
I do not mean to cast a doom and gloom atmosphere over the real estate market in St Tammany Parish, I do see us still as a good market, especially in a bad time. We were an exceptional market for a long time, and were definitely thrown a loop from Katrina, and maybe because of that time of hyper activity we didn't see this coming. There has definitely been a leveling off period, but the market is good. Yes prices have come down and market times are longer, but properties are selling. There will always be fluctuations.
Thank You
Marc Pellettiere
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