In August 2005, when Hurricane Katrina was over, the failure of the levee system left 204,000 homes in New Orleans damaged or destroyed. Nearly 80% of all structures in Orleans Parishes suffered from long periods of immersion. This of course led to a host of structural issues and health concerns. Anyone considering purchasing repossessed homes in this area should not only consider the benefits of buying a repossessed home but also the pitfalls that are often unique to the New Orleans area. This is where the expert advice and local knowledge from an experienced Realtor like Ken Clouse can save you time and money.
Interestingly, some of the least damaged structures from the storm are in the areas developed prior to 1900s due to their construction on higher ground. These areas include the French Quarter, an area in which Ken Clouse has lived and worked. Ken has extensive personal experience in investing and purchasing repossessed homes over the last several years and is happy to share his experiences with you.
Prospective homebuyers are being led to believe, via sources such as television, newspapers, social networks and real estate "gurus" that banks are selling beautiful repossessed homes for "pennies on the dollar”, this is just not realistic. Remember if a deal is too good to be true it probably is. That seemingly great deal may have foundation problems, mold infestation, or some other major issue. That is why it is important to have a knowledgeable and experienced local agent, such as Ken Clouse, to protect your interests and help you determine which homes offer strong value and which ones are nightmares waiting to happen.
Most bank owned homes will sell at a discount, however that discount will only represent the amount of investment required to return the property to good market condition. Experience shows banks will only discount by a small percentage. To find the truly outstanding deals, you need to research and have time, money and energy invested into the process. Real estate is a long term investment that will pay off in the future if done correctly.
The Repo world in Louisiana is full of pitfalls and hazards for the untrained eye. There are great values to be found but it takes experience and knowledge to find them. If buying a repossessed property is part of your investment strategy, you will benefit from Ken Clouse’s years of experience and knowledge of the housing market in New Orleans and many the surrounding communities in the area.